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28709330
28709329

615-629 N Elliott Rd, Newberg, OR 97132

JH
OR 201252457
Norris & Stevens
DC
OR 201208382, WA 128108
Norris & Stevens
Listed by Norris & Stevens
Unpriced
184 days on market
Updated 28 days ago
Under Contract

Elliott Estates

Details
APN 38499; 504208; 504211; 504214
Property Type Multifamily
Square Footage 41,574
Units 10
Year Built 1996
Year Renovated 2016
Buildings 4
Stories 2
Acreage 0.954
Zoning R-2 (Medium Density Residential)

$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

Listing Contacts

JH
OR 201252457
Norris & Stevens
DC
OR 201208382, WA 128108
Norris & Stevens
Listed by Norris & Stevens

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Additional Information

Name
Jake Holman
License
201252457
Brokerage
Norris & Stevens
Title
Broker, Multi-family Investments
Brokerage Address
900 Southwest 5th Avenue
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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