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$644,000

Beds
4
sq ft
2,884

250 SE Lincoln St, Mcminnville, OR 97128

250 SE Lincoln St

McMinnville, OR 97128

  • 182 days on market
    • Price drop $5,000↓
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.

Details

Property type

Est. home value

$597,449

Lot size

6,969 sq ft

Price per sq ft

$224

Year built

1903

Annual property taxes

$3,035.72

Price History

09/01/2024
PortlandOR

PortlandOR #24696946

Removed
$644,000
08/22/2024
PortlandOR

PortlandOR #24696946

Listed
$644,000
08/22/2024
PortlandOR

PortlandOR #24696946

Price change
$644,000
-0.77%

Schools & Community

Elementary school: 

Buel

Middle school: 

Duniway

High school: 

McMinnville

Seller’s Loan History

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Lender

Willamette Valley Bank

Loan start date

May 2020

Original loan amount

$375,000

Est. remaining balance

Not provided

Interest rate

2.77%

Loan type

Commercial, 10 year

Seller

Bellinger Enterprises Llc

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Status: Active

Tomo last checked: 12/23/2024 at 4:15 AM

Listing updated: 10/16/2024 at 11:46 AM

Listed by: Kenneth Marshall, Vintage Realty Northwest Phone #: (541) 754-7314

MLS: PortlandOR #24696946

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