150 Madison Ave Corvallis, OR 97333-4708

Property Details for 150 Madison Ave

Year built

1928

Lot size

0.17 lot acres

Property size

30,821 SF

Zone code

CMU-3

Property type

Hotels

APN

12502AB00600

APU

12502AB00600

Description

The Corvallis Arms Building, a historic 4-story mixed-use property in Corvallis, Oregon (APN: 12502AB00600), presents a compelling value-add investment opportunity. This 30,821 square foot building (100% occupancy) boasts 47 units (39 beds) and 8 commercial tenants, generating a current NOI of $371,859 and a 5.72% cap rate. A pro-forma NOI of $570,555 projects an 8.78% cap rate, reflecting significant upside potential. Built in 1928 and renovated in 1987, the property features a brick façade, steel joists, concrete pilings, and recent capital expenditures including a new elevator, fire alarm system, sprinkler system, and water lines. Located at 150 SW Madison Ave, Corvallis, OR 97333, it benefits from its prime location near popular dining, nightlife, and retail destinations, and its proximity to Oregon State University (OSU). The strong OSU market, currently ranked in the top 10 nationally for housing demand exceeding supply, ensures long-term appreciation. Additional income streams are possible from RUBS, laundry, bike storage, and basement storage. Rents are currently below market, offering further upside. The seller will consider seller financing with a full-price offer and 50% down payment. A provisional cost segregation study suggests potential for significant accelerated depreciation. The property is zoned CMU-3 and is listed at $6,500,000 ($210.90/sq ft, $166,666.67/bed). Potential uses include continued operation as is, higher-end graduate student housing, or short-term rentals (subject to municipal approval). All information should be verified independently.

Location Insight

City

Corvallis

County

Benton

State

Oregon

Longitude

-123.26

Latitude

44.5628

CBSA code

18700

CBSA name

CORVALLIS, OR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments