MLS# 24696946 – 250 Se Lincoln St, Mc Minnville, OR 97128 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of Vintage Realty Northwest.

Property Description

Description

5 Units

Status: Active

Year Built: 1903

Days on Website: 150

Welcome to 250 SE Lincoln Street, a unique apartment complex in beautiful McMinnville, Oregon. A rare public offering of a five-unit apartment building, Lincoln Street Apartments presents an extraordinary opportunity to step into an established complex with strong in-place income (7.3% Cap Rate on current numbers) and proven upside. The property itself consists of five units, spread through one building, originally a primary home built in the early 1900's. While retaining much of its original character, the property has been extensively remodeled and updated throughout the years. Four units have recently been renovated and leased to market, with the remaining unit ripe for a cosmetic renovation and rents to be reset to market rates. The electrical service (including a new main panel and sub-panels) and water heaters (four new electric models) were recently installed. Each unit is billed separately for electric service. Owner pays sewer and water. The property is within just a few blocks from iconic 3rd St. and Linfield University, and is fairly close to schools and parks. Easy drive to McMinnville High School, grocery, retail, employment, and Highways 99 & 18. Square footage of each unit is approximate; buyer to verify. Shown with accepted offer only, please.

Property Details and Features

Property Access

Road Surface Type:

Paved

Basement

Basement:

ExteriorEntry,PartialBasement,Unfinished

Building

Building Area Total:

2884

Built in 1903

Storage:

None

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4,UnitTypeType5

Expenses

Operating Expense Scheduled:

23088

Operating Expense:

$22,928

Exterior Features

Exterior Description:

LapSiding,WoodSiding

Foundation

Foundation Details:

Block,Other,PillarPostPier

Heating

Heating:

WallHeater

Income

CAP Rate:

7.36

Gross Income:

$70,344

Gross Rent Multiplier:

9.16

Gross Scheduled Income:

$73,920

Net Operating Income:

$47,416

Net Scheduled Income:

50832

Listing

Contract Status Change Date:

2024-06-24

Days On Market:

149

Last Transaction Date:

2024-08-21 21:17:48

List Price:

$644,000

Listing Contract Date:

2024-06-24

Listing Id:

24696946

Mls Status:

Active

Modification Timestamp:

2024-10-16 00:30:00

On Market Date:

2024-06-24

Previous List Price:

$649,000

Rent Includes:

MaintenanceGrounds,Sewer,TrashCollection,Water

Standard Status:

Active

Location

MLS Area Major:

_156

County Or Parish:

Yamhill

Lot

Features:

CornerLot,Level

Size Acres:

0.16

Size Dimensions:

76 x 93

Size Range:

SqFt7000to9999

Size Square Feet:

6,969

Size:

7,000 to 9,999 SqFt

Miscellaneous

Investor Information:

Leases,MaintenanceRecordsAvailable,ProfitLossStatement,RentRecords

Parking

Features:

Driveway,OnStreet

2 total parking spots

Possession

Possession:

SubjectToTenantRights

Property

Number Of Units Total:

Property Condition:

Existing

Zoning:

R-4

Roof

Roof:

Composition

Schools

High School:

McMinnville

Middle Or Junior School:

Duniway

Elementary School:

Buel

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$3,036

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$1,375

Area:

549

Features:

Range,Refrigerator

Units Total:

1 total bathroom

1 total bedroom

Unit Two

Actual Rent:

$1,100

Area:

375

Features:

Range,Refrigerator

Units Total:

1 total bathroom

Unit Three

Actual Rent:

$1,230

Area:

574

Features:

Range,Refrigerator

Units Total:

1 total bathroom

1 total bedroom

Unit Four

Actual Rent:

$1,216

Area:

545

Features:

Range,Refrigerator

Units Total:

1 total bathroom

1 total bedroom

Unit Five

Actual Rent:

$941

Area:

436

Features:

HardwoodFloors,Range,Refrigerator

Units Total:

1 total bathroom

1 total bedroom

Utilities

Fuel Description:

Electricity

Hot Water Description:

Electricity,Tank

Internet Service Type:

Cable

Water Source:

PublicWater

[+] Read More

Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$644,000 -

250 Se Lincoln St Mc Minnville , OR 97128

MLS Area Major: _156

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on November 21, 2024 12:08AM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.