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
Fessenden Court Apartments
N Fessenden St/N Mohawk Ave
Fessenden Court Apartments
Fessenden Court Apartments
Document Title | Document Type |
---|---|
Property Flyer | Adobe PDF |
Fessenden Court Apartments
Bernard Gehret
bgehret@josephbernard.net5 Centerpointe Drive, Suite 400
Lake Oswego, OR 97035
503.546.9390 Main
866.546.9390 Toll Free
877.631.5610 Fax