150 H St Independence, OR 97351-2303

Property Details for 150 H St

Year built

1969

Lot size

0.90 lot acres

Property size

9,915 SF

Zone code

RH

Property type

Apartment buildings

APN

08428-BD-09400

APU

08428BD09400

Description

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.

Location Insight

City

Independence

County

Polk

State

Oregon

Longitude

-123.186

Latitude

44.8471

CBSA code

41420

CBSA name

SALEM, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments