2622 Main St Banks, OR 97116
- Apartment buildings
- 9,630 SF
- 0.60 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2622 Main St
- Year built
- 1996
- Lot size
- 0.60 lot acres
- Property size
- 9,630 SF
- Property type
- Apartment buildings
Description
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
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Banks
- County
- Washington
- State
- Oregon
- Longitude
- -123.112
- Latitude
- 45.5278
