Image from zillow.com

Image from zillow.com

We are pleased to announce the sale of 13 units in Keizer, Oregon for $799,000.  The property was owned by one ownership family since 1993, and was operated well.  The property sold with the following data:

Price per unit: $61,538

Price per square foot:  $70.89

Estimated Cap rate:  6%

The property was in “Above average” condition, containing high quality interior work with newer kitchen cabinets, tile flooring and stable tenancy.  The rents were below market averages, and the buyer anticipates continuing the trend of stable occupancy by providing quality service.

Gabe Johansen of SMI represented the seller, and Bernard Gehret of Joseph Bernard Investment Real Estate represented the buyer.