Investment Real Estate - Portland, Oregon - Property Detail

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N Fessenden Mixed-Use Apartments

https://www.josephbernard.net/n-fessenden-mixed-use-apartments

Address:: 6965 N Fessenden St, Portland, Oregon 97203

Price:: $1,500,000

Units:: 7

Price per unit:: $214,286

Cap Rate:: 6.69%

Year Built:: 1912

Highlights

All units individually metered for E/W/S
Two units fully remodeled
One 1BR unit converted to a 2BR unit
Washer/Dryer hookup added to 2BR remodel
Gated entry for apartments
Long term tenancies for retail & food truck
Retail & food truck 5% rent increases/yr
Space for an additional food truck
Large unfinished basement
Significant upside in rents

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N Fessenden Mixed-Use Apartments

Summary

The N Fessenden Mixed Use Apartments consist of 6 apartment units, one retail space, and one food truck. The property currently produces strong cash flow with significant upside in rent increases, an unfinished basement that could be utilized for storage or other income streams, and space for an additional food truck onsite. One of the one bedroom units was remodeled and converted into a two bedroom unit, while the remodeled two bedroom unit added W/D hookups. The property now consists of (3) 2BR units & (3) 1BR units. Major upgrades have also been made to the plumbing, electrical, sewer, and more; as well as new windows in the remodeled units.