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Multifamily

The Station on 3rd

287 SW 3rd Ave, Canby, OR 97013

Listing Price: $3,750,000

Cap Rate
5.16%
Number of Units
12
Occupancy
95.0%
Price/Unit
$312,500

Investment Overview

The Station on 3rd represents a brand-new 12-unit, well-located apartment complex with high-end finishes. This project is currently under development with a projected completion date of September 2022. 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. 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. Both buildings are three (3) stories in height, approximately 5,294 square feet, and feature three (3) two-bedroom/one & one-half bathroom units and three (3) one-bedroom/one-bathroom units for a total of 12 units. Finishes include modern touches with quartz countertops, stainless steel appliances, Luxury Vinyl Plank floors throughout. The floorplans are thoughtfully designed with functionality in mind. The units are larger than competitive products; 763 square feet for the one-bedrooms and over 1,000 square feet for the two-bedroom floorplans will appeal well to the working professional tenant. Rents are projected at $1,525 (one-bedroom units) and $1,925 (two-bedroom units).

Investment Highlights

  • Brand new modern apartments featuring open floor plans and high-end finishes, delivering September 2022
  • Premium amenities include stainless steel appliances, slab quartz countertops, LVP flooring, AC, and in-unit washer/dryers.
  • Near location of brand new 530,000 SQFT Columbia Distributing warehouse and 517,000 SQFT Amazon Fulfillment Center scheduled to be completed in 2023.

Exclusively Listed By

Multifamily

The Station on 3rd

Listing Price: $3,750,000

Cap Rate
5.16%
Number of Units
12
Occupancy
95.0%
Price/Unit
$312,500

Investment Highlights

  • Brand new modern apartments featuring open floor plans and high-end finishes, delivering September 2022
  • Premium amenities include stainless steel appliances, slab quartz countertops, LVP flooring, AC, and in-unit washer/dryers.
  • Near location of brand new 530,000 SQFT Columbia Distributing warehouse and 517,000 SQFT Amazon Fulfillment Center scheduled to be completed in 2023.

Investment Overview

The Station on 3rd represents a brand-new 12-unit, well-located apartment complex with high-end finishes. This project is currently under development with a projected completion date of September 2022. 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. 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. Both buildings are three (3) stories in height, approximately 5,294 square feet, and feature three (3) two-bedroom/one & one-half bathroom units and three (3) one-bedroom/one-bathroom units for a total of 12 units. Finishes include modern touches with quartz countertops, stainless steel appliances, Luxury Vinyl Plank floors throughout. The floorplans are thoughtfully designed with functionality in mind. The units are larger than competitive products; 763 square feet for the one-bedrooms and over 1,000 square feet for the two-bedroom floorplans will appeal well to the working professional tenant. Rents are projected at $1,525 (one-bedroom units) and $1,925 (two-bedroom units).

Exclusively Listed By

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