40 MULTI-FAMILY INVESTMENT
888 Vermont St. North Bend, OR 97459
• Price Reduction!
• Bay Views
• Great Rental History – Covered Parking
• Over 13% Current Cash Flow
• Newer Vinyl Windows & Roof
• On-site Laundry
• Hardwoods & Tile
Over 12% cash flow on current income/expenses. The Hillcrest View Apartments comprise of 40 total units built in 1959. Atop the central hills of North Bend, many of the apartment units have sweeping views of northern Coos Bay. Tenants are walking distance to shops, the local theater, restaurants, retail and grocery stores. Current ownership has taken great pride in the property and have been meticulous in maintenance and upkeep. In a market with very little nearby competition or new development, The Hillcrest View Apartments present a rare opportunity to own a turnkey, stable and pride of ownership property with upside potential.
The unit-mix consists of twenty (20) 1bd/1ba units at approximately 500 square feet each and twenty (20) 2bd/1ba units at approximately 600 square feet each. Units are individually metered for electricity and are serviced by their own hot water heaters and baseboard heating systems. Many units have wood floors installed along with tiled bathrooms and kitchens. Covered parking is available for tenants in addition to separate and private storage units within the building.
Operationally the property has demonstrated outstanding occupancy given its desirable centralized location. Current rents are averaging near $1.03/SF in a market proven to support rents at or above $1.12/SF for comparable product within close proximity. Stabilizing rents within 12-18 months would yield over 15% cash flow.
The Hillcrest View Apartments are located in North Bend, OR just one mile north of (and surrounded by) the city of Coos Bay. The combined population of North Bend/Coos Bay is approximately 26,000 per the last census making it the largest Coastal MSA in Oregon. Originally founded as a logging community, in the mid-1800’s, the cities of Coos Bay and North Bend have evolved over the years to incorporate the needs of expanding business, tourism, industry, and government.
With the largest natural harbor between Seattle and San Francisco, Coos Bay is a major shipping and manufacturing center with an average of 2.5 million tons of cargo moving through the Port annually to domestic and international markets. As the forest products industry has declined over the last several years, the cities of North Bend and Coos Bay have refocused their energy to capitalize on the variety of recreational activities offered by the Southern Oregon Coast, including fishing, crabbing, clamming, and exploring several state parks. With the recently remodeled North Bend airport serving several domestic flights, visitors now come to explore the lifestyle of a quaint coastal town, the popular Mill Casino, and world renowned golf at courses such as Bandon Dunes only a short drive away.
|No. Units||40||Pro-Forma Cap Rate||8.38%|
|Building Size||Approx 22,500 SF||Occupancy||100%|
|Price/ Unit||$47,500||No. Stories||2|
|Property Type||Multifamily||Year Built||1959|
|Property Sub-type||Apartments||Lot Size||—-|
|Property Use Type||Investment||Listing ID||—-|
UNIT MIX INFORMATION
|Units||#Of Units||Avg. Rent||Sq Ft|
|1 BR / 1 BA||20||$506||500|
|2 BR / BA||20||$625||600|
FINANCIAL SUMMARY (Proforma)
|Net Operating Income||$159,191|