3306 South Pacific Highway, Medford, OR 97501
$8,360,000
Property Type:
Residential Income
Square Footage:
64,250
Lot Size (sq. ft.):
354,143
Status:
Closed
Current Price:
$8,360,000
List Date:
6/25/2021
Last Modified:
11/04/2024
Description
A very well maintained 89 unit complex. 56- 1 bedroom 1 bath flats, 16- 2 bedroom 1 bath flats, 12- 1 bedroom 1.5 bath lofts, 3- 2 bedroom, 1.5 bath townhouses, 1 bedroom shower studio, 1- 2 bedroom 1 bath/ den. Original design included units facing a common yard area. There is an office, rec room and pool. Total parking 145 spaces, 36 assigned double car garages, 18 assigned double carports, 18 assigned individual carports, 18 open parking spaces and 1 handicap. Based on a recent survey, total rents are at least 10% under market due to the regulations surrounding Covid. the average length of tenant occupancy for the entire project is 7 years.
Supplements: ********
More Information MLS# 220125786
Location, Tax, and Legal
Zip +4: 8754
Cross Street: E. South Stage Road
Section: Not Applicable
Parcel Number: 10020170
Tax Map Number: 38 1W 05 D
Tax Lot: 3500
Lot Size Acres: 8.13
Lot Size Square Feet: 354143
Additional Parcels YN: No
Contract Information
List Price per SqFt: 104.54
Current Price: $8,360,000
Status: Closed
Original List Price: 6717000
Sold Price: $8,360,000
Listing Contract Date: 2021-06-25
General Property Information
Building Area Total: 64250
Building Area Source: Assessor
Building Area Units: Square Feet
# of Units Total: 89
Short Term Rental Permit YN: Yes
New Construction YN: No
Elementary School: Orchard Hill Elem
Middle Or Junior School: Talent Middle
High School: Phoenix High
Zoning: UR-30
Tax Annual Amount: 66198
Tax Year: 2020
Potential Tax Liability YN: No
Assessment YN: No
CC&R's YN: No
Association YN: No
Preferred Escrow Company & Officer: Ticor Title - Kim Ayres
FIRPTA YN: No
Sign On Property YN: No
Property Sub Type: Multi Family
Year Built: 1964
Remarks and Miscellaneous
Public Remarks: A very well maintained 89 unit complex. 56- 1 bedroom 1 bath flats, 16- 2 bedroom 1 bath flats, 12- 1 bedroom 1.5 bath lofts, 3- 2 bedroom, 1.5 bath townhouses, 1 bedroom shower studio, 1- 2 bedroom 1 bath/ den. Original design included units facing a common yard area. There is an office, rec room and pool. Total parking 145 spaces, 36 assigned double car garages, 18 assigned double carports, 18 assigned individual carports, 18 open parking spaces and 1 handicap. Based on a recent survey, total rents are at least 10% under market due to the regulations surrounding Covid. the average length of tenant occupancy for the entire project is 7 years.
Status Change Information
Sold Price per SqFt: 130.12
Close Date: 2021-08-20
Under Contract Date: 2021-06-30
Status Change Timestamp: 2021-08-21
Close Price: 8360000
Additional Features
Laundry Facility: 1
Manager's Quarters: 1
Separate Electric Meters: 1
Appliances
Dishwasher: 1
Disposal: 1
Oven: 1
Range: 1
Refrigerator: 1
Water Heater: 1
Basement
None: 1
Architectural Style
Traditional: 1
Income and Expenses (Annual Amounts)
Net Operating Income: 382874
Gross Income: 820914
Number of Units Leased: 89
Operating Expense: 438040
Cap Rate: 5.7
Common Walls
2+ Common Walls: 1
Cooling
Wall/Window Unit(s): 1
Easements
Access: 1
Construction Materials
Frame: 1
Flooring
Carpet: 1
Laminate: 1
Simulated Wood: 1
Listing Terms
Cash: 1
Conventional: 1
Foundation Details
Concrete Perimeter: 1
Slab: 1
Flood
N/A: 1
Heating
Ductless: 1
Heat Pump: 1
Radiant: 1
Inclusions/Exclusions
Inclusions: Refrigerators and range/ovens
Exclusions: tenants personal property
Interior Features
Ceiling Fan(s): 1
Laminate Counters: 1
Stone Counters: 1
Levels
One: 1
Two: 1
Lot Features
Garden: 1
Landscaped: 1
Level: 1
Roof
Composition: 1
Security Features
Carbon Monoxide Detector(s): 1
Smoke Detector(s): 1
Unit 1
Unit #: 89
Window Features
Double Pane Windows: 1
Vinyl Frames: 1
Unit 1 Rent Includes
Garbage: 1
Landscaping: 1
Sewer: 1
Water: 1
Road Frontage Type
Private Access: 1
Road Surface Type
Paved: 1
Unit 5 or More
Unit List Attached: Yes
Exterior Features
Courtyard: 1
Parking Features
Asphalt: 1
Assigned: 1
Attached: 1
Attached Carport: 1
Detached Carport: 1
Parking Lot: 1
Storage: 1
Pool Features
Outdoor Pool: 1
Sewer
Public Sewer: 1
Utilities
Electricity Connected: 1
Water Source
Public: 1
Parking Details
# of Garages: 36
# of Carports: 1818
# of Other Parking: 19
Documents on File
Profit and Loss Statement: 1
Rental Agreement: 1
Schedule E: 1
Schedule of Tenants: 1
Special Listing Conditions
Standard: 1
Location Tax and Legal
Street Number: 3306
Street Name: South Pacific Highway
County: Jackson
State: OR
Postal Code: 97501
Subdivision Name: N/A
Property Features
Appliances: Dishwasher; Disposal; Oven; Range; Refrigerator; Water Heater
Architectural Style: Traditional
Basement: None
Common Walls: 2+ Common Walls
Construction Materials: Frame
Cooling: Wall/Window Unit(s)
Flooring: Carpet; Laminate; Simulated Wood
Foundation Details: Concrete Perimeter; Slab
Heating: Ductless; Heat Pump; Radiant
Interior Features: Ceiling Fan(s); Laminate Counters; Stone Counters
Levels: One; Two
Roof: Composition
Security Features: Carbon Monoxide Detector(s); Smoke Detector(s)
Unit 1 Rent Includes: Garbage; Landscaping; Sewer; Water
Window Features: Double Pane Windows; Vinyl Frames
Additional Features: Laundry Facility; Manager's Quarters; Separate Electric Meters
Easements: Access
Exterior Features: Courtyard
Utilities: Electricity Connected
Flood: N/A
Lot Features: Garden; Landscaped; Level
Parking Features: Asphalt; Assigned; Attached; Attached Carport; Detached Carport; Parking Lot; Storage
Pool Features: Outdoor Pool
Road Frontage Type: Private Access
Road Surface Type: Paved
Sewer: Public Sewer
Water Source: Public
Documents on File: Profit and Loss Statement; Rental Agreement; Schedule E; Schedule of Tenants
Listing Terms: Cash; Conventional
Special Listing Conditions: Standard
Physical Property Details ›
Listing Office:
Oregon Opportunities Real Estate
Last Updated: November - 04 - 2024
Broker Attribution:
info@OROP.COM
Information deemed reliable but not guaranteed.