<< Back to Property Search

Ash Street Apartments

Ash Street Apartments

https://www.josephbernard.net/ash-street-apartments
Address:
11940 SE Ash Street, Portland, Oregon 97216
Price:
$2,065,000
Units:
12
Price per unit:
$172,083
Cap Rate:
6.12%
Year Built:
2009

Highlights

  • Central location, close to amenities but property is set on a quiet residential street.
  • 2009 built.
  • Operational Value add opportunity with significant upside in the rents (approx. 15%).
  • Strong SE Portland sub market, with historically low vacancy for 2br/1ba floor plans.
  • Well cared for asset, with many recent capital improvements.
Get More Information

Please fill out the fields below to receive further information about Ash Street Apartments


Ash Street Apartments

Summary

The Ash Street Apartments represent a unique opportunity to acquire a centrally located asset in the well performing Hazelwood neighborhood of Southeast Portland.   The property was built in 2009, and is comprised of 12 large 2br/1ba units each at approximately 860 sq. ft.  All units feature open floor plans with modern finishes, large kitchens, and full-size washer/dryer hook ups located in a dedicated laundry room.  The property has operated with historically low vacancy, and the SE Portland sub-market continues to show stability for 2br/1ba floor plans (with a vacancy average of 4.4% reported in the Spring of 2023).   The property has been well cared for, with extensive capital improvements & unit upgrades in recent years, but still presents an owner with a significant value add opportunity on the operations side by raising rents to market levels.  The current average in place rent is approximately 15% below market, providing an owner with a realistic path to work up to market rents over the first few years of ownership .  A rare opportunity to acquire a newer vintage, pride of ownership property, with operational value add. 

Highlights

  • Central location, close to amenities but property is set on a quiet residential street.
  • 2009 built.
  • Operational Value add opportunity with significant upside in the rents (approx. 15%).
  • Strong SE Portland sub market, with historically low vacancy for 2br/1ba floor plans.
  • Well cared for asset, with many recent capital improvements.

Ash Street Apartments

Strong SE Portland sub-market, with historically low vacancy. Central location, close to amenities, but property is set on a quiet residential street.

Ash Street Apartments

image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image
image

Ash Street Apartments

Document Title Document Type
Property Flyer Adobe PDF

Ash Street Apartments

Phillip Barry
pbarry@josephbernard.net
Joseph Bernard, LLC
5 Centerpointe Drive, Suite 400
Lake Oswego, OR 97035
503.546.9390 Main
866.546.9390 Toll Free
877.631.5610 Fax