NOT LISTED FOR SALE

124 N 2nd St Klamath Falls, OR 97601

5 Beds
51 Baths
23,244 Sq Ft
0.73 Acres

Last Sold October 17, 2023

Last sale price $2,000,000 $86 Per Sq Ft

54 Days on Market

Highlights

  • Laundry Facilities
  • High Speed Internet
  • 5-minute walk to Veteran's Park

About This Home

As of October 2023

51 Unit value-add opportunity, only $39K/door! Located in downtown Klamath Falls, OR with views of Lake Ewauna! Affordable housing is in high demand & a near 40% vacancy rate will allow for quick stabilization upon Refi. Majority of vacant units are rent ready & could be HUD approved with minimal upgrades. New management and Cap-Ex improvements performed in year 1 will have this property operating well above a 7.5% Cap Rate within 12-18 months. Market rents for Studios in this area are between $650-750/mo!

Last Agent to Sell the Property

Jordan Sparks

SMI REAL ESTATE License #200610098 Listed on: 08/10/2023

SMI REAL ESTATE

Last Buyer's Agent

Jordan Sparks

SMI REAL ESTATE License #200610098 Listed on: 08/10/2023

SMI REAL ESTATE

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $20,793

Year Built

  • Built in 1969

Lot Details

  • 0.73

Home Design

  • 23,244 Sq Ft Home

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 51 Bathrooms

Additional Features

  • 0.73 Acre Lot
  • High Speed Internet

Listing and Financial Details

  • Legal Lot and Block 5-8 / 20

Community Details

Overview

  • 51 Units
  • Azalea View Apartments Community
  • Klamath Falls Original Subdivision

Amenities

  • Laundry Facilities

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$20,793

Year Built

Built in 1969

Lot Details

0

Listing Details

  • Class: Multi Family
  • Type: Multi- (5+)
  • Syndicated Remarks: 51 Unit value-add opportunity, only $39K/door! Located in downtown Klamath Falls, OR with views of Lake Ewauna! Affordable housing is in high demand & a near 40% vacancy rate will allow for quick stabilization upon Refi. Majority of vacant units are rent ready & could be HUD approved with minimal upgrades. New management and Cap-Ex improvements performed in year 1 will have this property operating well above a 7.5% Cap Rate within 12-18 months. Market rents for Studios in this area are between $650-750/mo!
  • Cross Street: Pine St
  • Year Built: 1969
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 51
  • Total Bedrooms: 5
  • Laundry: Laundry Center
  • Price Per Sq Ft: 86.04
  • Source Of Sq Ft: Owner
  • Price Per Sq Ft: 86.04

Exterior Features

  • Exterior Color: Blue

Utilities

  • High Speed Comm Access: Available
  • Water: Connected, City
  • Sewer: City

Lot Info

  • Acres: 0.73
  • Estimated Lot Sq Ft: 31798
  • Lot: 5-8
  • Price Per Acre: 2739726.03
  • Property Name: Azalea View Apartments
  • Property Use Type: Investment
  • Geo Subdivision: OR

Tax Info

  • Tax Years: 22-23
  • Tax Account Number: 476194
  • Tax Amount: 20793

Multi Family

  • Number Of Units: 51

Range of Values:

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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
10/17/2023 10/17/23 Sold $2,000,000 0.0% $86 / Sq Ft
10/03/2023 10/03/23 Pending -- -- --
08/10/2023 08/10/23 For Sale $2,000,000 -- $86 / Sq Ft
Source: Willamette Valley MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Jordan Sparks

    Seller's Agent in 2023

    Jordan Sparks

    SMI REAL ESTATE

    (541) 646-0650

    86 Total Sales

    Jordan Sparks
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Map

Source: Willamette Valley MLS

MLS Number: 808363

Willamette Valley MLS
Oregon Klamath County Klamath Falls 97601

124 N 2nd St, Klamath Falls, OR

This home is located at 124 N 2nd St, Klamath Falls, OR 97601 since 10 August 2023. This property was built in 1969. 124 N 2nd St is a home located in Klamath County with nearby schools including Joseph Conger Elementary School, Ponderosa Middle School, and Klamath Union High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Willamette Valley MLS Based on information from Willamette Valley Multiple Listing Service, which neither guarantees nor is in any way responsible for its accuracy. All data is provided ‘AS IS’ and with all faults. Data maintained by Willamette Valley Multiple Listing Service may not reflect all real estate activity in the market. WVMLS Member Broker: Arlene Richardson

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