63 16Th AveEugene, OR 97401

Property Details for 63 16Th Ave

Year built

1958

Property size (Sq ft)

6,000 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 12-unit apartment building in Eugene, Oregon, presents a compelling investment opportunity. Boasting a prime location near downtown and the University of Oregon, this property offers convenient access to public transportation, local amenities, and a highly desirable residential area. The complex comprises one studio and eleven one-bedroom units, totaling 6,000 square feet across two, two-story buildings on a 9,583 square foot lot. Built in 1958 and renovated in 1979, the property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $75,665, representing a 5.00% capitalization rate. However, with current rents approximately 20% below market value, a significant pro-forma NOI of $104,700 and a 7.00% pro-forma cap rate are achievable through strategic rent adjustments. The property is zoned R-4, offering flexibility for future development. This well-maintained complex provides a stable cash flow with substantial upside potential in a thriving market, making it an attractive investment for discerning buyers. The asking price is $1,500,000, or $125,000 per unit. This represents a rare chance to acquire a value-add property in a highly sought-after Eugene location. The property's APN is 0278166, 0278174.

Location Insight

City

Eugene

County

Lane

State

Oregon

Latitude

44.0424

Longitude

-123.094

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