309 W Sherman St - UPDATED DUPLEX IN NEWBERG, OREGON

1,616 SF Specialty Building Offered at $499,900 at a 6.72% Cap Rate in Newberg, OR 97132

Investment Highlights

  • Property Has Long Time Renters Already in Place
  • Walking Distance to Downtown Newberg
  • George Fox University is in Newberg, Oregon

Executive Summary

($20,000 PRICE REDUCED)Fantastic investment opportunity in Newberg, Oregon! This 1616SF duplex is two units. One unit on the main floor features a living room, kitchen, 2 bedrooms,1 bathroom and it also features an upstairs bonus room and has 989 square feet. It currently rents for $1820/mo. The second unit features 1 bedroom and 1 bathroom with and it's own laundry and Kitchen and has approx. 627sf. It currently rents for $1400/mo. This property has two backyards and a 1 car attached garage. Nice front porch and is close to downtown Newberg. Great for George Fox University Rental.

Financial Summary (Actual - 2023)

Annual Annual Per SF
Gross Rental Income $38,640 $23.91
Other Income - -
Vacancy Loss - -
Effective Gross Income $38,640 $23.91
Taxes $3,851 $2.38
Operating Expenses $5,051 $3.13
Total Expenses $8,902 $5.51
Net Operating Income $29,738 $18.40

Property Facts Under Contract

Price $499,900
Price Per SF $309
Sale Type Investment
Cap Rate 6.72%
Sale Conditions
1031 Exchange
  • Bulk/Portfolio Sale
Property Type Specialty
Property Subtype
Residential Income
  • Multifamily Apartments
Lot Size 0.10 AC
Building Size 1,616 SF
No. Stories 2
Year Built/Renovated 2001/2022
Walk Score®
Very Walkable (79)
Bike Score®
Very Bikeable (82)

zoning

Zoning Code R-2 (Property is Zoned for Two Units)
  • Listing ID: 33833608

  • Date on Market: 11/11/2024

  • Last Updated:

  • Address: 309 W Sherman St, Newberg, OR 97132