Investment Real Estate - Portland, Oregon - Property Detail

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SE 21st Apartments

https://www.josephbernard.net/se-21st-apartments

Address:: 3404 SE 21st Ave, Portland, Oregon 97202

Price:: $923,000

Units:: 4

Price per unit:: $230,750

Cap Rate:: 12.94 (GRM)

Year Built:: 1964

Highlights

Fantastic inner SE Portland location
All units upgraded
Attractive 2BD unit mix with strong rents in place (average $1,486)
Off-street parking, storage & bike parking included in rent
Strong operations in place

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SE 21st Apartments

Summary

The SE 21^st Apartments represent an opportunity to acquire a well located, turn-key asset in the close in SE Portland sub-market. The property is comprised of upgraded 2BR/1BA floorplans, with storage and parking included. The average in place rent is $1,486 (highest level is $1,520). Recent upgrades include: new fencing, landscape, mailboxes, storage room update, new bike racks, and many interior improvements. Strong in place operations with additional room to grow. Currently 100% occupied, showing only upon an accepted offer.