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The Station Apartments 1127 6th Ave SE
14 Unit Apartment Building $2,100,000 ($150,000/Unit) 7.94% Cap Rate Albany, OR 97321
Investment Highlights
- Updated electrical throughout - including additional outlets in kitchens, bathroom exhaust fans and new lighting
- New vinyl windows and flashing, interior and exterior doors
- New parking lot - $300k; includes new asphalt, sidewalks, curbs and gutters, etc. New stormwater system and foliage, erosion control and DDC Vault
- Fire suppression system - Including sprinkler system throughout, alarms, Heat Detectors, resilient Channels in walls, new riser room, etc.
- New siding west side of building
- Updated/build out of office to include ADA compliant bathroom, new electrical, drywall, insulation, windows, flooring, lighting and paint.
Executive Summary
2- Entry doors, Craftsman style matching all others. $774
2- Entry door awnings. $200
5- 6.0x5.0 slider windows $2500
Matching interior and exterior paint. $1500
2- Delta 400 tub/shower surrounds. $650
Flooring for all units. $5500
Flooring installation prepaid. $3850 (will cost additional $960 at install)
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Unit Amenities
- Disposal
- Washer/Dryer Hookup
- Kitchen
- Loft Layout
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Gas Range
- Bicycle Storage
About 1127 6th Ave SE , Albany, OR 97321
Prime Investment: The Station features 11 trendy move-in ready units, boasting a 5.9% cap rate - $212,000 gross income and $166,565 NOI. Extensive upgrades including electrical, plumbing, HVAC, windows, siding, kitchens, bathrooms, parking lot, bike storage, onsite laundry, and new stormwater and fire suppression systems. Unlock additional income with 3 more unfinished units, for a total of 14 doors, not including rentable storage, and a large 1.4 acre lot with space for more construction in the rear. The estimated Cost to complete unfinished units is between $300 to $400K and would increase cap rate potential.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 2 | $1,895 | 973 - 1,370 |
| Studios | 10 | $1,223 | 527 - 712 |
| 3+2 | 1 | $1,995 | 1,206 |
PROPERTY TAXES
| Parcel Number | 0776425 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $583,180 |
PROPERTY TAXES
zoning
| Zoning Code | Albany-MS (Albany-MS - MS Main Street) |
| Albany-MS (Albany-MS - MS Main Street) |
Presented by
The Station Apartments | 1127 6th Ave SE
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