250 Southeast Lincoln Street
McMinnville, OR 97128
$644,000
Price
—
Beds
2,884 Sq. Ft.
$223 / Sq. Ft.
2,884
Sq. Ft.
$223
per Sq. Ft.
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,...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.
- Listed by Kenneth Marshall • Vintage Realty Northwest
- Listed by Ashley Lacer • Land Leader
Property Details for 250 Southeast Lincoln Street
Parking Features
Driveway, On Street
ZoningR-4
Parking Total2.00
LISTING UPDATED: 08/21/2024 09:17 PM
Property Details for 250 Southeast Lincoln Street
| Status | Active |
|---|---|
| MLS # | 24696946 |
| Days on Market | 153 |
| Taxes | $3,036 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Multi Family |
| Year Built | 1903 |
| Lot Size | 0.16 AC / 6,969 SF |
| County | Yamhill County |
Building Information for 250 Southeast Lincoln Street
Stories2Residences5Year Built1903Building Size-Lot Size0.16 AC / 6,969 SF
Property Information for 250 Southeast Lincoln Street
Summary
Location and General Information
- Country: US
- Directions: Turn East on Lincoln off of Hwy 99 (Baker St. going north), then proceed one block
- Road Surface: Paved
School Information
- Elementary School: Buel
- High School: Mc Minnville
- Middle Or Junior School: Duniway
Taxes and HOA
- Management Name: Access Property Management
- Tax Year: 2023
- Tax Annual Amount: $3,035.72
- Parcel Number: 164262
- Tax Legal Description: TOWNSHIP 4S RANGE 4W SECTION 21 QTR C QQTR B TAXLOT 07200 LOT 35
Property
Lot Information
- Acres: 0.16
- Lot Description: Corner Lot, Level
- Lot Size Square Feet: 6969.0
- Lot Size Dimension: 76 x 93
- Lot Size Range: Sq Ft7000to9999
- Lot Size: 7,000 to 9,999 Sq Ft
Property and Assessments
- Property Type: Multi Family
- Water Description: Public Water
- Property Condition: Existing
- Year Built: 1903
Utilities
- Fuel Description: Electricity
- Heating Description: Wall Heater
- Hot Water Description: Electricity, Tank
- Sewer Description: Public Sewer
- Rent Includes: Maintenance Grounds, Sewer, Trash Collection, Water
Interior and Exterior Features
Exterior Features
- Exterior Description: Lap Siding, Wood Siding
- Roof Type: Composition
Interior Features
- Basement: Exterior Entry, Partial Basement, Unfinished
- Foundation Details: Block, Other, Pillar Post Pier
- Stories: 2
Amenities
Amenities Information
- Internet Service Type: Cable
Multi Family
Multi-Family Information
- Number Of Units Total: 5
- Gross Income Actual: $70,344.00
- Gross Income Projected: $73,920.00
- Gross Rent Multiplier: $9.16
- Investor Information: Leases, Maintenance Records Available, Profit Loss Statement, Rent Records
- Net Income Actual: $47,416.00
- Net Income Projected: 50832
- Operating Expenses Projected: $23,088.00
- Operating Expense: $22,928.00
- Storage: None
- Unit Type Type: Unit Type Type1, Unit Type Type2, Unit Type Type3, Unit Type Type4, Unit Type Type5
- SqFt Approximate Building Total: 2884
Unit 1 Information
- Unit Type 1 Baths Total: 1
- Unit Type 1 Beds Total: 1
- Unit Type 1 Features: Range, Refrigerator
- Unit Type 1 Rent: $1,375
- Unit Type 1 SqFt: 549.0
- Unit Type 1 Units Total: 1
Unit 2 Information
- Unit Type 2 Baths Total: 1
- Unit Type 2 Beds Total: 0
- Unit Type 2 Features: Range, Refrigerator
- Unit Type 2 Rent: $1,100
- Unit Type 2 SqFt: 375.0
- Unit Type 2 Units Total: 1
Unit 3 Information
- Unit Type 3 Baths Total: 1
- Unit Type 3 Beds Total: 1
- Unit Type 3 Features: Range, Refrigerator
- Unit Type 3 Rent: $1,230
- Unit Type 3 SqFt: 574.0
- Unit Type 3 Units Total: 1
Unit 4 Information
- Unit Type 4 Baths Total: 1
- Unit Type 4 Beds Total: 1
- Unit Type 4 Features: Range, Refrigerator
- Unit Type 4 Rent: $1,216
- Unit Type 4 SqFt: 545
- Unit Type 4 UnitsTotal: 1
Unit 5 Information
- Unit Type 5 Baths Total: 1
- Unit Type 5 Beds Total: 1
- Unit Type 5 Features: Hardwood Floors, Range, Refrigerator
- Unit Type 5 Rent: $941
- Unit Type 5 SqFt: 436.0
- Unit Type 5 Units Total: 1
Property History for 250 Southeast Lincoln Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 250 Southeast Lincoln Street
Taxable ValueLand-Additions-Total-
Tax Record2023$3,036 ($253 / month)
Home Facts
Baths4Total Finished SqFt2,884 SqFtAbove Grade Finished SqFt2,884 SqFtStories2Lot Size7,048 SqFtStyleMulti-Family Res (5+ Units)Year Built1903ZoningR4CountyYAMHILLAPNR4421CB 07200
Schools near 250 Southeast Lincoln Street
This home is within Mcminnville School District 40.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | K to 5 |
Rating | School | Distance |
|---|---|---|
Sue Buel Elementary PublicK to 5 | ||
Duniway Middle School Public6 to 8 | ||
Mcminnville High School Public9 to 12 | ||
Cook Elementary School PublicK to 5 |
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.
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Listing Courtesy of Vintage Realty Northwest; Land Leader
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: 08/21/2024 09:17 PM
