2701 NW Hwy 101 $4,400,000

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    2701 NW Hwy 101 Lincoln City, OR 97367

    Pending

    $4,400,000

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    • 0 Beds
    • 0 Baths
    • Multi-Family
    • Listing# 19291474
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    Views: 106 Days On Market: 215

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    Property Details

    The Dorchester House is a turnkey apt building perfectly located in Lincoln City. Property has 69 units, plus large office. This market deal has 2 rental restrictions: tenants must be 58 and older, and 20% of units must be rented to tenants that make 50% of median income. Has library, commercial kitchen, parking, laundry and private courtyard with beautiful grounds with in place on-site management. Value-add potential to add 70th unit.

    • General Features
      • Area Lincoln County
      • Bank Owned Y/N No
      • Capitalization Rate 6.93
      • Country US
      • Fuel Description Electricity
      • Gross Income Actual 692307
      • Gross Income Projected 716681
      • Gross Rent Multiplier 6.36
      • Heating Description Wall Furnace
      • Hot Water Description Gas
      • Net Income Actual 305086
      • Net Income Projected 337481
      • Number Of Units Total 69
      • Occupancy Types Leased,Month To Month
      • Operating Expenses Actual 387221
      • Operating Expenses Projected 379200
      • Sewer Description Public Sewer
      • Short Sale Y/N No
      • Stories 3
      • Supplement Number 0
      • Tax Amount 36758.51
      • Terms Conventional
      • Third Party Approval Y/N No
      • Utilities Included Cable TV,Electricity,Trash Collection,Sewer,Water,Maintenance Grounds
      • View Y/N No
      • Water Description Public
      • Year Built 1929
      • Zoning G-C
    • Building Features
      • Common Amenities Commons,Laundry
      • Garage Or Parking Spaces 55
      • SqFt Approximate Building Total 44716
      • Storage None
      • Unit Type1 Baths Total 1
      • Unit Type1 Beds Total 0
      • Unit Type1 Features Refrigerator,Storage
      • Unit Type1 Rent 795
      • Unit Type1 SqFt 450
      • Unit Type1 Units Total 21
      • Unit Type2 Baths Total 1
      • Unit Type2 Beds Total 1
      • Unit Type2 Features Refrigerator,Storage
      • Unit Type2 Rent 887
      • Unit Type2 SqFt 540
      • Unit Type2 Units Total 46
      • Unit Type3 Baths Total 1
      • Unit Type3 Beds Total 2
      • Unit Type3 Features Refrigerator,Storage
      • Unit Type3 Rent 997
      • Unit Type3 SqFt 650
      • Unit Type3 Units Total 2
      • UnitFeatures Refrigerator,Storage
      • UnitTypeType 1,2,3
    • Room Features
      • Legal Description BRAEMAR, BLOCK 14, LOT 9-14,ELY 11'OF & PTN VAC 1ST ST, 2006/07 V
      • Limited Representation Y/N Full Service
    • Property Features
      • Lot Size 1 to 2.99 Acres
      • Property Category Multi-Family
      • Roof Type Composition

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    Neighborhood

    97367 (Lincoln City) Demographics

    49 Median Age
    220 Population Density (per sq. mile)
    30% College Educated
    $38,450 Estimated Median Income
    2,140 Estimated Total Home Owners
    2,047 Estimated Total Renters
    51% / 49% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    9,283 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days

    $290,000 Median Sales Price
    9 Homes Sold
    53 New On Market

    Average Days on Market

      Properties for Sale

        Property History

        Date Event Price Percent Change
        -- Current Price Source New Value: $4,400,000
        12/20/2019 4:06:26 PM Status Changed Source New Value: Pending
        12/13/2019 4:36:34 PM Status Changed Source New Value: Active
        10/31/2019 8:36:24 AM Status Changed Source New Value: Pending
        8/22/2019 10:36:38 AM Status Changed Source New Value: Active
        7/17/2019 8:37:00 AM New in Database Source

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