7% cap rate on current rents and rents are still being raised to market. Almost the entire property was renovated in 2022 through 2023. Unit mix consists of 18 units with one bath per unit: 2 Studio units; 4 one bed units; 12 two bed units. New landscaping was added in 2022 with automatic irrigation and sprinklers. A new roof membrane was installed by Lassiter roofing in 2022. The exterior was painted in 2022. 90% of the windows were replaced in 2022. Laundry room was updated and includes two washers and two dryers. A fence was added on the west and North side of the property in 2022. Lots of room to keep raising rents over the next couple of years as Ontario is very tight in the housing market and there are very few rentals available in the area. The property is managed by Century 21. Listing broker is related to the seller.
Utilities : Sewer Connected
Water Source : City Service
Parking Total: 24
Fencing : Wood
Lot Features : 10000SF - .49
Current Use : 5+ Units
Cooling: Wall/Window Unit(s)
Heating : Baseboard
Construction Materials: Concrete, Vinyl Siding
Appliances : Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units)
Flooring : Laminate
LaundryFeatures : Washer/Dryer Hookups (No Units)
Street Address: 305 8th Ave
City: Ontario
State: Oregon
Postal Code: 97914
County: Malheur
MLS Number: 98921892
Year Built: 1970
Courtesy of Keller Williams Four Rivers, LLC
City: Ontario
State: Oregon
Postal Code: 97914
County: Malheur
MLS Number: 98921892
Year Built: 1970
Courtesy of Keller Williams Four Rivers, LLC
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