SOLD: The 69 unit apartment building located on Highway 101 in Lincoln City, Oregon, sold for $4,250,000.
Listed on the National Register of Historic Places, the property was originally completed and opened for business in 1935, with a major addition in 1984. The Dorchester House features large common areas, including a library, commercial kitchen and private courtyard on a 44,716 square foot lot.
The Dorchester House is a 58 years of age and older community, and is not an assisted living facility. This listing is a market deal with two rental restrictions: tenants must be 58 years of age or older, and 20% (14) of the units must be rented to tenants that make 50% or below the median income. Currently, the property is being operated as a 58 year old plus community, and attracts and retains senior Oregon residents interested in independent coastal living.
The units feature 21 studios, 46 one bedrooms, and two, two bedroom units. Each unit has one bathroom and a kitchenette. Rents include free laundry and all utilities, plus cable TV.
Price Per Unit: $61,594
Price Per Square Foot: $95.04
Estimated Cap Rate (actuals): 7.18%
Estimated Cap Rate (pro forma): 7.18%
Bernard Gehret and Hunter Brookshier of Joseph Bernard Investment Real Estate represented the buyer and sellers of the Dorchester House Apartments. For more information about this sale or the market, call Bernard Gehret or Hunter Brookshier at 503-546-9390. Click HERE for more information on the property.