Property Details
Village Estates is a 2.5 star, all age community on public utilities located within a qualified opportunity zone in Albany off Interstate 5. The city has experienced strong growth due to its unique location between two of the state’s largest metropolitan areas, Salem/Keizer and Eugene/Springfield.
The asset is 87% occupied with five vacancies currently being renovated for new tenants. Comparable communities in the area are 95% occupied or greater. Average rents are $350 which is nearly $200 below market. Existing housing stock is comprised of single wide homes, RVs, two studio cabins, and a three bedroom home.
Oregon rent control (SB 608) was passed earlier this year and allows for maximum increases of 7% plus inflation. In 2019, the maximum increase allowed is 10.3%.
Parcel # / Tax Parcel: 11S03W04-BC-03400
Average Site Rent: $350 (Includes water, sewer garbage)
Community Type: All ages
Number of Sites: 36
Roads: Asphalt & Gravel
Floodplain: None
County: Linn
- Property TypeOffice
- Submarket
- Year Built1950
- Total Acres2.82
- Property ID2118842