2622 Main St Banks, OR 97116

This exceptional 12-unit apartment building, located at 2622 Main St in Forest Grove, Oregon, presents a compelling investment opportunity. The property boasts 9,630 square feet of net rentable space, situated on a 0.6-acre lot with RH zoning. Built in 1996, this two-story Class B building features 23 parking spaces, recently repaved in 2023. Currently 100% occupied, the property generates a strong NOI of $123,242, representing a 5.87% cap rate. A pro-forma analysis projects a significant increase in NOI to $180,782 and an 8.61% cap rate, reflecting the potential for rent increases to market rates. Each of the twelve units is a two-bedroom, one-bathroom apartment. The property includes an owner-operated coin laundry with three washers and three dryers. Recent upgrades include roof replacement (2017), siding, gutters, exterior paint, and window replacements (2020). Landlord pays water, sewer, and garbage