Listed by Mosar Commercial Properties
$495,000
1340-1348 & 1354 Lee St SE
Details
Property Type Multifamily
Square Footage 1,624
Units 5
Cap Rate 2.50%
NOI $12,571
Occupancy 40%
Tenancy Multi
Pro-Forma Cap Rate 6.90%
Pro-Forma NOI $34,171
Year Built 1942
Acreage 0.240
Zoning CO
Investment Type Value Add
Multifamily | 5 Units
Marketing description
Value-Add Opportunity: 5-unit studio apartment property with 4 of 5 units currently rented at below market rates, presenting upside through renovations and rent repositioning.
Deferred Maintenance Priced In: Property requires maintenance and updates, with ownership willing to provide a partial credit toward a new roof, helping offset capital improvements.
Operational Flexibility: All tenants are month-to-month, allowing a new owner to renovate units, reset rents, or reposition without long-term lease constraints.
Practical Amenities: Onsite parking for tenants and guests, enhancing tenant appeal in a centrally located neighborhood.
Investment highlights
- Value-Add Opportunity: 5-unit studio apartment property with 4 of 5 units currently rented at below market rates, presenting upside through renovations and rent repositioning.
- Deferred Maintenance Priced In: Property requires maintenance and updates, with ownership willing to provide a partial credit toward a new roof, helping offset capital improvements.
- Operational Flexibility: All tenants are month-to-month, allowing a new owner to renovate units, reset rents, or reposition without long-term lease constraints.
- Practical Amenities: Onsite parking for tenants and guests, enhancing tenant appeal in a centrally located neighborhood.
- Convenient Location: Located less than 0.75 miles from Willamette University and steps from public transit, supporting strong long-term rental demand.
Listing Contacts
Listed by Mosar Commercial Properties
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$12,571.00
$1,047.58/mo
Valuation Metrics
0
DSCR
2.54%
Cap Rate
2.54%
ROI
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