Summary

NEW PRICE, UPDATED RENTS, and a 7.33% Cap rate

The Mackenzie apartments feature two bedroom, one bath units with newer vinyl windows, private backyard spaces, individual storage and washer and dryers in each unit.  The $549,000 price reflects a 7.33% cap rate, $78,429 per unit, and $88 per square foot for a quality maintained property with no deferred maintenance and established tenancy.  Large, open kitchen spaces highlight the clean, quiet units.

The 136th Avenue Apartments are a 7 unit community located on SE 136th Avenue off of Powell Boulevard in the Powellhurst Gilbert neighborhood of SE Portland.  This well maintained property features strong tenant base with a mix of long and short term tenants.  Units include storage, off-street parking, backyard spaces and quality interiors.  The property has strong occupancy, with less than 3% economic vacancy in 2012.  The seller currently manages the property and cares about the tenants and condition of the units.