April 5, 2025 To: Prospective Buyers Fr: Dwight A. Janssen Re: Manor East Information; 523 39th Street, Springfield, OR 97478 All the apartments have the same floor plan which is an attractive townhouse style with 2 bedrooms and a full bath upstairs. Downstairs is a living room with hardwood floors, kitchen, some with granite counters, tile floors and attractive cabinetry. Also downstairs is a 1/2 bath and laundry room. I want to point out the recent Capital Gains Improvements to the apartment complex. A few weeks ago I spent $12,000 on a new high grade roof on the building located on your left as you face the apartments from the front. In the last few weeks I have spent about $30,000 remodeling 5 apartments. Five years ago I installed a high quality HVAC system in all apartments at a cost of over $40,000. This replaced the antiquated ceiling heat that was beginning to fail and provided all the tenants with much needed Air Conditioning for their comfort during the summer. Here are the terms of sale: $1,038,000 on a NATD that would involve a down payment of: $500,000 (This pays off my underlying loan of $370,000) and then the remaining balance of about $525,000 would be paid on an interest rate of 8.5% amortized over 15 years. This is a monthly payment of: $5,169.88 The remaining $13,000 would be used for closing costs.The NATD would be collected through an escrow account for Owners retirement and would include a substantial pre payment penalty. Although your monthly payment is high, you can manage this with the monthly income and would own Manor East in 15 years free and clear! I would expect us to share all costs at closing and the monthly fee from escrow on a 50/50 basis. You will receive all my security deposits at closing of about $5,500. Manor East apartments #3 and #8 have been fully remodeled and apartment #7 and #4 have been partially remodeled with all new carpeting. Also, Apt. 6 is remodeled. Except Apt. #6, the remodeled apartments should rent for $1,500 / month based on the expertise of a number of management companies that I interviewed. I have been extremely generous to my tenants over the years and so the current rents for the other 4 apts. are $1,039 / month. The rents can be raised by 10% each year. Right now the gross income per month should be once all apartments are rented about: $10,156.00 or $121,872 / year. The NATD monthly payment is about 1/2 your monthly income thereby allowing for plenty of monthly cash flow to the owners. I will supply you later with all the bills associated with Manor East like utilities, etc. I’m sure there will be more questions in the future… thanks for your interest. Sincerely, Dwight A. Janssen, M.S. Education, UofO
Off market
Price Unknown
523 39th St #1-8, Springfield, OR 97478
2beds
1,000sqft
MultiFamily
Built in 1975
-- sqft lot
$-- Zestimate®
$--/sqft
$-- Estimated rent
What's special
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 2
- Full bathrooms: 1
- 1/2 bathrooms: 1
Heating
- Forced air, Heat pump, Other
Cooling
- Other
Appliances
- Included: Range / Oven, Refrigerator
Features
- Flooring: Tile, Carpet, Laminate, Linoleum / Vinyl
- Basement: None
Interior area
- Total interior livable area: 1,000 sqft
Property
Parking
- Total spaces: 14
- Parking features: Off-street
Features
- Exterior features: Wood
- Has view: Yes
- View description: Mountain
Construction
Type & style
- Home type: MultiFamily
Materials
- Roof: Composition
Condition
- Year built: 1975
Community & neighborhood
Location
- Region: Springfield