150 SW Madison Avenue

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Address: 150 SW Madison Avenue, Corvallis, Oregon, US
Created date: May 16, 2024
Date last updated: May 17, 2024
  • • Seller will consider seller carry for a full price offer with 50% down.
  • • RUBS, Laundry, Bike and Basement Storage can all provide additional income.
  • • Rents are below market
  • • New high density projects planned on the block
  • • OSU market is in the top 10 nationally in terms of imbalance between enrollment and lack of supply, which bodes well for long term appreciation
  • • Recent capex allow the next owner to make improvements on
  • operations.

Property Description

Currently three stories of apartments above some of Corvallis' most popular dinner, nightlife, and retail destinations, the former "Hotel Corvallis" is well located at the corner of Madison and Second. In 1960 Senator John F. Kennedy made a vist here. 39 multi family units and 8 commercial leases provide stability of income in a market that is currently top ten amongst all campus markets nationally in terms of an imbalance between enrollment and demand for housing. Many out of town investors have recently made big bets on downtown Corvallis as the city plans for higher density and more "cross pollination" between downtown the nearby OSU campus. The "Hotel Corvallis" can thrive in its current use or could serve as higher end graduate-level housing or perhaps even short term rentals (with municipal approval). While on the National Register of Historic Places, the brick façade is attached to steel joists and concrete pilings, and substantive CapEx has been performed (e.g. new elevator, new fire alarm system, fully sprinkled residential, new water lines, etc).

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $6,500,000
No. of Units: 47
Year Built: 1928
Lot Size: 0.17 Sq ft
Opportunity Zone: No
Price per unit: $138,298
Property Website Click Here
Address: 150 SW Madison Avenue, Corvallis, OR 97333, USA
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