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1607 Apartments

1607 Apartments

http://www.josephbernard.net/1607-apartments
Address:
1607 NW Davis St, Portland, Oregon 97209
Price:
$7,995,000
Units:
20
Price per unit:
$399,750
Cap Rate:
4.13%
Year Built:
2013

Highlights

  • Desirable NW Portland location
  • Condo quality construction
  • AC and washer/dryer in each unit
  • Large floorplans and modern finishes
  • Secure, underground parking and storage
  • Walking distance to MAX light rail
  • Nearby access to major freeways
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1607 Apartments

Summary

The 1607 Apartments offer a unique investment opportunity with multiple appreciation strategies. The units were built to condo quality standards, with a mix of 1's, 2's, and 3's; and average over 1,000 square feet. Each unit includes modern finishes and amenities; washers and dryers, AC and heating units, stainless steel appliances, quartz counter tops, gas fireplaces, decks or balconies, and more. The property also has gated underground parking and storage available.

 

Currently, there is significant upside potential in rents, as market rents range anywhere from 10% to 30%+ above current average building rents. If converted to condos, sales comps indicate a cumulative value of over $11,000,000. Additionally, the upfront cost and quality of the condo construction is significantly greater than standard apartment construction, including double staggered stud walls with 1" air space between units, greatly reducing noise between units and providing a higher quality of living for tenants and future owners.

Highlights

  • Desirable NW Portland location
  • Condo quality construction
  • AC and washer/dryer in each unit
  • Large floorplans and modern finishes
  • Secure, underground parking and storage
  • Walking distance to MAX light rail
  • Nearby access to major freeways

1607 Apartments

NW Davis St/NW 16th Ave

1607 Apartments

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1607 Apartments

Document Title Document Type
Property Flyer Adobe PDF

1607 Apartments

Andrew Holowetzki
aholowetzki@josephbernard.net
Joseph Bernard, LLC
5200 SW Macadam Avenue
Suite 300
Portland, Oregon 97239
503.546.9390 Main
866.546.9390 Toll Free
503.546.9395 Fax