The Corvallis Arms Building

For Sale

150 SW Madison Avenue, Corvallis, OR 97333

This Corvallis property for sale is located at 150 SW Madison Avenue. The current listed sale price for The Corvallis Arms Building is $6,500,000. The Corvallis Arms Building is situated on a lot that is 0.17 acre in size.

Contacts

broker

Bjorn Beer

SVN | Imbrie Realty

Property Details

  • Property Type Multi-Family
  • Property Size 30,821 SF
  • Units 47
  • Lot Size 0.17 Acre
  • Additional Rent Contact for pricing
  • Property Tenancy Multi-Tenant
  • Year Built 1928
  • Date Updated Oct 9, 2024
On the corner of SW Madison and SW Second, near the waterfront in downtown Corvallis, just walking distance from Oregon State University.Currently three stories of apartments above some of Corvallis' most popular dinner, nightlife, and retail destinations, the former "Hotel Corvallis" is well located at the corner of Madison and Second. In 1960 Senator John F. Kennedy made a vist here. 39 multi family units and 8 commercial leases provide stability of income in a market that is currently top ten amongst all campus markets nationally in terms of an imbalance between enrollment and demand for housing. Many out of town investors have recently made big bets on downtown Corvallis as the city plans for higher density and more "cross pollination" between downtown the nearby OSU campus. The "Hotel Corvallis" can thrive in its current use or could serve as higher end graduate-level housing or perhaps even short term rentals (with municipal approval). While on the National Register of Historic Places, the brick façade is attached to steel joists and concrete pilings, and substantive CapEx has been performed (e.g. new elevator, new fire alarm system, fully sprinkled residential, new water lines, etc).

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Highlights

  • • Seller will consider seller carry for a full price offer with 50% down.
  • • RUBS, Laundry, Bike and Basement Storage can all provide additional income.
  • • Rents are below market
  • • New high density projects planned on the block
  • • OSU market is in the top 10 nationally in terms of imbalance between enrollment and lack of supply, which bodes well for long term appreciation
  • • Recent capex allow the next owner to make improvements on
  • operations.

Getting around

  • 92/100

    Walk Score ®

  • 44/100

    Transit Score ®

  • 88/100

    Bike Score ®

Powered by Walk Score ®

Location

  • City Corvallis, OR
  • Zip Code 97333
  • Market Eugene

Points of Interest

  • Albany

    9.06 miles

  • ChargePoint

    0.15 miles

  • Towne Pump

    0.22 miles

  • Clipper Creek

    0.22 miles

  • OSU - 15th & Jefferson Way Lot

    0.60 miles

  • BP

    1.28 miles

  • Chargepoint

    1.29 miles

  • Fred Meyer

    1.31 miles

  • Blink

    1.56 miles

  • Chevron

    1.82 miles

  • Safeway

    2.50 miles

  • Corvallis-Benton County Public Library

    0.30 miles

  • Car Quest Parking Lot

    0.44 miles

  • Department of Human Services Parking Lot

    0.44 miles

  • First United Methodist Church Parking

    0.55 miles

  • La Fonda Appt. Parking

    0.59 miles

  • Methodist Church Parking

    0.59 miles

  • Phi Delta Theta Parking Lot

    0.65 miles

  • Car Parking

    0.70 miles

  • Kerr Parking Lot

    0.72 miles

  • West Kerr Parking Lot

    0.77 miles

  • Courtyard Corvallis

    0.17 miles

  • Hotel Corvallis

    0.18 miles

  • Rodeway Inn

    0.26 miles

  • Super 8

    0.34 miles

  • Holiday Inn Corvallis

    0.60 miles

  • Days Inn

    0.94 miles

  • Hilton Garden Inn Corvallis

    0.97 miles

  • Fillmore Inn

    1.19 miles

  • Best Western Grand Manor and Suites

    1.43 miles

  • Econo Lodge

    1.44 miles

  • Safeway

    0.20 miles

  • Cannary Mall

    0.63 miles

  • Fred Meyer

    1.11 miles

  • HK Asian Market

    1.22 miles

  • Trader Joe's

    1.31 miles

  • TJ Maxx

    1.34 miles

  • Grocery Outlet

    1.51 miles

  • Grocery Depot

    1.60 miles

  • Walmart Neighborhood Market

    1.66 miles

  • Market of Choice

    1.74 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Bjorn Beer

SVN | Imbrie Realty