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Multifamily

Necanicum Apartments

822 Necanicum Dr, Seaside, OR 97138

Listing Price: $4,750,000

Cap Rate
5.56%
Number of Units
25
Occupancy
95.0%
Price/Unit
$190,000
Price/Gross SF
$207.59
Gross SF
22,882

Investment Overview

The Necanicum Apartments is a 25-unit single-story, garden-style property located at 822 Necanicum Drive in Seaside, Oregon. The property was originally constructed in 1968 and sits on two tax lots. Current ownership has invested in significant capital improvements including, interior and exterior paint, new landscaping, luxury vinyl plank flooring, skylights, lighting plus bathroom and kitchen fixtures. Over the past four years, 80 percent of the units have been turned and updated. Updates include new water heaters, flooring, paint, fixtures and bathroom vanities. Roof and shingles replaced two years ago, along with all new sewer system and copper piping. The unit mix features twenty-four two-bedroom/one-bath units and one one-bedroom/one-bath unit. The one-bedroom unit is an addition completed in 2019. The single-story design of the buildings offers tenants quiet living with units that feature private patios (select units have a courtyard view). Originally constructed as an assisted living facility, all units are ADA compliant. The property features large doors and hallways. All units have individual sprinkler heads through a central sprinkler system and are separately metered for electricity and gas. The property offers off-street parking and coin-operated laundry. It is professionally managed and achieving $1,400 per month for the two-bedroom units. The Necanicum Apartments is well-located; just two blocks from the beach and the Seaside promenade which serves as a central hub of activity. The property is walking distance (12 minutes/0.6 miles) from downtown Seaside, yet far enough from the crowds in a quieter, more residential area to the north with the Factory Outlets, Seaside Cinema, and Clatsop Community College to the east, just over the Necanicum Estuary.

Investment Highlights

  • Two-Bedroom Floorplans with Recent Updates
  • ADA Compliant Units with Large Hallways, Doors
  • Very Well-Located; Two Blocks from the Beach and Broadway Street
  • Single-Story Construction

Exclusively Listed By

Multifamily

Necanicum Apartments

Listing Price: $4,750,000

Cap Rate
5.56%
Number of Units
25
Occupancy
95.0%
Price/Unit
$190,000
Price/Gross SF
$207.59
Gross SF
22,882

Investment Highlights

  • Two-Bedroom Floorplans with Recent Updates
  • ADA Compliant Units with Large Hallways, Doors
  • Very Well-Located; Two Blocks from the Beach and Broadway Street
  • Single-Story Construction

Investment Overview

The Necanicum Apartments is a 25-unit single-story, garden-style property located at 822 Necanicum Drive in Seaside, Oregon. The property was originally constructed in 1968 and sits on two tax lots. Current ownership has invested in significant capital improvements including, interior and exterior paint, new landscaping, luxury vinyl plank flooring, skylights, lighting plus bathroom and kitchen fixtures. Over the past four years, 80 percent of the units have been turned and updated. Updates include new water heaters, flooring, paint, fixtures and bathroom vanities. Roof and shingles replaced two years ago, along with all new sewer system and copper piping. The unit mix features twenty-four two-bedroom/one-bath units and one one-bedroom/one-bath unit. The one-bedroom unit is an addition completed in 2019. The single-story design of the buildings offers tenants quiet living with units that feature private patios (select units have a courtyard view). Originally constructed as an assisted living facility, all units are ADA compliant. The property features large doors and hallways. All units have individual sprinkler heads through a central sprinkler system and are separately metered for electricity and gas. The property offers off-street parking and coin-operated laundry. It is professionally managed and achieving $1,400 per month for the two-bedroom units. The Necanicum Apartments is well-located; just two blocks from the beach and the Seaside promenade which serves as a central hub of activity. The property is walking distance (12 minutes/0.6 miles) from downtown Seaside, yet far enough from the crowds in a quieter, more residential area to the north with the Factory Outlets, Seaside Cinema, and Clatsop Community College to the east, just over the Necanicum Estuary.

Exclusively Listed By

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