MLS# 24507209 – 1558 E 3rd St, Newberg, OR 97132 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of GA Cooke Real Estate Services.

Property Description

Description

12 Units

Status: Active

Year Built: 1970

Days on Website: 62

Assumable financing available for a qualified buyer! Fixed rate of 3.37% through May of 2026! Strong occupancy history with upside in rents based on most recent highest achieved of $2,025! A 6.01% cap rate on actuals and 7.94% on pro forma. The Garden Court Apartments were built in 1970 and are comprised of 12 three-bedroom one-and-a-half bath townhouse-style apartments. At 1,100 square feet, the spacious layouts consist of an open floorplan, modern kitchen amenities, washer dryer hook ups, and private fenced in patios. Three buildings, with wood-framed construction and pitched composition shingle roofs make up the complex. All units have vinyl windows and sliders. Ample parking with one covered parking spot and one uncovered parking spot per unit. All three buildings received new exterior paint, gutters and roofs in 2020.

Property Details and Features

Basement

Basement:

CrawlSpace

Building

Built in 1970

Stories:

Unit Type Type:

UnitTypeType1

Expenses

Operating Expense Scheduled:

79392

Operating Expense:

$83,655

Exterior Features

Exterior Description:

LapSiding

Foundation

Foundation Details:

ConcretePerimeter

Heating

Heating Available

Heating:

Zoned

Income

CAP Rate:

6.01

Gross Income:

$251,729

Gross Rent Multiplier:

11.1

Gross Scheduled Income:

$301,205

Net Operating Income:

$168,074

Net Scheduled Income:

221813

Listing

Contract Status Change Date:

2024-09-19

Days On Market:

Last Transaction Date:

2024-09-19 16:08:16

List Price:

$2,795,000

Listing Contract Date:

2024-09-19

Listing Id:

24507209

Mls Status:

Active

Modification Timestamp:

2024-09-19 16:08:16

On Market Date:

2024-09-19

Rent Includes:

MaintenanceGrounds,Sewer,TrashCollection,Water

Standard Status:

Active

Location

MLS Area Major:

_156

County Or Parish:

Yamhill

Lot

Features:

Level

Size Acres:

0.69

Size Range:

SqFt20000toAcres1

Size Square Feet:

30,056

Size:

20,000 SqFt to .99 Acres

Miscellaneous

Investor Information:

ProfitLossStatement,RentRecords

Parking

Features:

Carport,Open

Property

Number Of Units Total:

Zoning:

R-3

Roof

Roof:

Composition

Schools

Middle Or Junior School:

Mountain View

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$11,254

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$2,025

Area:

1100

Features:

Dishwasher,Range,Refrigerator,WasherDryerHookup

Units Total:

2 total bathrooms

3 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

$2,795,000 -

1558 E 3rd St Newberg , OR 97132

MLS Area Major: _156

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on November 20, 2024 12:46PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.