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Multifamily

St. Helens Apartments

175 S 1st St, St. Helens, OR 97051

Listing Price: $699,999

Cap Rate
5.62%
Number of Units
6
Occupancy
100.0%
Price/Unit
$116,667
Price/Gross SF
$175.00
Gross SF
4,000

Investment Overview

Marcus & Millichap is pleased to present a rare offering; available for sale for the first time in eighteen years, this six unit multi-family asset, originally built in 1886, consistently benefits from 100 percent occupancy and features a favorable unit mix of spacious and bright one and two bedroom units with views of the Columbia River. The property is located in beautiful St. Helens, OR which is the county seat for Columbia County. Conveniently situated in the Downtown Historic District and federally recognized as a historic building, the property is comprised of four 1-bedroom/1-bathroom and two 2-bedroom/1-bathroom units ranging from 400 to 1100 square feet. The property was originally built as a single family dwelling in 1886. The elegant Victorian home was later converted to an eight unit apartment in the late 1900's. The building is currently and has operated as a six unit apartment for the last eighteen years. The current owner has made many improvements to the property during their ownership period including a new roof in 2011 and various updates completed on five of the six units. As of June of this year, the average length of tenancy for the property has been over nine years. Tenants currently pay for electric while the owner covers water, sewer and gas. With a current average rent of $793, the property offers significant upside value through bringing rents closer to market. In addition there is potential that the property may be converted back into an eight unit apartment; buyer to do their own due diligence regarding conversion.

Investment Highlights

  • Well-Maintained Asset with Upside Potential
  • Federally Recognized Historic Building in Downtown St. Helens
  • Qualifying Property for Saint Helens Historic Preservation Rehabilitation Grant
  • Less than 0.5 miles from Saint Helens Marina, Columbia View Park, Saint Helens Yacht Club, and Grey Cliffs Waterfront Park

Exclusively Listed By

Listing Price: $699,999

Cap Rate
5.62%
Number of Units
6
Occupancy
100.0%
Price/Unit
$116,667
Price/Gross SF
$175.00
Gross SF
4,000

Investment Highlights

  • Well-Maintained Asset with Upside Potential
  • Federally Recognized Historic Building in Downtown St. Helens
  • Qualifying Property for Saint Helens Historic Preservation Rehabilitation Grant
  • Less than 0.5 miles from Saint Helens Marina, Columbia View Park, Saint Helens Yacht Club, and Grey Cliffs Waterfront Park

Investment Overview

Marcus & Millichap is pleased to present a rare offering; available for sale for the first time in eighteen years, this six unit multi-family asset, originally built in 1886, consistently benefits from 100 percent occupancy and features a favorable unit mix of spacious and bright one and two bedroom units with views of the Columbia River. The property is located in beautiful St. Helens, OR which is the county seat for Columbia County. Conveniently situated in the Downtown Historic District and federally recognized as a historic building, the property is comprised of four 1-bedroom/1-bathroom and two 2-bedroom/1-bathroom units ranging from 400 to 1100 square feet. The property was originally built as a single family dwelling in 1886. The elegant Victorian home was later converted to an eight unit apartment in the late 1900's. The building is currently and has operated as a six unit apartment for the last eighteen years. The current owner has made many improvements to the property during their ownership period including a new roof in 2011 and various updates completed on five of the six units. As of June of this year, the average length of tenancy for the property has been over nine years. Tenants currently pay for electric while the owner covers water, sewer and gas. With a current average rent of $793, the property offers significant upside value through bringing rents closer to market. In addition there is potential that the property may be converted back into an eight unit apartment; buyer to do their own due diligence regarding conversion.

Exclusively Listed By

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