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Multifamily

Kaylee Apartments

3007 22nd Pl, Forest Grove, OR 97116

Listing Price: $1,540,000

Cap Rate
4.78%
Number of Units
10
Occupancy
95.0%
Price/Unit
$154,000
Price/Gross SF
$197.69
Gross SF
7,790

Investment Overview

Kaylee Apartments, located on 22nd Place in Forest Grove, Oregon, is an ideal value-add investment opportunity. The Property: Kaylee Apartments was constructed in 1998 and features one building on a single tax lot with private off-street parking. Situated on 0.57 acres, this low density landscaped lot, framed with maple trees has great curb-appeal. The property is a two-story garden-style building with ten-units comprised entirely of two-bedroom/one-bath floor plans. All ten units are individually metered for utilities (water, sewer and electric). Utility costs are the direct responsibility of the tenant. The building features coin-operated laundry machines which generate approximately $300 per month in additional income. This property was perfectly designed to allow tenants to enjoy private outdoor space while remaining protected from Oregon weather. All units offer a large, semi-enclosed outdoor space. Landscaping is tasteful and minimal, further reducing maintenance costs. The Location: Kaylee apartments is in the city of Forest Grove, located in Washington County and is approximately twenty-five miles west of Portland and is a considered a bedroom suburb of Portland. The property is adjacent to Bard Park and within one mile of Pacific University. Pacific University is a private college founded in 1849 and has a total enrollment of around 3,500 students. One of the fastest growing counties in the state, Washington County's population increased 13.5 percent from 2010-2019 to approximately 600,000 people - outpacing both Multnomah County and the state as a whole according to the Census Bureau. Forest Grove is no exception to the benefits of recent growth - increasing in population by 27 percent in the past 10 years. Washington County sits below the metros average multifamily vacancy rate at sub two percent. The property is across the street from popular Bard Park and less than one mile from the Pacific University Campus. Home to many technology innovators such as Intel, Lattice Semiconductor, Tektronix and many others, Washington County has come be to known as Oregon's Silicon Forest.

Investment Highlights

  • Rents Are 25 Percent Below Market
  • Located Less Than One Mile From Pacific University
  • Units Individually Metered for Water, Sewer & Electric - Tenants Pay Utilities
  • Clean, 1998 Construction With Off-Street Parking
  • All Two-Bedroom/One-Bathroom Units
  • Additional Income Generated - On-Site Coin Operated Laundry

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Listing Price: $1,540,000

Cap Rate
4.78%
Number of Units
10
Occupancy
95.0%
Price/Unit
$154,000
Price/Gross SF
$197.69
Gross SF
7,790

Investment Highlights

  • Rents Are 25 Percent Below Market
  • Located Less Than One Mile From Pacific University
  • Units Individually Metered for Water, Sewer & Electric - Tenants Pay Utilities
  • Clean, 1998 Construction With Off-Street Parking
  • All Two-Bedroom/One-Bathroom Units
  • Additional Income Generated - On-Site Coin Operated Laundry

Investment Overview

Kaylee Apartments, located on 22nd Place in Forest Grove, Oregon, is an ideal value-add investment opportunity. The Property: Kaylee Apartments was constructed in 1998 and features one building on a single tax lot with private off-street parking. Situated on 0.57 acres, this low density landscaped lot, framed with maple trees has great curb-appeal. The property is a two-story garden-style building with ten-units comprised entirely of two-bedroom/one-bath floor plans. All ten units are individually metered for utilities (water, sewer and electric). Utility costs are the direct responsibility of the tenant. The building features coin-operated laundry machines which generate approximately $300 per month in additional income. This property was perfectly designed to allow tenants to enjoy private outdoor space while remaining protected from Oregon weather. All units offer a large, semi-enclosed outdoor space. Landscaping is tasteful and minimal, further reducing maintenance costs. The Location: Kaylee apartments is in the city of Forest Grove, located in Washington County and is approximately twenty-five miles west of Portland and is a considered a bedroom suburb of Portland. The property is adjacent to Bard Park and within one mile of Pacific University. Pacific University is a private college founded in 1849 and has a total enrollment of around 3,500 students. One of the fastest growing counties in the state, Washington County's population increased 13.5 percent from 2010-2019 to approximately 600,000 people - outpacing both Multnomah County and the state as a whole according to the Census Bureau. Forest Grove is no exception to the benefits of recent growth - increasing in population by 27 percent in the past 10 years. Washington County sits below the metros average multifamily vacancy rate at sub two percent. The property is across the street from popular Bard Park and less than one mile from the Pacific University Campus. Home to many technology innovators such as Intel, Lattice Semiconductor, Tektronix and many others, Washington County has come be to known as Oregon's Silicon Forest.

Exclusively Listed By

Financing By

  • Tammy Linden

    Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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