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Fessenden Court Apartments

Fessenden Court Apartments

https://www.josephbernard.net/fessenden-court-apartments
Address:
7928-7936 N Fessenden St, Portland, Oregon 97203
Price:
$860,000
Units:
9
Price per unit:
$95,556
Cap Rate:
5.63%
Year Built:
1998

Highlights

  • Low turnover property
  • Income restricted units until the year 2058
  • Three bedroom, one bath units
  • Off-street parking
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Fessenden Court Apartments

Summary

The nine unit, Fessenden Court Apartments were built in 1998 as a low-income housing property, with five of the units rented to tenants earning less than 30% of the Median Family Income (MFI), and four of the units rented to tenants earning less than 60% of the MFI. The units are rent restricted, rents are designated and outlined on the Portland Housing Bureau's website. There is an exception for Section 8 tenants, qualified tenants can rent here at a higher rate. The units feature three bedrooms, one bath, high efficiency heaters, quality flooring and kitchens. There is a laundry room on-site.

 

The buyer must assume the loan with the Portland Housing Bureau, the debt service is unusual: once a year, the owner tallies all income and expenses, and splits the remaining Net Operating Income (NOI) 50% with the Portland Housing Bureau. This NOI split is the debt service.

 

This offering is a great property for buyers wanting consistent cash flow with potentially low turnover.

Highlights

  • Low turnover property
  • Income restricted units until the year 2058
  • Three bedroom, one bath units
  • Off-street parking
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Fessenden Court Apartments

N Fessenden St/N Mohawk Ave

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Fessenden Court Apartments

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Fessenden Court Apartments

Document Title Document Type
Property Flyer Adobe PDF
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Fessenden Court Apartments

Bernard Gehret
bgehret@josephbernard.net
Joseph Bernard, LLC
5200 S Macadam Avenue
Suite 300
Portland, Oregon 97239
503.546.9390 Main
866.546.9390 Toll Free
877.631.5610 Fax
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