207 5th Ave Milton Freewater, OR 97862

Property Details for 207 5th Ave

Year built

1997

Lot size

0.57 lot acres

Property size

11,550 SF

Zone code

I-M

Property type

Warehouses

Property subtype

Self storage facilities

APN

5N3502AD07400

APU

5N3502AD07400

Description

Exceptional investment opportunity in Milton-Freewater, Oregon, presents a stabilized, value-add self-storage facility with 100 units and 11,550 net rentable square feet. Built in 1997 and renovated in 2020, this Class B property boasts a current occupancy rate of 91%, generating a Net Operating Income (NOI) of $53,030, with a projected NOI of $65,734. The asking price is $900,000, representing a current cap rate of 5.89% and a pro-forma cap rate of 7.30%. The property sits on a 25,000 square foot lot and includes three single-story buildings. Features include secure gated access, a camera system, clean asphalt drive aisles, and contact-free move-ins. All units are drive-up accessible. The property is fully fenced and offers three parking spaces. Located at 207 NE 5th Ave, Milton-Freewater, OR 97862, this property benefits from its proximity to new housing and a robust job market, projecting 35.3% growth over the next decade. The property's location near the Washington/Oregon border and the Walla Walla Wine Valley adds to its appeal. This turnkey facility offers potential for increased revenue through rent adjustments and the addition of tenant insurance income. The property's low operational costs and consistent cash flow history make it an attractive investment. The price per unit is $9,000, and the price per square foot is $77.92. The APN is 5N3502-AD-07400. The property is zoned for commercial use. The projected occupancy date is November 6, 2024.

Location Insight

City

Milton Freewater

County

Umatilla

State

Oregon

Longitude

-118.395

Latitude

45.9416

CBSA code

25840

CBSA name

HERMISTON-PENDLETON, OR MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments