63 16Th Ave Eugene, OR 97401
- Commercial real estate
- 6,000 SF
Current Use by Public Records
- Commercial real estate
Property Details for 63 16Th Ave
- Year built
- 1958
- Property size
- 6,000 SF
- Property type
- Commercial real estate
- APN
- 0278166,0278174
Description
This exceptional 12-unit apartment building in Eugene, Oregon, presents a compelling investment opportunity. Boasting a prime location near downtown and the University of Oregon, this property offers convenient access to public transportation, local amenities, and a highly desirable residential area. The complex comprises one studio and eleven one-bedroom units, totaling 6,000 square feet across two, two-story buildings on a 9,583 square foot lot. Built in 1958 and renovated in 1979, the property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $75,665, representing a 5.00% capitalization rate. However, with current rents approximately 20% below market value, a significant pro-forma NOI of $104,700 and a 7.00% pro-forma cap rate are achievable through strategic rent adjustments. The property is zoned R-4, offering flexibility for future development. This well-maintained complex provides a stable cash flow with substantial upside potential in a thriving market, making it an attractive investment for discerning buyers. The asking price is $1,500,000, or $125,000 per unit. This represents a rare chance to acquire a value-add property in a highly sought-after Eugene location. The property's APN is 0278166, 0278174.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Eugene
- County
- Lane
- State
- Oregon
- Longitude
- -123.093719
- Latitude
- 44.0424091
