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Listing provided by LightBox Revere
937 SE Sheridan RdSheridan, OR 97378
Rivercrest Apartments
Asset ClassMultifamily
Overview
Property Improvements:
- Construction Type - Wood Frame
- Foundation - Perimeter Stem w/ Crawl Space
- Roofing - Pitched Composition Asphalt
- Siding - Concrete Fiber Cement (Hardi-Plank)
- Windows - Double Pane Vinyl
- Exterior Paint - Replaced Summer, 2026
- Plumbing - Copper
- Water Heaters - Individual
- Heating - Electric Cadet
- Laundry - Full Size Washer/Dryer
- Unit Amenities - Deck/Patio, Dishwasher, Washer/Dryer
- Storage - 18 Units (Rentable)
- Common Amenities - Playground, Community Center, Leasing Office
- Complete Building Envelope Upgrade in 2015 - New Siding, Weather Barrier System, 40-Year Roof, etc
Investment Highlights
# Units
61
Cap Rate
6.09%
AVG SF
839
Year Built
1997
- Late 90’s Build w/ copper plumbing - priced well below replacement cost
- Building Exterior in Excellent Condition - full building envelope restoration ~10 years ago (refer to page 4 for scope of work)
- Supply Constrained Market - high barrier to entry with no units in Sheridan in the planning/proposed phases
- Located in the Heart of Yamhill County Wine Country- supporting nearly 10,000 local jobs (2024 Yamhill County Economic Impact Study)
- Naturally Occurring Workforce Housing - $1,299/month current rents vs.$1,575/month in nearby McMinnville (18% discount)
- Established Local Employment Base - Federal Correctional Institution is the City’s largest employer, a stable non-cyclical demand driver for workforce housing
- Spirit Mountain Grand Ronde Casino - 10 miles west of Sheridan, major regional employer and tourism draw
- Significant Tax Revenue Due to Yamhill County Wine Tourism - revenue rose 13.5% from 2022 to 2024 to $860.9M, Yamhill County holds the largest concentration of wineries and vineyards in Oregon with 80+ winnings and 200+ vineyards
Unit Mix Chart
Unit Type
Current Rent
60 Units
2 Bed / 1 Bath
$1,299/mo
1 Unit
3 Bed / 1 Bath - House
$1,675/mo
Total - 61 Units
TOTAL
$1,305/mo
Photo Gallery
937 SE Sheridan RdSheridan, OR 97378
Sales Team
Listing provided by LightBox Revere