426 NW 11th St Corvallis, OR 97330

Accepted Offer with Contingencies. Turn-Key Opportunity - Located just 5 blocks from OSU, .6 miles from Downtown Corvallis, and 1.1 miles to Reser Stadium, this 12-unit apartment building offers a prime college-town investment with reliable cash flow and long-term upside. Built in 1964 and updated between 2020-2023, the property features 12 2BR/1Ba units, 9 currently leased and 3 updated units ready to capture current market rents. Solid low-maintenance investment in one of the Oregon Willamette Valley's most desirable rental markets. Opportunity right here! This 12-unit multifamily property offers a rare opportunity to acquire a stable, income-producing asset a stone's throw from the heart of OSU's Corvallis campus at $200K per 2BR/1Ba 600sf unit. Amenities include coin-operated laundry, 12 off-street parking spaces (1:1 ratio) plus ample street parking, and individual electric water heaters. The property is well-maintained, with functional, market-typical finishes. Units have been updated as they turned, appealing to new tenants and retaining longer term tenants.The site is zoned RS-9 Medium Density Residential and lies within the University Neighborhoods Overlay (UNO), offering both secure multifamily use and potential incremental density or redevelopment opportunities. RS-9 supports duplexes, triplexes, fourplexes, townhomes, and single detached units, while UNO ensures compatibility with the neighborhood context.The Corvallis MSA has approximately 9,404 apartment units, with a current vacancy rate of 4.2%, below the five-year average, and rents ranging $1,216-$1,889, highest near OSU. This reflects strong, sustained demand driven by students and faculty.This property presents predictable cash flow, long-term stability, and strategic upside potential - ideal for investors seeking a turnkey multifamily asset in a supply-constrained, high-demand university rental market.