Canby Townhouse Apartments
164 & 188 NE 4th Ave + 173-193 NE 5th Ave, Canby, OR 97013
35 units in Canby, Oregon
$6,900,000
Canby Townhouse Apartments is a 35-unit multifamily community located in Canby, Oregon. Originally constructed in 1968, the property offers an exceptionally consistent and desirable townhome-style unit mix consisting of 34 two-bedroom/1.5-bath units and one three-bedroom/1.5-bath unit.
The property has benefited from meaningful recent capital investment, including exterior painting completed in 2025, a new roof on one building in 2024. The property also benefits from energy-efficient vinyl windows and various upgrades to individual units at turnover or as needed. These improvements provide a new owner with the benefit of significant prior investment while preserving the opportunity to continue improving operations and growing rental income.
The property's spacious floor plans are a defining feature of the community. The two-bedroom townhomes are approximately 1,120 square feet, while the three-bedroom unit is approximately 1,220 square feet. Every residence includes an in-unit washer and dryer, providing residents with a highly desirable amenity and further differentiating the property from traditional apartment product.
Property Highlights
Rare Townhome-Style Unit Mix – (34) two-bedroom/1.5-bath townhomes and (1) three-bedroom/1.5-bath townhome.
Oversized Floor Plans ranging from approximately 1,120 to 1,220 square feet.
In-Unit Washer/Dryers in Every Unit, providing a highly desirable resident amenity.
Meaningful Rental Upside with current rents below estimated market levels.
Recent Capital Improvements including exterior paint, roofing improvements, and unit renovations as needed.
Strong Canby Location within Clackamas County, offering convenient access to employment, retail, schools, and regional transportation.
Operational Value-Add Opportunity through active hands-on management and future rent growth.
Location Overview
Canby Townhouse Apartments is centrally located near Downtown Canby, providing residents convenient access to shopping, dining, schools, parks, and everyday services. The property is also well positioned for regional commuting via Highway 99E and nearby connections to I-5 and I-205.
The community benefits from an established downtown, schools, parks, recreational amenities, retail services, and a significant local employment base. Canby is also home to a 360+ acre industrial park, supporting a diverse mix of manufacturing, distribution, industrial, and service-sector employment. Its location within Clackamas County, continued residential growth, and relative accessibility to the greater Portland metropolitan area support Canby's appeal as a long-term rental housing market.
Canby Townhouse Apartments offers a compelling combination of large residential-style floor plans, a highly desirable townhome configuration, recent capital improvements, and meaningful rental upside. Current average rents remain below estimated market levels, providing an investor with an opportunity to increase revenue over time through continued professional management and natural tenant turnover.
