MLS# 225377294 – 605 Nw Adams St, Mc Minnville, OR 97128 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of Bella Casa Real Estate Group.

Property Description

Description

20 Units

Status: Pending

Year Built: 1970

Neighborhood: Mcminnville Mfr 4+

Days on Website: 11

SIGNIFICANT INTEREST. MULTIPLE OFFERS WILL BE REVIEWED TUES FEB 18th. Rare opportunity to purchase a 20 unit apartment complex just 3 blocks from McMinnville's historic downtown 3rd St! 18 two bedroom/one bathroom units and 2 three bedroom/one bathroom units, there is onsite coin operated laundry for tenant use. Buildings will need to be improved, but there is significant potential for rent growth. 0%. vacancy with waitlisted applications. Full basement in one building could be sectioned off for tenant storage, and the 26,419 square foot lot has space to add more parking, or even build an on-site manager dwelling. Buyer to do all due diligence with the city, etc. Apartment square footage to be estimated and updated soon.

Property Details and Features

Property Access

Road Surface Type:

Paved

Basement

Basement:

FullBasement

Building

Built in 1970

Storage:

Basement

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4,UnitTypeType5,UnitTypeType6,UnitTypeType7,UnitTypeType8

Community

Community Features:

AllLandscaping,Laundry

Expenses

Operating Expense:

$64,044

Exterior Features

Exterior Description:

Brick

Foundation

Foundation Details:

ConcretePerimeter

Heating

Heating Available

Heating:

Baseboard

Income

CAP Rate:

7.11

Gross Income:

$206,340

Gross Rent Multiplier:

9.69

Net Operating Income:

$142,296

Listing

Contract Status Change Date:

2025-02-18

Cumulative Days On Market:

Days On Market:

Last Transaction Date:

2025-02-18 17:32:15

List Price:

$2,000,000

Listing Contract Date:

2025-02-14

Listing Id:

225377294

Mls Status:

Pending

Modification Timestamp:

2025-02-25 01:49:30

Off Market Date:

2025-02-18

On Market Date:

2025-02-14

Purchase Contract Date:

2025-02-18

Rent Includes:

Electricity,Gas,MaintenanceGrounds,Sewer,TrashCollection,Water

Standard Status:

Pending

Location

MLS Area Major:

_156

Subdivision Name:

McMinnville MFR 4+

County Or Parish:

Yamhill

Lot

Features:

CornerLot,Level

Size Acres:

0.61

Size Range:

SqFt20000toAcres1

Size Square Feet:

26,571

Size:

20,000 SqFt to .99 Acres

Miscellaneous

Investor Information:

AccordingToOwner,Leases

Parking

Features:

Assigned

23 total parking spots

Possession

Possession:

SubjectToTenantRights

Property

Number Of Units Total:

Property Condition:

Fixer

Zoning:

Roof

Roof:

Flat,Membrane

Schools

High School:

McMinnville

Middle Or Junior School:

Duniway

Elementary School:

Memorial

Security Features

Features:

None

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$17,930

Legal Description

Tax Year:

2024

Unit One

Actual Rent:

$680

Area:

700

Features:

Range

Units Total:

1 total bathroom

2 total bedroom

Unit Two

Actual Rent:

$690

Area:

700

Features:

Range

Units Total:

1 total bathroom

2 total bedroom

Unit Three

Actual Rent:

$640

Area:

700

Features:

Range

Units Total:

1 total bathroom

2 total bedroom

Unit Four

Actual Rent:

$670

Area:

700

Features:

Range

Units Total:

1 total bathroom

2 total bedroom

Unit Five

Actual Rent:

$830

Area:

700

Features:

Range

Units Total:

1 total bathroom

2 total bedroom

Unit Six

Actual Rent:

$950

Area:

800

Features:

Range

Units Total:

1 total bathroom

3 total bedroom

Unit Seven

Actual Rent:

$810

Area:

800

Features:

Range

Units Total:

1 total bathroom

3 total bedroom

Unit Eight

Actual Rent:

$850

Area:

700

Features:

Range

Units Total:

1 total bathroom

2 total bedroom

Utilities

Fuel Description:

Electricity

Hot Water Description:

Electricity

Water Source:

PublicWater

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Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$2,000,000 -

605 Nw Adams St Mc Minnville , OR 97128

MLS Area Major: _156

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on February 25, 2025 11:43AM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.