Investment Overview

Station on 3rd is a brand-new 12-unit apartment complex with high-end finishes located at 287 SW 3rd Ave, Canby, Oregon 97013. This project is currently under development with a projected completion date of June 2023. The property is located approximately 35 minutes south of Portland, two-blocks off 99-E and is a five-minute walk to Canby High School. Residents of Canby enjoy access to the Molalla River and annual Wooden Shoe Tulip Festival which attracts around 150,000 visitors annually. This flag lot is just shy of one-half acre; the location offers additional privacy as access to the property is via an existing easement over the adjacent servient estate (Tax Lot 100) to the north. Station on 3rd is three (3) stories in height, approximately 8,640 square feet, and features six (6) one-bed/one-bath and six (6) two-bed/one-and-one-half-bath floorplans. Finishes include modern touches with quartz countertops, stainless steel appliances, mini-split heating and cooling, balconies or patios, vaulted top-floor ceilings, and Luxury Vinyl Plank floors throughout. The floorplans are thoughtfully designed with functionality in mind. Rents are projected at $1,525 (one-bedroom units) and $1,925 (two-bedroom units). As the property is new construction, the property is outside of the statewide rent cap for 15 years. This attractive, well-located apartment complex offers an investor a turn-key property well-suited for an investor looking for passive income.