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Multifamily

5th Street Apartments

2214 5th St, Tillamook, OR 97141

Listing Price: $940,000

Cap Rate
10.00%
Number of Units
13
GRM
6.76
Occupancy
95.0%
Price/Unit
$72,308
Price/Gross SF
$82.14
Gross SF
11,444

Investment Overview

The Fifth Street Apartments is a three story, 13-unit, garden-style apartment located at 2214 5th Street, Tillamook, Oregon. The property was originally constructed in 1935, renovated in 2023/2024 and sits on a single tax lot. The unit mix features nine (9) one-bedroom/one-bath units and four (4) two-bedroom/one-bath units. Four of the units are currently being rented at $714. Eight of the units are remodeled and vacant, allowing for a new owner to set the rents. One unit (number 11) is considered demolished with no electrical or plumbing connected. The current owner has invested in new gutters, siding, exterior paint, plumbing repairs, new LVP flooring in eight units, new windows, new cabinets in 8 units, new interior paint in 8 units and professional landscaping improvements. The third story of the complex contains no units and was once used to house hospital workers when the building was first constructed. The open third floor presents an opportunity for a new owner to capture additional income by turning it into storage space for the tenants.

Investment Highlights

  • Opportunity To Set The Rents To Market, Equaling A 10% Cap Rate With Zero Capital Expenditures.
  • Well-Located: One Block From Highway 101 and Three Blocks from Downtown Tillamook.
  • Additional Income Potential From Renovating The Remaining 5 Units.

Exclusively Listed By

Financing By

Multifamily

5th Street Apartments

Listing Price: $940,000

Cap Rate
10.00%
Number of Units
13
GRM
6.76
Occupancy
95.0%
Price/Unit
$72,308
Price/Gross SF
$82.14
Gross SF
11,444

Investment Highlights

  • Opportunity To Set The Rents To Market, Equaling A 10% Cap Rate With Zero Capital Expenditures.
  • Well-Located: One Block From Highway 101 and Three Blocks from Downtown Tillamook.
  • Additional Income Potential From Renovating The Remaining 5 Units.

Investment Overview

The Fifth Street Apartments is a three story, 13-unit, garden-style apartment located at 2214 5th Street, Tillamook, Oregon. The property was originally constructed in 1935, renovated in 2023/2024 and sits on a single tax lot. The unit mix features nine (9) one-bedroom/one-bath units and four (4) two-bedroom/one-bath units. Four of the units are currently being rented at $714. Eight of the units are remodeled and vacant, allowing for a new owner to set the rents. One unit (number 11) is considered demolished with no electrical or plumbing connected. The current owner has invested in new gutters, siding, exterior paint, plumbing repairs, new LVP flooring in eight units, new windows, new cabinets in 8 units, new interior paint in 8 units and professional landscaping improvements. The third story of the complex contains no units and was once used to house hospital workers when the building was first constructed. The open third floor presents an opportunity for a new owner to capture additional income by turning it into storage space for the tenants.

Exclusively Listed By

Financing By

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