361 14Th Ave Eugene, OR 97401

Property Details for 361 14Th Ave

Year built

1951

Lot size

0.26 lot acres

Property size

8,884 SF

Property type

Commercial real estate

Description

This exceptional 20-unit apartment building in Eugene, Oregon presents a compelling investment opportunity. Located at 361 E 14th Ave, this three-story, 8,884 square foot property sits on a 0.26-acre lot and is zoned R-4. Built in 1951, the Selma Apartments currently boasts a fully leased occupancy with a mix of unit types: four studios, seven one-bedroom, and nine two-bedroom units, totaling 29 bedrooms. The property benefits from on-site laundry and parking, and features recently updated exterior paint. Its prime location, just three blocks from the University of Oregon campus, ensures high demand. Currently operating with 20% of rents below market value, a significant increase in profitability is projected. Financial projections indicate a Net Operating Income (at market rents) of $171,634, resulting in a 6.36% capitalization rate. This property is offered at $2,700,000 and is suitable for a 1031 exchange. The strong cash flow potential, coupled with the desirable location and recent improvements, makes this a truly attractive investment. The property's well-maintained landscaping and convenient amenities further enhance its appeal to tenants. This is a rare opportunity to acquire a stable, high-performing multifamily asset in a thriving university town.

Location Insight

City

Eugene

County

Lane

State

Oregon

Longitude

-123.0872155

Latitude

44.0446953