Eastern Oregon Marylhurst Apartment Complex

Description

Income-Producing
Multi-Unit Investment

The Marylhurst Apartment Complex is
a well-located multi-unit investment property in the heart of Burns, Oregon.
Built in 1977, the complex includes 18 individual residential units spread
across four buildings, supported by two laundry facilities, and situated on a
combined 0.77-acre footprint. With over 10,800 square feet of living and
utility space, each unit is equipped with essential features including electric
baseboard heating, vinyl storm windows, private kitchens and bathrooms, and
dedicated outdoor storage. The property is primarily rented by seniors or
individuals who rely on Social Security income. Rent is calculated at 30% of
each tenant’s income, with the remaining balance subsidized by Housing and
Urban Development (HUD). Each unit rents for $550 per month.

The property offers several
positive features for continued use or potential value enhancement. The roofs
appear to be in good condition with newer gutters, and the buildings rest on
solid concrete foundations. Most major utility services are city-provided or
individually metered, offering cost-efficient operation. The property’s central
location, separate power meters, small pet allowance, and active property
management are attractive to tenants. Mature landscaping, concrete sidewalks,
and large shared wood decks create a pleasant atmosphere for residents. Safety
considerations include mobility ramps, fire extinguishers, and exterior
lighting throughout the complex.

The property does have deferred
maintenance that should be considered when preparing an offer. The vinyl siding
shows some weathering, and the decks could use painting or staining. The
asphalt parking and sidewalks have areas of unevenness and breaks that may need
repair for improved appearance and safety. The in-ground sprinkler system is
non-functional, and lawn care watering is currently handled manually. Additional
trimming of mature trees is also recommended. Despite these issues, the overall
condition is serviceable, and with strategic updates, the Marylhurst Apartment
Complex offers strong potential as an income-producing asset in a
supply-limited rental market.

FINANCING: Cash or bank financing available; potential owner carry
option
YEAR BUILT: 1977
SQ. FT.:
Unit 1-9 Building: 3000 sqft (+/-)
Unit 7-10 Building: 2460 sqft (+/-)
Unit 11-14 Building: 2460 sqft (+/-)
Unit 15-18 Building: 2400 sqft (+/-)
Laundry 1 (Unit 1-9): 240 sqft (+/-)
Laundry 1 (Unit 11-18): 240 sqft (+/-)
Total: 10,860 sqft (+/-)
LOT SIZE:
Tax Lot 6600 .35 ac (+/-)
Tax Lot 6900 .42 ac (+/-)
Total: .77 ac
(+/-)
TAXES:
Tax Lot 6600 $4,169.84
(2023-2024 tax year)
Tax Lot 6900 $5,162.64
(2023-2024 tax year)
Total: $9,332.48
(2023-2024 tax year)
INCOME:
The property is primarily rented by seniors or individuals who rely on Social
Security income. Rent is calculated at 30% of each tenant’s income, with the
remaining balance subsidized by Housing and Urban Development (HUD). It is understood that this agreement between
the property owner and HUD is in place until February 2027.
Each unit rents for $550 per month for a total of $9,900 in annual income
before expenses.
HEAT/COOL: Electric baseboard heat in all unit living room and bedroom
areas; no air conditioning

UNITS: 18 separate units – all units include:
– Living room – linoleum or carpet flooring, vinyl storm windows with curtains,
baseboard, electric heat with thermostat, 110 outlets, cable TV access. The
area hosts a baseboard electric heater
– Kitchen – linoleum flooring, wood cabinets with Formica countertops, 2-bay
metal sink, electric stove and oven with vent, and refrigerator Hallway storage closet provides space for a
butler’s pantry and also provides an access point to the crawl space
– Bathroom – linoleum flooring, single sink vanity set on wood cabinet and
Formica countertops, mirror, toilet, and tub shower combination
– Bedroom – linoleum or carpet flooring, with closing doors, storage shelf, and
hanging rod, and vinyl windows with curtains. The room provides attic access
and hosts a baseboard electric heater
– Lockable Storage – a lockable storage closet is located outside of each unit
LAUNDRY: Two units on property for residence to use; lockable, concrete
floor with drains, vinyl storm window, coin operated (funds collected by
property manager), two washer and dryer units per area, cadet wall heater,
folding table, storage closet
PETS: Small pets are allowed
PARKING: Off-street parking; asphalt parking areas (some
patches/breaks/uneven)
SIDING: Vinyl siding (some cracks/breaks/weathering)
FOUNDATION: Concrete
ROOF: Composite shingles with gutters and downspouts (gutters new 2
years ago; two layers of shingles; roof shingles appear to be in good
condition)
WATER/SEWER: City of Burns
POWER: Oregon Trail Electric Cooperative; each unit has its own separate
power meter
GARBAGE: C&B Sanitary; two areas on the property are
established and designated for residence.
These areas are not lockable
MAIL SERVICE: Separate
mailboxes are set up for unit residents.
These boxes are located along the city street and are not lockable
SAFETY:
– 11 fire extinguishers located around the property
– Mobility access ramps with handrails
– Area lights
OUTSIDE AREAS:
– Pleasant grass areas (in-ground sprinkler system not working; property owner
utilizes local company for mowing, and property manager waters lawns with a
garden hose)
– Large legacy trees (some trimming work needed)
– Concrete sidewalks (some patches/breaks/uneven)
– Large wood decks and walkways (showing weathering; needing to have
paint/stain work done)