Offered at $2,000,000 - multiple offers received - Under Contract
Catherine Summers from The McCreith Team is offering a unique chance for investors to step into the vibrant McMinnville real estate market. This new 20-unit apartment complex, located just three blocks from downtown, offers a compelling opportunity for anyone considering multifamily investments. With strong demand and substantial potential for growth, this offering is an incredible opportunity in one of Oregon's most appealing communities.
Property Overview
This apartment complex consists of 18 two-bedroom, one-bathroom units and 2 three-bedroom, one-bathroom units, each providing ample living space. Though all units need remodeling, (our estimation only - not hard bids) approximately $20,000 -$30,000 per unit for renovations would allow investors to significantly increase property value and attract higher rents.
On-site amenities include coin-operated laundry facilities, which are always popular among tenants, and the full basement offers the potential for additional storage units, adding potential revenue streams.
The property, located at 605 NW Adams Street in McMinnville, sits on a .61-acre lot, which opens up the possibility for extra parking or even constructing a manager's dwelling on-site, further increasing appeal.
Investment Potential
Currently, the rent prices are significantly below market value. This discrepancy provides a great chance for rent raises after renovations. Remarkably, the complex has maintained a 0% vacancy rate, with a waiting list of potential tenants eager to move in. This demonstrates a strong demand for rental units in the area.
For example, rent for similar renovated two-bedroom units in McMinnville averages around $1,500 per month, while the current rents for these units could be under $1,200, indicating a potential for a 25% rent increase post-renovation. With such strong tenant interest and prospects for increased revenue, this property stands out as a strategic investment.
The seller is considering cash or hard money offers only at this time.
McMinnville: A Thriving Community
McMinnville is situated in the heart of Oregon's wine country, combining historical charm with modern amenities. Its vibrant arts scene, local wineries, and rich agricultural heritage make it a desirable locale for both residents and visitors.
A key aspect of McMinnville's appeal is Linfield College, which brings in students, faculty, and families. This institution contributes significantly to the local demand for rental properties. In fact, student housing needs often drive vacancy rates lower, benefitting property owners.
As McMinnville continues to grow, the need for quality rental housing will likely increase. Investing in this apartment complex allows forward-thinking investors to capitalize on the city's rising demand and growing appeal.
A Valuable Investment
Catherine Summers' new listing is a remarkable opportunity that astute investors should consider. The combination of needed renovations, a prime location in McMinnville, and the potential for increased rents positions this 20-unit apartment complex as a smart investment for those aiming to thrive in the real estate market.
With solid demand for rentals, a supportive local economy, and various growth avenues, this property can serve as a substantial source of income and wealth creation over time.
Investors interested in this prospect should be prepared to respond quickly, as high-potential listings tend to attract attention fast. Reach out to The McCreith Team to learn more and explore how this opportunity fits into your investment strategy.
You can also navigate to additional information about this property by visiting our Featured Listings page.
For those contemplating an investment in McMinnville, the moment is ripe. Picture the opportunities awaiting you in this exclusive market! Your successful investment journey could start here.
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