150 H St Independence, OR 97351-2303
This fee-simple owned, 26-unit apartment building, known as Oakvilla Apartments, presents a compelling investment opportunity. Located at 150 H St, Independence, OR 97351, this Class C multifamily property boasts 14,560 net rentable square feet across six single-story buildings on a 1.45-acre lot. Built in 1969, the property features spacious one-bedroom, one-bathroom units, designed with large windows for abundant natural light. The low-density layout creates a private, condo-like atmosphere enhanced by mature landscaping. Situated just blocks from downtown Independence, the complex benefits from a quiet, residential setting with easy access to local amenities. The property has a proven history of low vacancy rates and strong tenant satisfaction, reflected in a Net Operating Income (NOI) of $181,936 and a 6.27% capitalization rate. Offered at $2,900,000 ($111,538 per unit), this property provides a solid cash flow with potential for future value appreciation and additional development opportunities given the ample land. The property has been under the same ownership for over 20 years, demonstrating its stability and consistent performance in a highly sought-after market. This represents a rare opportunity to acquire a well-maintained, income-producing asset with significant long-term potential.
SUBCHAPTER 22: HIGH DENSITY RESIDENTIAL (RH) ZONE 22.005 Purpose The purpose of the High -Density Residential (RH) Zone is to define and protect areas suitable for medium and high-density residential uses. 22.015 Permitted and Conditional Uses Allowed permitted and conditional uses within the High-Density Residential Zone are presented in Subchapter 17. Uses…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
RH · Independence, ORSUBCHAPTER 22: HIGH DENSITY RESIDENTIAL (RH) ZONE 22.005 Purpose The purpose of the High -Density Residential (RH) Zone is to define and protect areas suitable for medium and high-density residential uses. 22.015 Permitted and Conditional Uses Allowed permitted and conditional uses within the High-Density Residential Zone are presented in Subchapter 17. Uses not allowed within the matrix are considered to be prohibited, except as provided in Section 10.050. 22.021 Prohibited Uses The following uses are prohibited in the RH Zone: A. Medical Marijuana Processing Site. B. Medical Marijuana Dispensary. C. Recreational Marijuana Producer. D. Recreational Marijuana Processor. E. Recreational Marijuana Wholesaler. F. Recreational Marijuana Retailer. G. Marijuana Research Facility. H. Marijuana Testing Laboratory. 22.030 Density, Area, and Dimension Requirements Allowed density, height, lot size, lot coverage, setbacks, and other area and dimension requirements in the High -Density Residential Zone are presented in Subchapter 18. 22.055 Off-street Parking A. Number of Spaces Required. The required number of parking spaces shall be as specified in Subchapter 73. B. Parking Types Allowed. 1. Garage. A garage is allowed subject to the design and setback requirements of the zone. 90 2. Carport. a. If an attached carport is proposed, the structure shall meet the setback and applicable design requirements for an attached garage. b. If a detached carport is proposed, the structure shall meet the design and setbacks for detached garages, provided that the side yard setback shall be at least five (5) feet. 3. No Carport or Garage. Where a garage or carport is not proposed, two paved, 10 by 20 -foot off-street parking spaces are required for each single-family dwelling or duplex unit. C. Width of Paving. In no instance shall a paved portion of the front or side yard exceed more than 50 percent of the lot width. D. Manufactured dwellings located in manufactured dwelling parks are required to install either a garage or carport. 22.060 Residential Design Standards Design standards for residential uses in the High-Density Residential Zone are presented in Subchapter 19. 22.065 Development Standards for Multiple-Family Development All multiple-family residential developments in the RH Zone shall comply with the following specific standards: A. Signs. Signs shall be subject to the provisions of Subchapter 58. B. Landscaping. All development is subject to the landscaping provisions in Subchapter 54. Recreation areas may be included as part of the required landscaping. C.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
