See all 48 photos
48 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by Hybrid Real Estate
$2,100,000
Est. payment /mo
0.58 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 477023850
Year Built 1941
Annual Tax Amount $15,756
Lot Size 0.580 Acres
Property Description
Unlock the potential of this exceptional redevelopment opportunity w/ a property ideally suited for conversion into much-needed apartments. Located in a highly desirable area w/ convenient access to downtown Springfield, the University of Oregon, major employers, shopping, dining, public transportation & everyday amenities, this property offers an outstanding foundation for investors seeking to capitalize on the growing demand for rental housing. Listed at under $100k per door this amazing opportunity will not last long! The existing hotel layout provides an ideal framework for apartment conversion w/ many units already having kitchenette plumbing in the walls, all furniture included, units each feature private bathrooms, spacious floor plans, mini refrigerators, on site laundry & storage. These features can streamline the transition into comfortable studio or one-bedroom apartments. The property has been extensively maintained & updated, offering peace of mind for future ownership. Recent improvements include a newly paved parking lot completed in 2024, a membrane roof replaced in 2020, a new shingle roof installed in 2022, fresh exterior paint, seven on-site storage units, ample parking including covered spaces & lots of parking. An additional highlight is the spacious owner's residence, which could be repurposed as a larger rental unit, leasing office or community amenity space. The residence features a private entrance, updated kitchen w/ granite countertops, luxury vinyl plank flooring, dining area, generous living room, fenced yard, ductless heating and cooling, remodeled bathroom, oversized bedroom with dual closets, private laundry, and direct access to the office. With strong fundamentals, significant infrastructure updates already completed & flexible redevelopment possibilities, this property presents an exceptional opportunity to create a high demand apartment community with outstanding upside potential!
Location
State OR
County Lane
Community Laundry
Area _249
Zoning CC
Interior
Heating Ductless, Other
Cooling Mini Split, Wall Unit
Exterior
Community Features Laundry
Roof Type Composition,Membrane
Garage No
Building
Lot Description Level
Story 2
Foundation Slab
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Elementary Schools Two Rivers
Middle Schools Hamlin
High Schools Springfield
Others
Acceptable Financing Cash, Conventional, OwnerWillCarry
Listing Terms Cash, Conventional, OwnerWillCarry
Read Less Info
Nearby School & Business
Get More Information