Description

We are pleased to present this opportunity. Meadowbrook Apartments is a 48-unit multifamily community offered for sale at 2048 NE Highway in McMinnville, OR 97128. Set on 3.74 acres, the Property pairs an established residential footprint with a mix of homes suited to individual renters and households.

Built in 1978, Meadowbrook comprises four garden-style buildings with 35,040 SF in total. Its one- and two-bedroom apartments average 730 SF, offering investors a unit mix across different household needs. Surface parking, on-site laundry and individual electric metering support day-to-day operations. Recent reinvestment includes 48 new heat pumps, two roofs and work on the parking lot, giving a buyer a defined record of capital work alongside the existing improvements.

The Property fronts Highway 99W just north of downtown McMinnville, placing residents on a primary route through the Willamette Valley. Downtown’s Third Street and Linfield University add shopping, dining and education to the local setting. Willamette Valley Medical Center and Cascade Steel Rolling Mills are among McMinnville’s employment anchors. For an apartment owner, that combination connects the rental offering to the city’s established institutions rather than relying on a single nearby activity.

The asking price is $7,900,000, or $164,583 per unit and $225 PSF. In-place NOI of $555,042 supports a 7.03% in-place cap rate; stabilized NOI of $594,491 corresponds to a 7.53% stabilized cap rate. Average rent is $1,445 per month, against market rents of $1,550. A recorded use restriction and associated special assessment form part of the ownership structure, making their continuing requirements important to the investment case.