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Rancho Real

Rancho Real

https://www.josephbernard.net/rancho-real-134
Address:
290 SE 2nd Avenue, Canby, Oregon 97013
Price:
$873,500
Units:
16
Price per unit:
$54,594
Cap Rate:
8.23%
Year Built:
1963

Highlights

  • Laundry Facility with Property Owned Machines
  • 8%+ Cap Rate on Actuals
  • Clean Units
  • Off-Street Parking
  • New Roof in 2002
  • New Treated Wood Staircases & Railings
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Rancho Real

Summary

The seller of the Rancho Real Apartments purchased the property in August of 2002.  The seller recounts the condition of the property in 2002 as “well-built, with the bones in excellent shape but had a lot of needed maintenance.  The building was structurally sound, it has copper plumbing throughout the building including the drains, but it needed upkeep.”

 

The owner immediately went to work on the property; he replaced old aluminum windows with vinyl energy efficient windows, replaced the roof with a quality torch down roofing system, painted the building, upgraded the units with new Berber carpet and vinyl, and built completely new railings for the stairs on the front and back of the building.

 

“I made sure to spend extra money on getting long boards for the railings, it cost more but it’s better structurally with less maintenance needed in the future.”  The seller’s philosophy has been to make the property “as good as possible” where it is “nice enough where I would live there.”

 

Currently, the property is in excellent shape, with most tenants staying at the property for three to four years on average.  There is one family that has occupied their unit for seven years, which is a testament to the ownership and building quality.  The owner states the tenants keep the property clean and they have a pride of living at the property.

Highlights

  • Laundry Facility with Property Owned Machines
  • 8%+ Cap Rate on Actuals
  • Clean Units
  • Off-Street Parking
  • New Roof in 2002
  • New Treated Wood Staircases & Railings
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Rancho Real

The city of Canby is located approximately 25 miles south of Portland and 30 miles north of Salem in Clackamas County, Oregon.  It is approximately 3.8 square miles large and is home to over 15,000 people.  Canby is separated from neighboring cities by large stretches of farmland and rolling hills, as well as the Willamette River.

The city's bus system is Canby Area Transit (CAT), which is free and offers connections to Portland's TriMet bus system in Oregon City and Wilsonville.

Canby is home to Clackamas Fairgrounds as well as several golf courses, wineries, gardens, and several smaller scale museums.  Some of the larger employers in Canby include the Canby School District, Cutsforth Thriftway, and Willamette Egg Farms.

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Rancho Real

340 S Locust Street
340 S Locust Street, Canby , Oregon, 97013
josephbernard
Price: $1,085,000 Units: 18 Price per Unit: $60,278 Cap Rate: 7.00%
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Rancho Real

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Rancho Real

Document Title Document Type
Property Flyer Adobe PDF
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Rancho Real

Joseph Bernard, LLC
5200 SW Macadam Avenue
Suite 300
Portland, Oregon 97239
503.546.9390 Main
866.546.9390 Toll Free
503.546.9395 Fax