REDUCED - Railroad Street Apartments - Terms | 404 SE Railroad St
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REDUCED - Railroad Street Apartments - Terms 404 SE Railroad St
4 Unit Apartment Building $1,050,000 ($262,500/Unit) 6.17% Cap Rate Bend, OR 97702
Investment Highlights
- Seller Carry Terms
- Full Exterior and Interior Remodel
- Off-Street Parking
- Discount for ALL CASH
- Over 6% actual cap
- Great Location near 3rd St/Business 97
Executive Summary
SELLER TERMS
Seller carried loan available.
Baseline terms are as follows:
• 20% down (minimum)
• 6% fixed interest (interest only or P/I payments
• Loan term negotiable
• No Prepayment Penalty
Buyer must supply full credit report, balance sheet and resume of rental property owned.
Seller will offer a discount for all cash. All cash price (or conventional loan) to be $1M.
PROPERTY DESCRIPTION
The Railroad Apartments are comprised of four total units built in 1971 with a complete interior and exterior remodel completed in 2022/23. Upgrades include, but are not limited to, new roof, siding, windows/sliders, parking lot, landscaping, electrical, upgraded kitchens and bathrooms, flooring, new stackable washers/dryers installed and new Mini Split air conditioning units for all apartment units. In addition, a full asbestos remediation was recently completed as part of the remodel. Tenants have access to off-street parking with over 8 spaces available. The unit-mix is comprised of all 1bd/1ba units at approximately 598 square feet each.
Located in Southeast Bend, the Railroad Apartments are just two blocks from SE 3rd Street and one half mile from the Old Mill District. Tenants have quick accessibility to nearby shopping, restaurants and retail.
OPERATIONS
Currently one vacant unit. Vacancy is being advertised at $1,700.00/month with multiple showings. Rents for the fourplex are averaging $2.70/SF per unit. Lowest rent in the complex is $2.34/SF and the highest is $2.84/SF. Current average rents meet or exceed market rents in the area. Current capitalization rate based on actual income and expenses yields 6.17% with January 1, 2025 rents.
CONSTRUCTION AND AMENITIES
The Railroad Apartments are two-story over crawlspace in design. Construction is wood-frame and roofing is flat with a seamless membrane roofing system. All units feature covered front entryways and the two ground-floor units have a rear patio with yard space. Windows and sliders have been replaced with double paned vinyl
and siding is cement fiber product. All units have LVP flooring, updated appliances, updated cabinetry, new A/C, and quartz counter tops in kitchens. Baths have new drop-in sink/vanities and tiled tub/shower combos. Appliances are electric and heating is provided by “cadet” style electric forced air wall units.
Seller carried loan available.
Baseline terms are as follows:
• 20% down (minimum)
• 6% fixed interest (interest only or P/I payments
• Loan term negotiable
• No Prepayment Penalty
Buyer must supply full credit report, balance sheet and resume of rental property owned.
Seller will offer a discount for all cash. All cash price (or conventional loan) to be $1M.
PROPERTY DESCRIPTION
The Railroad Apartments are comprised of four total units built in 1971 with a complete interior and exterior remodel completed in 2022/23. Upgrades include, but are not limited to, new roof, siding, windows/sliders, parking lot, landscaping, electrical, upgraded kitchens and bathrooms, flooring, new stackable washers/dryers installed and new Mini Split air conditioning units for all apartment units. In addition, a full asbestos remediation was recently completed as part of the remodel. Tenants have access to off-street parking with over 8 spaces available. The unit-mix is comprised of all 1bd/1ba units at approximately 598 square feet each.
Located in Southeast Bend, the Railroad Apartments are just two blocks from SE 3rd Street and one half mile from the Old Mill District. Tenants have quick accessibility to nearby shopping, restaurants and retail.
OPERATIONS
Currently one vacant unit. Vacancy is being advertised at $1,700.00/month with multiple showings. Rents for the fourplex are averaging $2.70/SF per unit. Lowest rent in the complex is $2.34/SF and the highest is $2.84/SF. Current average rents meet or exceed market rents in the area. Current capitalization rate based on actual income and expenses yields 6.17% with January 1, 2025 rents.
CONSTRUCTION AND AMENITIES
The Railroad Apartments are two-story over crawlspace in design. Construction is wood-frame and roofing is flat with a seamless membrane roofing system. All units feature covered front entryways and the two ground-floor units have a rear patio with yard space. Windows and sliders have been replaced with double paned vinyl
and siding is cement fiber product. All units have LVP flooring, updated appliances, updated cabinetry, new A/C, and quartz counter tops in kitchens. Baths have new drop-in sink/vanities and tiled tub/shower combos. Appliances are electric and heating is provided by “cadet” style electric forced air wall units.
Property Facts
| Price | $1,050,000 | Apartment Style | Low Rise |
| Price Per Unit | $262,500 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 2,392 SF |
| Cap Rate | 6.17% | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1971/2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $1,050,000 |
| Price Per Unit | $262,500 |
| Sale Type | Investment |
| Cap Rate | 6.17% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Lot Size | 0.23 AC |
| Building Size | 2,392 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1971/2024 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 598 |
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Walk Score ®
Very Walkable (71)
Bike Score ®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 106203 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $194,990 |
PROPERTY TAXES
Parcel Number
106203
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$194,990
zoning
| Zoning Code | RM (Residential Medium Density) |
| RM (Residential Medium Density) |
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REDUCED - Railroad Street Apartments - Terms | 404 SE Railroad St
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