1127-1195 6Th Ave Albany, OR 97321
- Apartment buildings
- 10,389 SF
- 1.40 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1127-1195 6Th Ave
- Year built
- 1992
- Lot size
- 1.40 lot acres
- Property size
- 10,389 SF
- Property type
- Apartment buildings
Description
This Class A, 14-unit apartment building in Albany, Oregon presents a compelling investment opportunity. The property, located at 1127-1195 6th SE Ave, boasts a substantial 1.4-acre lot, offering significant potential for future expansion. The 10,389 square foot building, constructed in 1992, features 11 move-in ready units and 3 unfinished units, providing immediate income and upside potential. Recent extensive renovations include upgrades to electrical systems, plumbing, HVAC, windows, siding, kitchens, and bathrooms. Additional improvements encompass the parking lot, bike storage, on-site laundry facilities, and new storm water and fire suppression systems. The property currently generates a Net Operating Income (NOI) of $166,565, resulting in an attractive 5.9% capitalization rate. The asking price is $2,390,000, translating to a price per square foot of $271.92. The large lot size and existing infrastructure provide a solid foundation for future development and increased profitability. The property's location in Albany, Linn County, Oregon (zip code 97321) offers access to a growing market. The APN is 0776425. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset with significant upside potential.
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
- Albany
- County
- Linn
- State
- Oregon
- Longitude
- -123.09
- Latitude
- 44.6353
