Newer Apartment Units Sold in Estacada, Oregon
ESTACADA, Oregon: We are pleased to announce the sale of the 24 unit apartment property in Estacada, Oregon. The property sold for $2,550,000. The property is a well-built, 1996 construction that features two and three bedroom units. Each unit has washer and dryer hookups. There are also six garages on the property that are rented by the tenants.
SALE SUMMARY:
Price: $2,550,000
Price per unit: $106,250
Price per square foot: $118
Estimated cap rate (stabilized): 6.40%
Estimated cap rate (market rents): 7.66%
For More Information on the Estacada apartment sale, call Bernard Gehret
Overall, the property is in really good condition, and has a strong rental history. Many of the units have upside for rents, as some of the updated units are at a higher price in the building.
Estacada, Oregon is located 33 miles from Portland, and is about a 45 minute drive from the big city. The population is under 3000 people (per the 2010 census), and this small bedroom community has a charming downtown street and is only 17 miles southeast of Oregon City.
Similar to other secondary and tertiary apartment market deals in 2017, this listing procured a number of offers. In the past, this small town apartment building may have had more vacancies, and much lower rents. However, this specific property has a strong rental history and is in very good condition. Since the buyer has the opportunity to upgrade the property living conditions slightly, there is potential to create a 7.5%+ cap rate, which is a really good deal in this hot apartment market. Anytime a buyer can create a 7%+ cap rate (even post closing) in the hot multifamily market it tends to be a “good deal”.
Phillip Barry represented the seller, and Bernard Gehret represented the buyer. For more information on this multifamily sale or the Estacada market, please contact Bernard Gehret at 503-546-9390.
