Sixth Street Apartments 1431 6th St Immeuble residentiel 10 lots 766 692 € (76 669 €/Lot) Taux de capitalisation 5,28 % Umatilla, OR 97882

The Rhoades Group of Marcus & Millichap is pleased to exclusively present the Sixth Street Apartments, a ten unit multifamily investment opportunity located in Umatilla, Oregon. The property consists of one building on a 0.42 acre tax lot and was originally constructed in 1949. Over time, the asset has been significantly upgraded and modernized. During the current owner’s 20 plus years of ownership, the property has been professionally managed and consistently maintained, with key capital improvements including updated electrical wiring in 2010, new electrical panels in 2025, a fire rated 30 year membrane roof installed in 2015 with blown in fiberglass attic insulation, heat pumps added to all units in 2014, and new insulated front doors and vinyl windows also completed in 2014, enhancing tenant comfort and long term durability.
The property features a desirable unit mix of three two bedroom units, three one bedroom units, and four studio units, well suited for workforce renters. The site offers convenient access and parking, providing residents with ease of mobility and connectivity to regional employment centers and amenities. Current ownership has maintained the property in clean, stable condition, offering a value add opportunity for an incoming investor. Unit 10 is currently vacant and fully gutted, providing immediate upside through renovation and lease up. Additionally, one two bedroom unit is expected to become available upon request, allowing a buyer to renovate up to approximately 20 percent of the units early in ownership and drive immediate NOI growth.
Sixth Street Apartments is located in the growing Umatilla Hermiston market, one of Eastern Oregon’s strongest and most supply constrained rental corridors. The region is supported by agriculture, logistics, manufacturing, and expanding data center investment in Umatilla and Morrow County, alongside Hermiston’s role as the area’s primary commercial and employment hub. The property also benefits from proximity to Washington’s Tri Cities, approximately 30 miles away, providing access to a larger regional economy, healthcare systems, and employment base while allowing residents to maintain the affordability and small town lifestyle of Umatilla. Continued population growth, private investment, and limited multifamily development have supported strong occupancy and rent growth across the corridor. With strong economic fundamentals and constrained housing supply, Sixth Street Apartments presents an attractive opportunity to acquire a well positioned asset in a growing Eastern Oregon market.