Multifamily Apartment
302 South Monmouth Avenue Monmouth, OR 97361
302 South Monmouth Avenue, Monmouth, OR, 97361
$2,350,000
For Sale
$2,350,000
Well-maintained 15-unit apartment community with 20 off-street parking spaces and recent exterior roof and paint upgrades.
Property Size15,048 SF
Price / SF$156.17
Days on Market89
Property Features for 302 South Monmouth Avenue
General Information
- Standard status
- Active
- Size
- 15,048 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1969
Listing agency
SMI Commercial Real Estate LLC
(541) 990-3795
Listed by
Eric Swanson · License #201221479
(541) 990-3795
Source
Compass
Added: Apr 25 Updated: Jul 20 at 5:04PM Checked: Jul 21 at 8:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SMI Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
Martha Washington Apartments is a well-maintained 15-unit multifamily community featuring (14) two-bedroom, one-bath units and (1) one-bedroom, one-bath unit. The property sits on 0.60 acres and includes 20 off-street parking spaces.
Upgrades include new roofs and exterior paint. This is a stable, producing asset; please do not disturb tenants.
For sale as a 15-unit community in central Monmouth, Oregon at 302 South Monmouth Avenue.
Upgrades include new roofs and exterior paint. This is a stable, producing asset; please do not disturb tenants.
For sale as a 15-unit community in central Monmouth, Oregon at 302 South Monmouth Avenue.
Key Highlights
- 15‑unit apartment community in central Monmouth on 0.60 acres
- Unit mix includes (14) 2 bed/1 bath and (1) 1 bed/1 bath
- 20 off‑street parking spaces
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $325.0k | $21.60 |
| − Vacancy | −$22.4k | −$1.49 |
| EGI | $302.6k | $20.11 |
| − OpEx | −$136.2k | −$9.05 |
| NOI | $166.4k | $11.06 |
15,048 SF · lease $21.60/SF/yr · vacancy 6.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.38M
$2.08M – $2.77M
NOI $166,435 @ 7.0% cap · market cap 7.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.66M
NOI $279,676 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 15-unit apartment community with 20 off-street parking spaces and recent exterior roof and paint upgrades.
Where is this apartment building located?
The property is located at 302 South Monmouth Avenue Monmouth, OR.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 15‑unit apartment community in central Monmouth on 0.60 acres; Unit mix includes (14) 2 bed/1 bath and (1) 1 bed/1 bath; 20 off‑street parking spaces
