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Summary
Fessenden Court was built in 1998 for the purpose of providing affordable housing. Five of the units must be rented to tenants making no more than 30% of the median family income for the Portland Metro area, and the remaining four units are restricted to tenants making no more than 60% of median family income. Rents are well below market as well as the maximum rent restrictions outlined by HUD and HOME. By raising rents to market level for 3-bedrooms and implementing sewer billback, a buyer can potentially achieve 15+% cash on cash return. Over the past two years, the property has been nearly 100% occupied, with only one turnover in the past 28 months. The average tenancy in the building is five and a half years. It has been very well-maintained and features vinyl windows, strong insulation, and newer appliances. There are no major capital items required. The property includes a parking lot for tenants in front of the building, off-street parking, and is located near public transportation, shops, and restaurants in the St. John's Neighborhood.
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Highlights
- Newer 1998-Built
- Affordable Housing - Rental Restrictions Apply
- Upside in rent
- Opportunity for 15+% Cash on Cash Return
- Vinyl Windows & Strong Insulation
- Newer Appliances & Off-Street Parking
- Historically High Occupancy
- Located in St. John's Neighborhood
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