McKinney Lane Apartments | 60-Unit Apartment Community Located in Lebanon, OR

Attractive Basis for 2016-Vintage Construction. McKinney Lane Apartments presents an opportunity to acquire 2016-built, multifamily product at a compelling basis relative to today’s replacement costs. With contemporary building systems, fire sprinklers, and a modern building envelope, the property delivers the structural benefits of newer construction without the development risk, lease-up exposure, or per-unit cost premiums associated with ground-up delivery in Oregon’s Willamette Valley.

Clearly Defined Value-Add Through Interior Renovations. The property offers a compelling value-add opportunity: upgrading units — currently featuring laminate countertops, carpet and linoleum flooring, white appliances, and original cabinetry — there is an opportunity to upgrade to modern vinyl plank flooring, quartz countertops, and stainless-steel appliances. With a proven renovation blueprint already established next door, investors can underwrite rent premiums exceeding $300 per unit with high confidence and minimal execution risk.

Lebanon: One of Oregon’s Fastest-Growing Communities. Lebanon is among the fastest-growing cities in the Willamette Valley, with a population that has increased over 11% since the 2020 Census to approximately 20,600 residents. Portland State University’s Population Research Center projects Lebanon’s growth to continue at approximately 1.1% annually, reaching an estimated 34,600 residents by 2067 — a 78% increase. This sustained growth reflects the city’s appeal as an affordable, livable alternative to neighboring Corvallis and Albany, with access to the South Santiam River, an expanding trail network, and a strong sense of community.

Proximity to Major Employers Driving Consistent Rental Demand. The property benefits from proximity to a diversified local employment base anchored by Samaritan Lebanon Community Hospital (~800 employees, 7-minute drive), Lowe’s Regional Distribution Center (~700 employees, 10-minute drive), Entek International (~450 employees, 10-minute drive), and Lebanon’s major school campuses (~550 employees, 3- to 15-minute drive). This concentration of stable employment within a short commute supports strong occupancy and a reliable tenant base.

Walkable Neighborhood with Regional Highway Connectivity. The property is located a quick walk from Lebanon’s Main Street corridor, which offers retailers, restaurants, cafes, and major grocery stores. Lebanon also boasts an extensive park system with trails and outdoor recreational amenities. For regional access, residents benefit from proximity to Interstate 5 and US-20, connecting to Corvallis, Salem, Eugene, and Portland.

Efficient Unit Mix Serving High-Demand Renter Demographics. The property’s 60 units are weighted toward studios and one-bedrooms (56 of 60 units), a configuration well-suited to the healthcare workers, medical students, and young professionals drawn to Lebanon’s expanding employment base. The four twobedroom/two-bath units (1,235 SF) provide product diversity without over-reliance on a larger-unit, family-oriented tenant profile. Additional revenue is generated through water, sewer, and trash chargebacks (RUBS), garage and carport rentals, optional air conditioning, and pet rent.

Lebanon, Oregon | Connected Community with Education & Amenities

Lebanon offers a welcoming small-town environment with convenient access to employment, education, shopping, dining, and outdoor recreation. Located in the central Willamette Valley, the city provides easy regional connections via U.S. Highway 20 and Oregon Highway 34, with Interstate 5 approximately eight miles away. Lebanon is also an important healthcare and education hub for East Linn County, with Western University of Health Sciences, Linn-Benton Community College facilities, and Oregon State University approximately 20 miles away in nearby Corvallis. Together, these institutions contribute to the area's educational opportunities and support a diverse local workforce..

Cody Hagerman

HFO Investment Real Estate

(971) 717-6333

Lee Fehrenbacher

HFO Investment Real Estate

(971) 717-6346