Log In/Sign Up
Your email has been sent.
440 NW 23rd St
Corvallis, OR 97330
The Arcade Apartments · Multifamily Property For Sale
·
22 Units
Executive Summary
» Campus-Adjacent Location Driving Consistent Rental Demand
Arcade Apartments is located just blocks from Oregon State University,
placing residents within convenient proximity to campus and the surrounding
retail, dining, and employment amenities that serve the university community.
Properties in true campus-adjacent locations benefit from durable rental
demand driven by OSU’s large and stable student population.
» Limited New Supply in a High-Barrier Corvallis Market
Corvallis continues to experience constrained multifamily development due to
zoning limitations, geographic boundaries, and a lengthy entitlement process.
These barriers to new supply help support strong occupancy levels and longterm
rent stability for existing assets located near Oregon State University.
» Recent Capital Improvements Reduce Near-Term Maintenance Needs
Current ownership has completed several important infrastructure
improvements including plumbing upgrades, handrail replacements, and
concrete work to entryways and walkways. These investments enhance
property safety and functionality while helping reduce near-term capital
expenditure requirements for future ownership.
» Operational Upside
The property is currently operated as conventional multifamily with per-unit
leasing. Given its proximity to the university, there is a significant opportunity
to operate the asset as true student housing by implementing a pre-leasing
strategy aligned with the academic calendar and transitioning to a by-the-bed
leasing model. These operational shifts typically yield higher effective rents per
unit, stronger occupancy, and more predictable revenue streams.
» Off-Street Parking in a Supply-Constrained Area
Arcade Apartments offers valuable off-street parking for residents, an
increasingly desirable amenity in dense, walkable neighborhoods near Oregon
State University where on-street parking can be limited.
» On-Site Laundry Provides Additional Income Stream
The property includes on-site laundry facilities, offering residents convenient
access while also generating supplemental income and improving overall
property functionality.
Arcade Apartments is located just blocks from Oregon State University,
placing residents within convenient proximity to campus and the surrounding
retail, dining, and employment amenities that serve the university community.
Properties in true campus-adjacent locations benefit from durable rental
demand driven by OSU’s large and stable student population.
» Limited New Supply in a High-Barrier Corvallis Market
Corvallis continues to experience constrained multifamily development due to
zoning limitations, geographic boundaries, and a lengthy entitlement process.
These barriers to new supply help support strong occupancy levels and longterm
rent stability for existing assets located near Oregon State University.
» Recent Capital Improvements Reduce Near-Term Maintenance Needs
Current ownership has completed several important infrastructure
improvements including plumbing upgrades, handrail replacements, and
concrete work to entryways and walkways. These investments enhance
property safety and functionality while helping reduce near-term capital
expenditure requirements for future ownership.
» Operational Upside
The property is currently operated as conventional multifamily with per-unit
leasing. Given its proximity to the university, there is a significant opportunity
to operate the asset as true student housing by implementing a pre-leasing
strategy aligned with the academic calendar and transitioning to a by-the-bed
leasing model. These operational shifts typically yield higher effective rents per
unit, stronger occupancy, and more predictable revenue streams.
» Off-Street Parking in a Supply-Constrained Area
Arcade Apartments offers valuable off-street parking for residents, an
increasingly desirable amenity in dense, walkable neighborhoods near Oregon
State University where on-street parking can be limited.
» On-Site Laundry Provides Additional Income Stream
The property includes on-site laundry facilities, offering residents convenient
access while also generating supplemental income and improving overall
property functionality.
Property Facts
| Price Per Unit | $310,055 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.52 AC |
| Cap Rate | 6.18% | Building Size | 25,545 SF |
| No. Units | 22 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1969 |
| Apartment Style | Low-Rise | Parking Ratio | 0.93/1,000 SF |
| Zoning | RS-20 | ||
| Price Per Unit | $310,055 CAD |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.52 AC |
| Building Size | 25,545 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1969 |
| Parking Ratio | 0.93/1,000 SF |
| Zoning | RS-20 |
Amenities
Unit Amenities
- Cable Ready
- Heating
- Kitchen
- Tub/Shower
Site Amenities
- Laundry Facilities
- Walking/Biking Trails
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 22 | - | 840 |
Property Taxes
| Parcel Number | 095152 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,961,663 CAD |
Property Taxes
Parcel Number
095152
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,961,663 CAD
1 of 38
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
