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Fessenden Court

Fessenden Court

https://www.josephbernard.net/fessenden_court
Address:
7928 N Fessenden Street, Portland, Oregon 97203
Price:
$834,109
Units:
9
Price per unit:
$92,679
Cap Rate:
4.11%
Year Built:
1998

Highlights

  • Located in St. John's Neighborhood
  • Historically High Occupancy
  • Newer Appliances & Off-Street Parking
  • Vinyl Windows & Strong Insulation
  • Opportunity for 15+% Cash on Cash Return
  • Upside in rent
  • Affordable Housing - Rental Restrictions Apply
  • Newer 1998-Built
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Fessenden Court

Summary

Fessenden Court was built in 1998 for the purpose of providing affordable housing. Five of the units must be rented to tenants making no more than 30% of the median family income for the Portland Metro area, and the remaining four units are restricted to tenants making no more than 60% of median family income. Rents are well below market as well as the maximum rent restrictions outlined by HUD and HOME. By raising rents to market level for 3-bedrooms and implementing sewer billback, a buyer can potentially achieve 15+% cash on cash return.

Over the past two years, the property has been nearly 100% occupied, with only one turnover in the past 28 months. The average tenancy in the building is five and a half years. It has been very well-maintained and features vinyl windows, strong insulation, and newer appliances. There are no major capital items required. The property includes a parking lot for tenants in front of the building, off-street parking, and is located near public transportation, shops, and restaurants in the St. John's Neighborhood.

Highlights

  • Located in St. John's Neighborhood
  • Historically High Occupancy
  • Newer Appliances & Off-Street Parking
  • Vinyl Windows & Strong Insulation
  • Opportunity for 15+% Cash on Cash Return
  • Upside in rent
  • Affordable Housing - Rental Restrictions Apply
  • Newer 1998-Built
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Fessenden Court

St. Johns has a charming, small town feel to it. The post office, coffee shops, breakfast places, restaurants, movie theaters, grocery stores, and several parks, are all within walking distance for residents who live close to the downtown strip. 

Portland is the largest city in Oregon, and the fourth largest city on the west coast. The Portland Metro Area is home to nearly 2 million people, and sits approximately 78 miles from the ocean and 65 miles from the Cascade Mountains. Recently Portland was ranked #1 in the country in terms of lowest vacancy (US Census Bureau), and #2 in rent growth (Axiometrics, Inc.)

In 2008 Money Magazine named Portland one of the "Top 10 Places to Live". Portland is also well known for its strong land-use planning and investment into public transportation. Some of the larger Portland employers include Nike, Columbia Sportswear, Tektronix, Precision Castparts Corp, and Mentor Graphics Corp.

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Fessenden Court

8625 N Leonard Street
8625 N Leonard Street, Portland, Oregon, 97203
josephbernard
Price: $315,000 Units: 6 Price per Unit: $52,500 Cap Rate: 7.12%
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Fessenden Court

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Fessenden Court

Document Title Document Type
Future Rent Roll Adobe PDF
Property Flyer Adobe PDF
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Fessenden Court

Joseph Bernard, LLC
5200 SW Macadam Avenue
Suite 300
Portland, Oregon 97239
503.546.9390 Main
866.546.9390 Toll Free
503.546.9395 Fax