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1127 6th Ave SE
Albany, OR 97321

$2,100,000 USD

Apartments For Sale • 10,389 SF

Property Details

Property Type Apartments
Total Building Size 10,389 SF
Lot Size 1.4 AC
Building Class C
Year Built 1992
Zoning Albany-MS

0 Transit Score

79 Walk Score

Description

Prime Investment: The Station features 11 trendy move-in ready units, boasting a 5.9% cap rate - $212,000 gross income and $166,565 NOI. Extensive upgrades including electrical, plumbing, HVAC, windows, siding, kitchens, bathrooms, parking lot, bike storage, onsite laundry, and new stormwater and fire suppression systems. Unlock additional income with 3 more unfinished units, for a total of 14 doors, not including rentable storage, and a large 1.4 acre lot with space for more construction in the rear. The estimated Cost to complete unfinished units is between $300 to $400K and would increase cap rate potential.

                
                    Highlights
                
                                Updated electrical throughout - including additional outlets in kitchens, bathroom exhaust fans and new lighting
                            
                                Fire suppression system - Including sprinkler system throughout, alarms, Heat Detectors, resilient Channels in walls, new riser room, etc.
                            
                                New vinyl windows and flashing, interior and exterior doors
                            
                                New siding west side of building
                            
                                New parking lot - $300k; includes new asphalt, sidewalks, curbs and gutters, etc.  New stormwater system and foliage, erosion control and DDC Vault
                            
                                Updated/build out of office to include ADA compliant bathroom, new electrical, drywall, insulation, windows, flooring, lighting and paint.