1558 East 3rd Street

Newberg, OR 97132

$2,795,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Assumable financing available for a qualified buyer! Fixed rate of 3.37% through May of 2026! Strong occupancy history with upside in rents based on most recent highest achieved of $2,025! A 6.01% cap rate on actuals and 7.94% on pro forma. The Garden Court Apartments were built in 1970 and are comprised of 12 three-bedroom one-and-a-half bath townhouse-style apartments. At 1,100 square feet, the spacious layouts consist of an open floorplan, modern kitchen amenities, washer dryer hook ups, and private...Assumable financing available for a qualified buyer! Fixed rate of 3.37% through May of 2026! Strong occupancy history with upside in rents based on most recent highest achieved of $2,025! A 6.01% cap rate on actuals and 7.94% on pro forma. The Garden Court Apartments were built in 1970 and are comprised of 12 three-bedroom one-and-a-half bath townhouse-style apartments. At 1,100 square feet, the spacious layouts consist of an open floorplan, modern kitchen amenities, washer dryer hook ups, and private fenced in patios. Three buildings, with wood-framed construction and pitched composition shingle roofs make up the complex. All units have vinyl windows and sliders. Ample parking with one covered parking spot and one uncovered parking spot per unit. All three buildings received new exterior paint, gutters and roofs in 2020.
  1. Listed by Glenna Cooke • GA Cooke Real Estate Services

Property Details for 1558 East 3rd Street

Parking Features
Carport, Open
Zoning
R-3
LISTING UPDATED: 09/19/2024 04:08 PM

Property Details for 1558 East 3rd Street

StatusActive
MLS #24507209
Days on Market32
Taxes$11,254 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family
Year Built1970
Lot Size0.69 AC / 30,056 SF
CountyYamhill County

Building Information for 1558 East 3rd Street

Stories2Residences12Year Built1970Building Size-Lot Size0.69 AC / 30,056 SF

Property Information for 1558 East 3rd Street

Summary
Location and General Information
  • Country: US
  • Directions: E 3rd Street & S Everest Road
School Information
  • Middle Or Junior School: Mountain View
Taxes and HOA
  • Tax Year: 2023
  • Tax Annual Amount: $11,253.81
  • Parcel Number: 60267
  • Tax Legal Description: LOT 4 & PT LOTS 5 & 6 - BLOCK E IN HOBSONS ADDITION
Property
Lot Information
  • Acres: 0.69
  • Lot Description: Level
  • Lot Size Square Feet: 30056.0
  • Lot Size Range: Sq Ft20000to Acres1
  • Lot Size: 20,000 Sq Ft to .99 Acres
Property and Assessments
  • Property Type: Multi Family
  • Water Description: Public Water
  • Year Built: 1970
Utilities
  • Fuel Description: Electricity
  • Heating Description: Zoned
  • Hot Water Description: Electricity
  • Sewer Description: Public Sewer
  • Rent Includes: Maintenance Grounds, Sewer, Trash Collection, Water
Interior and Exterior Features
Exterior Features
  • Exterior Description: Lap Siding
  • Roof Type: Composition
Interior Features
  • Basement: Crawl Space
  • Foundation Details: Concrete Perimeter
  • Stories: 2
Multi Family
Multi-Family Information
  • Number Of Units Total: 12
  • Gross Income Actual: $251,729.00
  • Gross Income Projected: $301,205.00
  • Gross Rent Multiplier: $11.10
  • Investor Information: Profit Loss Statement, Rent Records
  • Net Income Actual: $168,074.00
  • Net Income Projected: 221813
  • Operating Expenses Projected: $79,392.00
  • Operating Expense: $83,655.00
  • Unit Type Type: Unit Type Type1
Unit 1 Information
  • Unit Type 1 Baths Total: 2
  • Unit Type 1 Beds Total: 3
  • Unit Type 1 Features: Dishwasher, Range, Refrigerator, Washer Dryer Hookup
  • Unit Type 1 Rent: $2,025
  • Unit Type 1 SqFt: 1100.0
  • Unit Type 1 Units Total: 12

Property History for 1558 East 3rd Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1558 East 3rd Street

Taxable ValueLand-Additions-Total-
Tax Record2023$11,254 ($938 / month)
Home Facts
Lot Size30,056 SqFtStyleMulti-Family Res (5+ Units)ZoningR3CountyYAMHILLAPNR3220BD 00700

Schools near 1558 East 3rd Street

This home is within Newberg School District 29j.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Private - K to 12
Rating
School
Distance
Joan Austin Elementary School
PublicK to 5

Mountain View Middle School
Public6 to 8

Newberg Senior High School
Public9 to 12

Cs Lewis Academy
PrivateK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

1558 East 3rd Street is a multi-family home for sale in Newberg, OR 97132. This property was listed for sale on September 19, 2024 by GA Cooke Real Estate Services, it's currently listed at $2,795,000. It has been on the market for a total of 32 days and was last sold on May 25, 2021. This listing's school district is Newberg School District 29j. Nearby schools include Joan Austin Elementary School, Mountain View Middle School and Newberg Senior High School. 1558 East 3rd Street is a 0-bed, 0-bath, multi-family home built in 1970.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of GA Cooke Real Estate Services

All information provided is deemed reliable but is not guaranteed and should be independently verified. The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland Oregon. Real estate listings held by brokerage firms other than Compass are marked with the RMLS logo and detailed information about these properties includes the names of the listing brokers. Copyright © 2024 RMLS, Portland, Oregon. Last updated: 09/19/2024 04:08 PM