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.
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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
Ash Street Apartments
Document Title | Document Type |
---|---|
Property Flyer | Adobe PDF |
Ash Street Apartments
Phillip Barry
pbarry@josephbernard.net5 Centerpointe Drive, Suite 400
Lake Oswego, OR 97035
503.546.9390 Main
866.546.9390 Toll Free
877.631.5610 Fax