466 Willis AveGlendale, OR 97442

This exceptional two-unit multifamily property in Glendale, Oregon, presents a compelling investment opportunity. Located at 466 Willis Ave, this 1,544 square foot, Class B building boasts a 6.95% cap rate and a strong 100% occupancy rate as of June 20, 2024. Built in 1930 and extensively renovated in 2016, the property features a new roof, double-pane vinyl windows, and updated mini-split systems in each unit. The kitchens and at least one bathroom have been remodeled, and both units include newer appliances. One unit offers three bedrooms, a game room, and one and a half bathrooms, while the other features two bedrooms, a spare room, and one bathroom. Situated on a 10,500 square foot lot, this property benefits from long-term tenants, with rent increases scheduled for December. Current rents are $690 and $925 per month, respectively, and tenants are responsible for utilities, except for trash removal, which is covered by the owner. The property's location in Glendale, a community between Grants Pass and Roseburg, offers a strong rental market with consistently high demand. This turnkey investment is priced at $218,000, or $109,000 per unit, representing a compelling price per square foot of $141.19. The property is zoned R and offers significant potential for future appreciation.