430 Metzler Street, Molalla, OR 97038 | Multi Family Real Estate | Multifamily Property for Sale | Multi Family Apartments for Sale | Multifamily For Sale

430 Metzler Avenue offers a 7-unit multifamily asset in Molalla, Oregon with a clear, executable value-add thesis already in motion. The property sits on a manicured 0.32-acre R3-zoned parcel and is being offered by a methodical ownership group that has invested meaningfully in the asset over the hold period. Four of six two-bedroom units and the three-bedroom unit have been updated with new cabinetry, appliances, LVP flooring, updated light fixtures, and fresh paint. In-unit laundry has been installed in five of seven units on turnover, with conversion continuing on the remaining two — a significant amenity upgrade at this price point in this submarket.
The primary value-add drivers for an incoming owner are operational rather than capital-intensive. Owner-paid utilities represent the largest single expense line at approximately $16,000 annually; implementing a Ratio Utility Billing System (RUBS) would shift this cost to tenants and materially improve net operating income without additional renovation spend. A recently executed lease at $1,425/month on a renovated two-bedroom establishes the current market rate, with remaining below-market and vacant units representing identifiable near-term upside. A stabilized rent roll projects to $9,685/month — $116,220 annually — supporting a projected NOI of $61,022 and a 6.26% cap rate at the offering price.

Molalla is an incorporated city of approximately 10,000 residents in northern Clackamas County, situated along the Highway 211 corridor roughly 30 miles southeast of Portland. The city serves as an affordable bedroom community for commuters to the greater Portland metro and the Clackamas County employment spine along I-205, with limited new multifamily supply supporting stable renter demand. 430 Metzler Avenue sits within walking distance of downtown Molalla's retail core, Molalla River School District campuses, and the Molalla Aquatic Center. R3 zoning — one of the city's highest-density residential designations — supports long-term land value stability. Oregon City, regional grocery, and Providence Willamette Falls Medical Center are all within a 20-minute drive.