Donna's Place Apartments
Multifamily | 8 Units | $186,875/unit
Marketing description
The Donna Place Apartments is an 8-unit multifamily asset located in the desirable Forest Grove submarket of Washington County. Originally constructed in 1972, the property features a low-density, single-level courtyard setting with a strong history of stable occupancy.
The unit mix consists of (2) one-bedroom units and (6) two-bedroom units, offering broad tenant appeal within a quiet, residential setting. The units feature large floor plans, with most units having access to large private patios. The property currently generates solid in-place income supported by a mix of long-term residents and recently updated units. There is some near-term upside in the rents, along with additional revenue sources that can be further utilized – including the addition of Utility Bill back (not currently in place), and the implementation of storage locker rentals (currently on-site but not being rented *Potential for a new owner to renovate and capitalize on storage revenue*).
Ownership has completed several capital improvements over time, including a new roof in 2017, and many ongoing interior updates at unit turnovers. The property has also benefited from the installation of new PEX water lines installed roughly 15-20 years ago, and new energy efficient vinyl windows & sliders throughout (installed roughly 15-20 years ago).
The Donna Place Apartments offer investors the opportunity to acquire a well-maintained, stabilized asset with clear operational upside. A rare opportunity to invest in Forest Grove, one of Washington County's most stable and desirable submarkets.
Investment highlights
- Rare opportunity to acquire a small Washington Country apartment community
- Strong historical performance, with solid occupancy and a stable tenant base.
- Single-level courtyard setting, with community garden beds.
- Current rents slightly below market with the ability to increase through continued interior renovations and the implementation of RUBS.
- Laundry Room & Storage on-site. Value-Add opportunity to rent the storage lockers out and renovate the space as an additional revenue source.
- Well maintained complex. New roof installed in 2017 and continued interior renovations at turnovers over the ownership period (10+ years).
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
