Parkside Village 324 Ackerman Ave 60 Unit Apartment Building $11,307,308 CAD ($188,455 CAD/Unit) 7.09% Cap Rate Coos Bay, OR 97420

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Parkside Village, a 60-unit townhome apartment community located at 324 Ackerman Avenue in Coos Bay, Oregon. Built in 1973, the property consists entirely of two- and three-bedroom townhome units situated across approximately 9.59 acres of land, offering a rare combination of scale, privacy, and long-term development optionality within the Coos Bay market.
Parkside Village features a unit mix of 24 two-bedroom one bath townhomes and 36 three-bedroom one bath townhomes, with an average unit size of approximately 960 square feet. All units include washer and dryer hookups, and the community is supported by approximately 150 surface parking spaces. The low-density site layout, combined with expansive open areas and a large central greenspace, creates a peaceful residential environment that strongly appeals to families and long-term renters.
The property is directly adjacent to John Topits Park and the Empire Lakes recreational area, a 120-acre public park offering walking and biking trails, lakes, and preserved natural space. This adjacency provides a highly desirable lifestyle amenity that meaningfully differentiates Parkside Village from competing multifamily assets in the market. A school bus stop located at the west end of the property further enhances the community’s appeal to family-oriented renters.
Originally developed by John Topits and held by his family until 2021, Parkside Village reflects thoughtful long-term ownership and land planning. Current ownership has implemented a proven value-add renovation strategy, upgrading select units and achieving a $370-$500 rent premium, while maintaining additional interior renovation upside. In-place rents remain approximately 20 percent below the highest achieved renovated levels, offering clear organic rent growth potential through continued interior improvements.
In addition to operational upside, the property includes significant excess land, including large undeveloped greenspace areas that may be suitable for potential future development of as many as 60 additional units, subject to buyer verification and entitlement approvals. Parkside Village represents a rare opportunity to acquire a stabilized, income-producing townhome asset with both value-add and long-term development potential in a supply-constrained coastal Oregon market.