Elliott Estates
$239,900/unit
Marketing description
Elliott Estates is a well maintained townhome community located five blocks from George Fox University in Newberg, Oregon. The property contains ten townhomes with attached garages, washer/dryer hookups, plus additional land to potentially add more density. In-place rental rates range from $1,650 - $1,950 per month. Residents are charged a flat rate utility bill back for water and sewer and are responsible for their own garbage pickup.
Elliott Road represents a strategic corridor in Newberg, Oregon, connecting Highway 99W to Newberg High School. The area has been identified as a priority improvement zone in Newberg's Transportation System Plan, highlighting its importance to the city's development strategy. The Newberg residential market demonstrates steady growth, with average home values reaching $523,060, representing a 1.4% increase over the past year.
Given Newberg's steady market growth and the area's continued development, properties along Elliott Road are well-positioned for sustained value appreciation. The combination of strong location attributes and ongoing infrastructure improvements supports a positive long-term outlook for residential investments in this corridor.
Investment highlights
- Gross Building Area: ± 12,743 SF
- Strong rental collections and historical occupancy
- Attached garages
- Washer and dryer hookups in units
- Well maintained and professionally managed
- Close proximity to George Fox University & Newberg High School
- Roofs replaced in 2016
- 3 units partially updated (new appliances and LVT flooring)
- Excess land for added density
- Upside on in-place and asking rents
- Tenants pay for garbage
- Water/sewer billed back on RUBs
- Recent work completed
- New balconies on 2 bedroom units (4 total)
- 615B & 615C recently turned (previously long-term tenants)
- Tree removal and trimming throughout property
- Roof cleaning and treatment
- Attic remediation work
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