Legacy Apartments
550 SW Edmunston St, McMinnville, OR 97128
No Photo Available
Price$2,000,000
Number of Units21
Building Size19,263 sqft
Price/Unit$95,238
Property TypeMultifamily
Sub Type2 & 3 Story, Garden Style
Cap Rate8.76%
Highlights
- Great Location — Desirable Student Housing
- Unique Floorplans — Desirable Unit Mix with Townhomes
- Rental Income — Upside in Rents
- Laundry Available on Site — Laundry Facility On Site for Additional Income
- Available Parking — Both Off Street and On Street Parking
Description
Built in 1980, the Legacy Apartments is located centrally to both downtown McMinnville and Linfield College. The property is comprised of 21 apartment homes and a unit mix of 6 two-bedroom/one-bathroom units at 818 sq ft, 3 two-bedroom/one-bathroom units at 893 sq ft, and 12 two-bedroom/1.5-bathroom townhomes. The property offers off-street parking, spacious open floorplans, onsite laundry, and fenced patios or balconies.
The Legacy Apartments has 2 two-story buildings and 1 three-story building. All have wood frame construction and flat roof.
The Legacy Apartments are owned by Linfield College. No books or records will be provided. Building will be vacated at close of sale.
Financial Summary
- Pro Forma NOI: $175,210
- Pro Forma EGI: $270,628
- Pro Forma Cap Rate: 8.76%