Goodrick-Spencer Apartments & Scruggs Townhomes
Goodrick-Spencer Apartments & Scruggs Townhomes
https://www.josephbernard.net/goodrick-spencer-apartments--scruggs-townhomes- Address:
- 608-624 & 714 NE 87th Ave, Portland, Oregon 97220
- Price:
- $14,500,000
- Units:
- 75
- Price per unit:
- $193,333
- Cap Rate:
- 6.36%
- Year Built:
- 2003/1995
Highlights
- Market rate offering
- Re-positioned from student housing
- Two properties being sold together
- On-site management office
- Two laundry rooms
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Goodrick-Spencer Apartments & Scruggs Townhomes
Summary
The 52-unit Scruggs Townhomes and 23-unit Goodrick-Spencer Apartments occupy separate, adjacent tax lots but are being offered as one transaction totaling 75 units. Originally built by Multnomah University as student housing, the property is now a fully market rate offering. The current seller purchased the property from Multnomah University with a deed restriction requiring all tenants to be Multnomah University students or staff members. The current seller petitioned and won approval to have the deed restriction removed. As a result, the Scruggs Townhomes and Goodrick-Spencer Apartments are now available to all renters and are occupied by a strong mix of working and student tenants.
Both Scruggs Townhomes and Goodrick-Spencer Apartments feature off-street parking and separate laundry room facilities. Additionally, both properties have vinyl windows, clean landscaping and a great location across the street from the park-like campus of Multnomah University and one-half a mile from the I-205 freeway entrance.
Scruggs Townhomes:
Built in 1996, the property is well maintained and features a fantastic blend of units: 4 studios, 2 two-bedroom, one bath units,18 two-bedroom, one and a half bath units, and 28 three-bedroom, one and a half bath units.
Goodrick-Spencer Apartments:
The 2003 year-built building features 23 two-bedroom, one bath units, with large bedrooms and closets. The building also includes the on-site office, perfect for property management operations.
Capital Improvements (2017-present):
Since the purchase in 2017, the current seller has invested heavily to update and improve the properties. Capital improvements since 2017 include:
Remodeled former storage room to an office
Installed exterior lights in the parking lot
Constructed garbage enclosures
Created new signage
Installed a new central hot water tank
Completed installation of new mailboxes
Total exterior investments exceed $55,000. New appliances, flooring and other interior upgrades exceed $100,000.
The Scruggs Townhomes and Goodrick-Spencer Apartments have been well maintained and improved over the past two years. The 100% occupied properties represent a strong market rate investment.
Highlights
- Market rate offering
- Re-positioned from student housing
- Two properties being sold together
- On-site management office
- Two laundry rooms
Goodrick-Spencer Apartments & Scruggs Townhomes
NE 87th Ave/NE Glisan St
Goodrick-Spencer Apartments & Scruggs Townhomes
Goodrick-Spencer Apartments & Scruggs Townhomes
Document Title | Document Type |
---|---|
Property Flyer | Adobe PDF |
Goodrick-Spencer Apartments & Scruggs Townhomes
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