March 2021 Newsletter
1730 Thurston St SE, Albany OR
4-Plex | $550,000 | March 8, 2021
Invest for the future! This is a well maintained townhome style 4-plex in an ideal rental location in Albany Oregon. Each unit has a single car garage, patio, fenced backyard, covered private balcony, and in unit Washer/Dryer hookups. Close to local schools, restaurants and shopping.
Unit Mix: Three 2 bed/1 bath units, One 3 bed/2 bath units
Total Sq Ft: 4,336
Lot Size: 0.3 Acre
Year Built: 1978
Recent Updates: New roof in 2015, new hardiplank siding and paint in 2016, new furnaces in 2018.
Property Taxes: $6,098.66 (2020-2021, with discount)
What I love about this property
Each unit has its own washer/dryer hookups so there is no need to to maintain an onsite laundry facility.
Single car garages for additional off site parking or storage
Lot of privacy for the tenants despite it being a 4-plex: fenced backyard, private balcony, etc.
Many of the expensive capital expenditures such as the roof, siding, etc. have already been replaced recently.
Best of both worlds: Future Appreciation & Cashflow
Conservative Assumptions Made:
Total monthly rent $4600: 2 bedroom units rent at $1100/month, 3 bedroom unit rent at $1300/month
Landlord Paid Utilities $400 a month for water and sewer
Conventional loan with 25% down payment @ 4% interest rate
Property Management 8%; Vacancy, CapEx, Maintenance: 5% each
Suggested Information to Verify (Buyer to do due diligence)
Gather information about current rents and lease terms. Current tenants may be paying below market rent.
Verify who pays what utilities. Most 4-plexes do not have separate water meters so the owner is probably paying for water/sewer and possibly trash and landscaping.
If the buyer is purchasing this as an owner occupied property, find out if the owner is willing to give notice to one of the tenants to vacate. This is usually a 90 day notice under current Oregon Law.
Research on property management companies if you wish to have it professionally managed
Contact a real estate professional you wish to purchase this property
About the City of Albany