1140 19th St - Fircrest Apartments 30 Unit Apartment Building Offered at $4,824,155 CAD at a 6.72% Cap Rate Myrtle Point, OR 97458

Marcus & Millichap is pleased to present Fircrest Apartments, a stable and attractive opportunity to acquire a 30-unit, USDA Affordable Housing community located in
Myrtle Point, Oregon. This property is ideally suited for Affordable Housing investors or mission-driven operators seeking to preserve long-term USDA affordability or to
pursue a contract renewal strategy upon subsidy contract expiration.
Fircrest Apartments is comprised of 10 1-bed 1-bath, 16 2-bed 1-bath, and 4 3-bed 1-bath. The 30 units are broken down into 20 units of project-based HUD Section 8
assistance and 10 units of Rural Development 515 assistance. The current USDA contract is set to expire in 2039.
The current ownership has invested significantly in the property over the past decade. Improvements include replacing the roofs on all buildings, repainting exteriors
and interiors, and replacing flooring in specific units. Turnover units are always brought to the market standards, and necessary repairs are made. Over the life of the
property, ownership has completed proper maintenance routines to support long-term asset performance and site stability.
Myrtle Point is a small, stable rural-coast-valley community that serves as a regional gateway to Oregon’s South Coast. It lies roughly one hour by car from Roseburg,
Oregon, making Roseburg and the nearby Interstate 5 corridor relatively accessible for employment, services, or larger-market amenities.
The local economy in Myrtle Point historically has roots in the timber and agricultural sectors. In more recent years, employment is concentrated in industries such as
retail trade, health care & social assistance, accommodation & food services, reflecting a transition toward service-oriented and local-serving employment.