1039 Grant St Newport, OR 97365

Property Details for 1039 Grant St

Year built

1940

Lot size

0.17 lot acres

Property size

2,720 SF

Property type

Small apartment buildings

Description

This exceptional investment opportunity presents a beautifully remodeled 1940-built duplex located at 1039 (-1041) NE Grant Street in Newport, Oregon. The property boasts a desirable location at the end of a quiet street, offering easy access to Highways 101 and 20, minimizing traffic noise. This stabilized multi-family investment features two units, each with its own distinct appeal. The upper unit commands a monthly rent of $2,750, while the lower unit rents for $1,800 per month, resulting in a 100% occupancy rate and a strong net operating income (NOI) of $50,825. The property's total square footage is 2,720, spread across a 0.17-acre lot, with ample parking. Both units feature recently updated kitchens and the lower unit offers a daylight basement with a private entrance. The property is classified as a Class B, two-story building, and offers a compelling cap rate of 6.79%. The asking price is $749,000, translating to $374,500 per unit and $275.37 per square foot. Current tenants have been in place for less than a year on month-to-month leases. This presents an excellent opportunity for owner-occupancy or continued rental income generation. The property's recent remodel, high occupancy, and strong financial performance make it an attractive investment prospect in the Newport, Oregon market.