351 Main St, Jefferson, OR 97352
- Commercial real estate
- 1.31 lot acres
Current Use by Public Records
- LNT Properties / Apartment Building
Property Details for 351 Main St
- Year built
- 1996
- Lot size
- 1.31 lot acres
- Property type
- Commercial real estate
Description
This 26-unit apartment building in Jefferson, Oregon, presents a compelling investment opportunity. Built in 1996, the property comprises four two-story buildings situated on 1.31 acres at 351 S Main St, Jefferson, OR 97352. The property features spacious two-bedroom, one-bathroom floor plans, each including a dining area, laundry hookups, and walk-in closets. The garden-style complex boasts wood-frame construction over concrete slabs, T1-11 siding, and vinyl windows. Currently offering a 5.87% cap rate and a NOI of $231,884, the asking price is $3,950,000 ($151,923.08 per unit). Located just 30 minutes from Salem, Oregon, and 30 minutes from Corvallis, the property benefits from proximity to major employment centers and amenities. Significant rental upside potential exists, estimated at 18%+, through interior updates and exterior improvements. The average household income within a 5-mile radius is $90,641, indicating strong tenant demand for upgraded units. The property's location in a growing community offers a blend of peaceful small-town living and convenient access to larger urban areas. The projected 8.3% population increase within a 5-mile radius (2022-2027) further strengthens the long-term investment potential. This asset offers a unique combination of immediate income generation and substantial value-add potential.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Jefferson
- County
- Marion
- State
- Oregon
- Longitude
- -123.0109919
- Latitude
- 44.7148408
