Summary

The SE 192nd Apartments represents a 7-unit turn-key investment opportunity, with significant operational upside for a new investor. The property is located within the city of Gresham, Oregon, and is positioned on a private flag lot with a low-density peaceful setting (0.7-acre lot). The position and attributes of the property have resulted in long-term tenancy and strong market demand for the units.

The property is comprised of large 2-bedroom floor plans, all with washer/dryer hook ups in unit, and has experienced stable occupancy in recent years (No vacancy experienced in 2024). The current rents in place trail the market by approximately 15-20%, allowing an investor room to capitalize on additional rent growth moving forward. In addition, the current ownership has not implemented utility bill-backs (a commonly accepted charge in the market), providing an investor with additional runway for NOI growth.

The current ownership has taken a pride of ownership approach with the asset, with significant capital being invested back into the building since acquisition. Improvements include New Roofing, Parking Lot, Curbs/walkways, Sewer Line Replacement, Fencing, and Extensive interior renovations (on sample units), including the addition of washer/dryer hook-ups in all units.

A truly unique opportunity to acquire a well-positioned, and strong performing asset with a realistic path to drive the net operating income in the near term.