The Corvallis Arms Building

150 SW Madison Avenue, Corvallis, OR 97333

  • For Sale $6,500,000
  • 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 Jul 16, 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.

Contacts

broker

Bjorn Beer

SVN | Imbrie Realty

Location

Getting Around

  • Walk Score ®

    92/100 Walker's Paradise

  • Transit Score ®

    44/100 Some Transit

  • Bike Score ®

    88/100 Very Bikeable
Powered by Walk Score ®
  • City Corvallis, OR
  • Zip Code 97333
  • Market Eugene

Points of Interest

  • Albany

    9.10 miles

  • Chevron

    0.16 miles

  • Pacific Pride

    0.76 miles

  • BP

    1.28 miles

  • Fred Meyer

    1.32 miles

  • Chevron

    1.82 miles

  • Arco

    8.62 miles

  • Shell

    8.64 miles

  • Chevron

    9.16 miles

  • Shell

    9.52 miles

  • Chevron

    9.56 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

  • Facilities Service Parking

    0.72 miles

  • Kerr Parking Lot

    0.72 miles

  • Super 8

    0.34 miles

  • Holiday Inn Corvallis

    0.60 miles

  • Budget Inn

    0.84 miles

  • Days Inn

    0.94 miles

  • Hilton Garden Inn Corvallis

    0.97 miles

  • Best Western Grand Manor and Suites

    1.44 miles

  • Econo Lodge

    1.44 miles

  • Comfort Suites

    1.47 miles

  • Galaxie Motel

    5.03 miles

  • St. Francis

    9.04 miles

  • Bellhop

    0.01 miles

  • Francesco's

    0.03 miles

  • American Dream Pizza

    0.03 miles

  • Magenta

    0.03 miles

  • Koriander

    0.06 miles

  • Cloud & Kelly's

    0.06 miles

  • Tokyo Japanese Steakhouse

    0.09 miles

  • Dairy Queen

    0.09 miles

  • TacoVino

    0.10 miles

  • Demaggio's Pizza

    0.10 miles

  • Linn-Benton Community College - Benton Center

    0.58 miles

  • Oregon State University

    0.92 miles

  • Corvallis High School

    0.94 miles

  • Oregon State University Historic District

    0.96 miles

  • Franklin School

    1.04 miles

  • Zion Lutheran School

    1.28 miles

  • Lincoln Elementary School

    1.28 miles

  • College Hill High School

    1.48 miles

  • Garfield Elementary School

    1.48 miles

  • Adams Elementary School

    1.58 miles

  • Beaver Beginnings

    0.56 miles

Frequently Asked Questions

How much does The Corvallis Arms Building cost?

The space currently listed for sale at The Corvallis Arms Building asks for $6,500,000.

What is the total square footage of The Corvallis Arms Building?

The Corvallis Arms Building totals 30,821 square feet.

When was this property built?

The Corvallis Arms Building was built in 1928.

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Contact Listing Broker

broker

Bjorn Beer

SVN | Imbrie Realty