Investment Real Estate - Portland, Oregon - Property Detail

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SE 119th Avenue Townhomes

https://www.josephbernard.net/119th

Address:: 5601-5631 SE 119th Avenue, Portland, Oregon 97266

Price:: $1,988,800

Units:: 16

Price per unit:: $124,300

Cap Rate:: 6.30%

Year Built:: 2008

Highlights

Rental Upside
Duplex Sytle Buildings
250 Sq. Ft. Attached Garages For All Units
Condo Quality Finishes
Large Townhouse Units
2008 Construction

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SE 119th Avenue Townhomes

Summary

The SE 119^th Avenue Townhomes are located in the Powellhurst-Gilbert neighborhood of SE Portland, with easy access to I-205, and surrounding public transportation. The property was built in 2008 and features 16 condo quality townhouse style units with large attached garages. The complex is spread out through 8 separate buildings, providing tenants with convenient duplex style living.

The investment provides a buyer with the opportunity to acquire a newer building, with condo quality finishes throughout. The large units and strong surrounding rental market provide a buyer with immediate rental upside, and the opportunity to initiate a utility bill back system.

The occupancy in 2013 for the property was 99%, and the Portland metro apartment market continues to see signs of a strengthening apartment market and one of the lowest apartment vacancy averages in the nation.

Highlights

Rental Upside
Duplex Sytle Buildings
250 Sq. Ft. Attached Garages For All Units
Condo Quality Finishes
Large Townhouse Units
2008 Construction

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SE 119th Avenue Townhomes

A nice mix of residential living, while located near major roadways such as Holgate and Division for accessibility for commuting, and access to shopping and other amenities. Neighbors enjoy family and community events in the nearby parks and community garden. (PortlandNeighborhood.com)

The Portland rental market is ranked #4 in the country in terms of apartment rent growth, according to Axiometrics, Inc., a provider of data and analysis on the multi-family housing sector. Portland is also well known for its strong land-use planning and investment into public transportation. Some of the larger Portland employers include Nike, Columbia Sportswear, Tektronix, Precision Castparts Corp. and Mentor Graphics Corp.