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Newberg Townhome Community Near University

615-629 N Elliott Rd, Newberg, OR 97132

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For Sale

$2,399,000

Well-maintained townhomes near George Fox University with expansion potential.

Type:Multifamily Townhomes

Property size:

12,743 SF

Price / SF:

$188/SF

HighLights

Excess land allows for potential increased density and future development opportunities.
Strong rental collections and historical occupancy provide stable income.
Upside potential on in‑place and asking rents for increased revenue.
Proximity to George Fox University and Newberg High School ensures consistent tenant demand.
Attached garages and in‑unit washer/dryer hookups are desirable tenant amenities.
Well‑maintained property with recent roof replacements (2016) and some updated units.

We can help!

Contact an agent

David Chatfield

For Sale

$2,399,000

Well-maintained townhomes near George Fox University with expansion potential.

Type:Multifamily Townhomes

Property size:

12,743 SF

Price / SF:

$188/SF

Added:: Sep 25, 2025
Days on Market:: 285
Last Refresh:: May 9 at 12:46 am

Property Features for 615-629 N Elliott Rd

General Information

Standard status: Active
Size: 12,743 SF
Property subtype: Multifamily Townhomes

Building Details

Year Built: 1996

We can help!

Contact an agent

David Chatfield

Listing office Norris & Stevens, Inc. - Corporate

Listing date Sep 25, 2025

Source Tcnworldwide

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 Norris & Stevens, Inc. - Corporate

HighLights

Excess land allows for potential increased density and future development opportunities.
Strong rental collections and historical occupancy provide stable income.
Upside potential on in‑place and asking rents for increased revenue.
Proximity to George Fox University and Newberg High School ensures consistent tenant demand.
Attached garages and in‑unit washer/dryer hookups are desirable tenant amenities.
Well‑maintained property with recent roof replacements (2016) and some updated units.

Overview

Elliott Estates is a well-maintained townhome community situated five blocks from George Fox University in Newberg, Oregon. The property comprises ten townhomes, each featuring attached garages and washer/dryer hookups. There is additional land available that offers the potential to add more density. Current in-place rental rates range from $1,505 to $1,900 per month. Residents are billed back for water and sewer at a flat rate and are responsible for their own garbage pickup. Elliott Road is a strategic corridor in Newberg, connecting Highway 99W to Newberg High School. The area has been identified as a priority improvement zone in Newberg's Transportation System Plan. The property features strong rental collections and historical occupancy. Roofs were replaced in 2016. Three units have been partially updated with new appliances and LVT flooring. Tenants are responsible for paying for garbage, and water/sewer is billed back on RUBs.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$313.5k	$24.60
− Vacancy	−$16.0k	−$1.25
EGI	$297.5k	$23.35
− OpEx	−$133.9k	−$10.51
NOI	$163.6k	$12.84

12,743 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$2.34M

$2.05M – $2.73M (±1% cap)

NOI $163,620 @ 7.0% cap · market cap 6.82%

Second Best

—

no second resolved use

Theoretical Best

Office A

$3.44M

$3.01M – $4.01M (±1% cap)

NOI $240,775 @ 7.0% cap · market cap 10.04%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Newberg
County: Yamhill
State: Oregon
Longitude: -122.955
Latitude: 45.3051

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For sale
Apartment buildings
OR
Newberg
97132
615-629 N Elliott Rd

What type of property is this?

Apartment building - Well-maintained townhomes near George Fox University with expansion potential.

Where is this apartment building located?

The property is located at 615-629 N Elliott Rd Newberg, OR.

What is the asking price?

The asking price for this property is $2,399,000.

What are key features of this property?

This property features: Excess land allows for potential increased density and future development opportunities.; Strong rental collections and historical occupancy provide stable income.; Upside potential on in‑place and asking rents for increased revenue.