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Text me: 541-760-7408, Albany, OR 97321

Property Status: Available (Wholesale) | For Sale: $1,250,000.00


Commercial


11 Plex-Linn Co - $1,250,000 OBO


Property Status:
This Property is currently...
  • Status: Available (Wholesale)
  • For Sale: $1,250,000.00
Property Details:
Commercial
Property Style:
5+ Units
Year Built:
1940
Finished Sq Ft:
9,841
Basement:
No Basement
Owner / Agent:
Wholesale
Property Features:
Security System
Contact Info
Text at 541-760-7408 or email for address, videos link, current financials, proforma,Building Plans/Building Plans Map Lot size: 1.40 acres Price: $1,250,000 OBO (For well qualified buyer with quick closing offers of at least $1,125,000 will be heavily considered) Asking Price Cap Rate: 6.5% (See current financials -note: if a few of the rents were raised slightly and all storage units were rented out cap rate will be even higher!) Proforma Cap Rate: 11.3%! (See Proforma-assumes bumping up rent for a few of the units, storage units rented, additional income of 3 more units being built out) Gross Rent Multiplier: 11.6 Stories: 2 Apartment Style: Low Rise Building Class: C Average Occupancy: 91% (91% now-1 is vacant) Parking Ratio: 2.54/1,000 SF Zoning Description: Mult Use Heat: Wall Furnace (Gas) Water/Sewer: Public Washer/Dryer: (in 3 bed & 2 bed unit) Features: Range, Refrigerator, Window Coverings (all units) Walk through date: Sun 6/2 1:30-2:30 (RSVP required) Offers deadline: June 7th (but an offer could be accepted before then so get in offers ASAP!) Closing date: Desired within 30 days or less (sooner the better) MOTIVATED SELLER!! Unique and charming apartment complex with 11 rent-able units in great condition (7 studios/2 studio lofts/1-2 bed 2 bath/1-3 bed 2 baths). Low maintenance landscaping. Lots of potential with this charming property. Possibility of 3 more units that are currently unfinished in the building. (Some plumbing & electrical & framing was started in 2 of them so far.) Keep attached garage as is or convert to a studio apt. or make it a cute coffee shop or? If 3 more units added likely construction costs are $180,000-210,000 and then ARV would be $1,850,000 ($285,000 higher). Onsite laundry for the studio apts, not currently in use-would need to purchase washers/dryers. 5 storage units(5x7 and 10 ft high) rented separately-not being rented now but they are ready to be rented and will add another $3600/yr to gross rents. Large property with space to build additional units-perhaps up to another 8 plex-buyer to do due diligence. (See Building Plans & Building Plans Map.) The additional units to be built are not in the proforma. Great investment with lots of potential. Lots of options and potential in a convenient location. Across the street is a beach volleyball court, large sports court, playground and large open park with lots of trees. Misc. Write offers subject to interior inspection with proof of funds and pre-approval. Financing considered: Cash(preferred), conventional, other. Please do not disturb tenants. No sign on the property. PICS: https://drive.google.com/drive/folders/1NldDYgu36pkEDjV-LN5FAq7FAwj40ph5?usp=sharing VIDEOS(a couple yrs old-hopefully getting some new ones next week possibly) https://www.dropbox.com/l/scl/AABYcarEsCcXqvp_MlZyz2bM3eMF0-327JE

Legal Disclaimer:
This is a Wholesale Deal. The investor is not selling the property for the seller. The investor has the right to market the property, list the property on the MLS (Multiple Listing Service) and advertise the property on any online or offline marketing source as investor choses in order to find a prospective buyer to assign this contract to for an assignment fee.

Oregon Real Estate Investors Association is not responsible for the properties or the information listed here. Each Property is independently owned.  Click on the link above to contact the Property Owner about this property.

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