615-629 Elliott Rd - Apartments FOR SALE


Newberg, OR 97132
$2,700,000 USD
503-225-8487
615-629 Elliott Rd, Newberg, OR for Sale
$2,700,000 USD
Apartments - FOR SALE
1/18
null | 5.24% Cap Rate

615-629 Elliott Rd
Newberg, OR 97132


HIGHLIGHTS

  • Strong rental collections and historical occupancy
  • Attached garages
  • Washer and dryer hookups in units
  • Well maintained and professionally managed
  • Walking distance to George Fox University & Newberg High School
  • Roofs replaced in 2016

OVERVIEW

Elliott Estates is a well maintained townhome community located five blocks from George Fox University in Newberg, Oregon. The property contains ten townhomes with attached garages, washer/dryer hookups, plus additional land to potentially add more density. In-place rental rates range from $1,505 - $1,900 per month. Residents are charged a flat rate utility bill back for water and sewer and are responsible for their own garbage pickup. Elliott Road represents a strategic corridor in Newberg, Oregon, connecting Highway 99W to Newberg High School. The area has been identified as a priority improvement zone in Newberg's Transportation System Plan, highlighting its importance to the city's development strategy. The Newberg residential market demonstrates steady growth, with average home values reaching $523,060, representing a 1.4% increase over the past year. Given Newberg's steady market growth and the area's continued development, properties along Elliott Road are well-positioned for sustained value appreciation. The combination of strong location attributes and ongoing infrastructure improvements supports a positive long-term outlook for residential investments in this corridor.

FOR SALE DETAILS

PRICE

$2,700,000 USD

PRICE/SF

$244 USD /SF

# OF UNITS

10

PRICE/UNIT

$270,000

CAP RATE

5.24%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Elliott Estates

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1996

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.95 AC

LAND SF

41,578 SF

ZONING

R-2

APN/PARCEL ID

38499,504208,504211,504214

ASK ABOUT THIS PROPERTY

David ChatfieldNorris & Stevens, Inc.More Info
503-225-8487

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

David ChatfieldNorris & Stevens, Inc.More Info
503-225-8487

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.