Willamette Pointe Apartments

1570-1590 James Street, Woodburn, OR 97071

$4,850,000 Price

$202,083 Price Per Unit

6.43% Cap Rate

10.12 GRM

24 Number of Units

23,640 Building SF

Constant Commercial Real Estate is pleased to present Willamette Pointe Apartments, a 24-unit multifamily community located at 1570–1590 James Street in Woodburn, Oregon. Offered at $4,850,000 — representing a 6.43% going-in cap rate and $202,083 per unit — this offering represents a rare opportunity to acquire a well-maintained, stabilized workforce housing asset along Oregon's high-demand I-5 Corridor.
Built in 1970 and comprehensively renovated in 2018, the property comprises six two-story buildings on 1.27 acres. All 24 units are identically configured as two-bedroom, one-and-a-half-bath floor plans of 931 square feet, providing operational simplicity and broad tenant appeal. The property is currently 100% occupied with in-place rents averaging $1,737 per unit — demonstrating strong demand and management execution in a market where comparable assets are achieving $1,568 per unit.
The current ownership has implemented a utility billback program, recovering a meaningful portion of water and sewer expenses directly from tenants. There remains runway to expand billback recovery rates further upon lease renewals, providing an organic path to NOI growth without reliance on market rent increases.

Willamette Pointe Apartments sits along the I-5 Corridor in Woodburn, Oregon — midway between Portland (30 miles north) and Salem (20 miles south). This dual-metro positioning drives consistent renter demand from a stable workforce population, with a median household income of $74,020 within one mile of the property. Woodburn's economy is anchored by agriculture, healthcare, and the Woodburn Premium Outlets — one of the Pacific Northwest's largest outlet centers, drawing over five million annual visitors. Fred Meyer, Walmart, and full everyday services are minutes away. The property falls within CoStar's North Marion County Multifamily Submarket (Salem MSA), where workforce housing vacancy stands at just 3.2%. With zero new supply proposed beyond the current pipeline, submarket fundamentals favor continued occupancy stability and measured rent growth through 2027 and beyond.

President

(503) 222-0282

cory@constantcommercial.com

201226331

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