Investment Real Estate - Gresham, Oregon - Property Detail

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Cleveland Colonial Apartments

https://www.josephbernard.net/Cleveland-Colonial-Apartments

Address:: 800-820 NE 4th Street, Gresham, Oregon 97030

Price:: $1,120,000

Units:: 10

Price per unit:: $112,000

Cap Rate:: 5.03%

Year Built:: 1969

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Cleveland Colonial Apartments

Summary

The Cleveland Colonial Apartments is a charming, single-story ten unit building located ½ a mile from historic downtown Gresham, Oregon. The units consist of eight, three-bedroom units and two, two-bedroom units. The units feature vinyl windows, hardwood floors in the bedrooms, and private backyard spaces. The property also features: two laundry rooms, a basement for storage, and off-street parking. There have been only two owners of the property (since 1969), and has a stable tenant base with a mix of longer term and newly turned units.

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Cleveland Colonial Apartments

Gresham is located in Multnomah County, immediately east of Portland, Oregon. It is the fourth largest city in Oregon, and is roughly 22 square miles large.

Over the last twenty years, Gresham has experienced rapid growth from a rural, farming community to a quickly growing urban area. Residents of Gresham enjoy abundant opportunities for community involvement, culturally diverse community events and readily available urban amenities and recreational opportunities.

Gresham is also the seventh Green Power community in Oregon to receive the EPA Green Power Communities designation and the 14th community to be recognized in the nation.

Gresham is home to the world-renowned Mt Hood Jazz Festival, as well as Mt Hood Community College, several golf courses, country clubs, and city parks.