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Listed by JILL SCHUSTER • TRIPLE OAKS REALTY-CORVALLIS BRANCH • 541-619-5427
$ 2,400,000
Est. payment /mo
New
426 11th St Corvallis, OR 97330
24 Beds
12 Baths
9,288 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi- (5+)
Listing Status Active
Purchase Type For Sale
Square Footage 9,288 sqft
Price per Sqft $258
Subdivision Hoffmans
MLS Listing ID 835531
Bedrooms 24
Year Built 1964
Annual Tax Amount $14,860
Tax Year 2024
Lot Size 10,890 Sqft
Acres 0.25
Property Sub-Type Multi- (5+)
Property Description
Turn-Key Opportunity - Located just 5 blocks from OSU, .6 miles from Downtown Corvallis, and 1.1 miles to Reser Stadium, this 12-unit apartment building offers a prime college-town investment with reliable cash flow and long-term upside. Built in 1964 and updated between 2020–2023, the property features 12 2BR/1Ba units, 9 currently leased and 3 updated units ready to capture current market rents. Solid low-maintenance investment in one of the Oregon Willamette Valley's most desirable rental markets. Opportunity right here! This 12-unit multifamily property offers a rare opportunity to acquire a stable, income-producing asset a stone's throw from the heart of OSU's Corvallis campus at $200K per 2BR/1Ba 600sf unit. Amenities include coin-operated laundry, 12 off-street parking spaces (1:1 ratio) plus ample street parking, and individual electric water heaters. The property is well-maintained, with functional, market-typical finishes. Units have been updated as they turned, appealing to new tenants and retaining longer term tenants.The site is zoned RS-9 Medium Density Residential and lies within the University Neighborhoods Overlay (UNO), offering both secure multifamily use and potential incremental density or redevelopment opportunities. RS-9 supports duplexes, triplexes, fourplexes, townhomes, and single detached units, while UNO ensures compatibility with the neighborhood context.The Corvallis MSA has approximately 9,404 apartment units, with a current vacancy rate of 4.2%, below the five-year average, and rents ranging $1,216–$1,889, highest near OSU. This reflects strong, sustained demand driven by students and faculty.This property presents predictable cash flow, long-term stability, and strategic upside potential — ideal for investors seeking a turnkey multifamily asset in a supply-constrained, high-demand university rental market.
Location
State OR
County Benton
Area 70 Benton County
Interior
Laundry Laundry Center
Building
Water City, Connected
New Construction No
Schools
Elementary Schools 509J
Middle Schools Linus Pauling
High Schools Corvallis
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
