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Listed by Vintage Realty Northwest
$ 644,000
Est. payment | /mo
2,884 SqFt
$ 644,000
Est. payment | /mo
2,884 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,884 sqft
Price per Sqft $223
MLS Listing ID 24696946
Year Built 1903
Annual Tax Amount $3,035
Tax Year 2023
Lot Size 6,969 Sqft
Property Description
Welcome to 250 SE Lincoln Street, a unique apartment complex in beautiful McMinnville, Oregon. A rare public offering of a five-unit apartment building, Lincoln Street Apartments presents an extraordinary opportunity to step into an established complex with strong in-place income (7.3% Cap Rate on current numbers) and proven upside. The property itself consists of five units, spread through one building, originally a primary home built in the early 1900's. While retaining much of its original character, the property has been extensively remodeled and updated throughout the years. Four units have recently been renovated and leased to market, with the remaining unit ripe for a cosmetic renovation and rents to be reset to market rates. The electrical service (including a new main panel and sub-panels) and water heaters (four new electric models) were recently installed. Each unit is billed separately for electric service. Owner pays sewer and water. The property is within just a few blocks from iconic 3rd St. and Linfield University, and is fairly close to schools and parks. Easy drive to McMinnville High School, grocery, retail, employment, and Highways 99 & 18. Square footage of each unit is approximate; buyer to verify. Shown with accepted offer only, please.
Location
State OR
County Yamhill
Area _156
Zoning R-4
Rooms
Basement Exterior Entry, Partial Basement, Unfinished
Interior
Heating Wall Heater
Exterior
Roof Type Composition
Garage No
Building
Lot Description Corner Lot, Level
Story 2
Foundation Block, Other, Pillar Post Pier
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Elementary Schools Buel
Middle Schools Duniway
High Schools Mcminnville
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
