Multifamily

Monroe Manor Apartments

423 Monroe St, Oregon City, OR 97045

Listing Price: $1,450,000

Cap Rate
5.10%
Number of Units
9
GRM
12.75
Occupancy
95.00%
Price/Unit
$161,111
Price/Gross SF
$204.23
Gross SF
7,100

Investment Overview

Marcus & Millichap is pleased to exclusively represent the sale of Monroe Manor, a well-maintained asset in Oregon City, Oregon, located just south of Portland. The property is comprised of nine units, six of which are two bedrooms, complemented by three one-bedroom units. The property features open floorplans and eight of the units have been turned with new flooring, professional tile shower surrounds, new trim, and retextured walls throughout.

Upside can be achieved via several avenues. Rents are nearly 20% below market, allowing for solid achievable rent growth. Additionally, units could further benefit from updated countertops and upgrading to LVP as demand for the area continues to grow. Each unit has a large floor plan, and the property has undergone meticulous turns by ownership who are licensed contractors. The community features off-street parking and storage space as both a tenant amenity and an additional income stream. Potential to add additional unit in basement (buyer to verify with city, zoned R3.5).

Monroe Manor is in desirable Oregon City and within walking distance Dutch Bros Coffee and Historic Downtown Oregon City. The location is both a quiet neighborhood and highly accessible to the greater Portland metro area. The asset is just a short drive away from the Willamette River for rest and relaxation. In addition, the property is just a 6-minute drive from a Safeway and Fred Meyer and is well suited for commuting to work in both downtown Portland or suburban West Linn and Clackamas. Oregon City offers an alternative to Portland that is more affordable for tenants and more landlord friendly for owners

Investment Highlights

  • 6.96% Pro Forma Cap Rate
  • Majority of Units Turned Since 2016
  • Walkable to Downtown Oregon City
  • Washer & Dryer in Every Unit
  • Plentiful Off-Street Parking
  • Well-Maintained Asset

Exclusively Listed By

Financing By

Multifamily

Monroe Manor Apartments

Listing Price: $1,450,000

Cap Rate
5.10%
Number of Units
9
GRM
12.75
Occupancy
95.00%
Price/Unit
$161,111
Price/Gross SF
$204.23
Gross SF
7,100

Investment Highlights

  • 6.96% Pro Forma Cap Rate
  • Majority of Units Turned Since 2016
  • Walkable to Downtown Oregon City
  • Washer & Dryer in Every Unit
  • Plentiful Off-Street Parking
  • Well-Maintained Asset

Investment Overview

Marcus & Millichap is pleased to exclusively represent the sale of Monroe Manor, a well-maintained asset in Oregon City, Oregon, located just south of Portland. The property is comprised of nine units, six of which are two bedrooms, complemented by three one-bedroom units. The property features open floorplans and eight of the units have been turned with new flooring, professional tile shower surrounds, new trim, and retextured walls throughout.

Upside can be achieved via several avenues. Rents are nearly 20% below market, allowing for solid achievable rent growth. Additionally, units could further benefit from updated countertops and upgrading to LVP as demand for the area continues to grow. Each unit has a large floor plan, and the property has undergone meticulous turns by ownership who are licensed contractors. The community features off-street parking and storage space as both a tenant amenity and an additional income stream. Potential to add additional unit in basement (buyer to verify with city, zoned R3.5).

Monroe Manor is in desirable Oregon City and within walking distance Dutch Bros Coffee and Historic Downtown Oregon City. The location is both a quiet neighborhood and highly accessible to the greater Portland metro area. The asset is just a short drive away from the Willamette River for rest and relaxation. In addition, the property is just a 6-minute drive from a Safeway and Fred Meyer and is well suited for commuting to work in both downtown Portland or suburban West Linn and Clackamas. Oregon City offers an alternative to Portland that is more affordable for tenants and more landlord friendly for owners

Exclusively Listed By

Financing By

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