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Weidler 111

Weidler 111

https://www.josephbernard.net/weidler-111
Address:
11145-11177 NE Weidler St, Portland, Oregon 97220
Price:
$6,600,000
Units:
32
Price per unit:
$206,250
Cap Rate:
5.34%
Year Built:
1973

Highlights

  • Central Portland location, within the Gateway District, located just one mile from the Gateway Transit Center
  • Value-add opportunity with strong historical operations in place
  • Proven value-add opportunity by simply increasing all units up to the 2021 lease up rent levels achieved
  • Majority of units renovated, resulting in a significant increase in efficiency of operations moving forward
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Weidler 111

Summary

The Weidler 111 Apartments represents a rare opportunity to invest in a stabilized community with value-add upside in one of the strongest suburbs of the Portland market, the Gateway District. The community is well positioned nearby to many retail amenities and transit options. Located just 15 minutes from downtown Portland, tenants are provided with easy access into town, while reaping the benefits of a serene garden style community, with a unique low-density setting. The community is also nearby to the Portland International Airport, and just a 15-minute drive to the growing sub-market of Vancouver, Washington. With a rare unit mix of very large 2 and 3 bedroom units on-site (avg. unit size 900+ sq. ft.), the property meets the demand of today’s renters, and will continue to be a unique housing option in the market, given the limitations and financial challenges of developing larger units in today’s market. Excellent location, which will continue to serve as a hub to future amenities in the market.

The community has benefited from major interior and exterior improvements in recent years, along with hands on property management. Exterior renovations include new re-branding & signage, new paint, new outdoor BBQ/picnic area, new basketball court, renovated leasing office, new security system, new perimeter fencing, and upgraded landscape. The majority of the interiors (approximately 80%) have been extensively upgraded with flooring, paint, appliances, cabinets (new/refinished), resurfaced countertops (select units with quartz), fixtures, lighting, and ceiling fans – resulting in a proven model of success for an investor to finish the remaining units. Rent premiums have been achieved on select units with quartz countertops, providing an opportunity for a buyer to continue that successful model.

The property has experienced strong rent growth in 2021 and has benefited from the flight to the suburbs – with tenants seeking amenity rich communities and larger spaces. A future owner benefits from stepping into a turn-key asset, with the majority of the interior renovations completed - which will eliminate critical time for vacant units off the market and increase cash flow efficiency tremendously. The large unit sizes and upgrades, along with the amenities on-site - Plentiful parking, leasing office, storage, laundry facilities (3), outdoor heated pool, basketball court & BBQ/picnic area - are drivers for continued rent growth within this community, and have proven to meet the demand of renters in 2021.

Opportunity for an investor to step into a turn-key 5.34% cap rate day one, with the ability to achieve a 6.00%+ cap rate by simply achieving the 2021 lease up rates throughout the community. This conservative approach does not take into account the future rent growth, and projected increase in demand for larger unit sizes – due to the undersupply of new development of 2 and 3 bedroom units coming to the Portland market in the coming years. 6.00% cash on cash Day 1, with the ability to increase to approximately 10.00% by implementing a proven model in place. 

Highlights

  • Central Portland location, within the Gateway District, located just one mile from the Gateway Transit Center
  • Value-add opportunity with strong historical operations in place
  • Proven value-add opportunity by simply increasing all units up to the 2021 lease up rent levels achieved
  • Majority of units renovated, resulting in a significant increase in efficiency of operations moving forward

Weidler 111

NE Weidler St/NE 11th Ave

Weidler 111

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Weidler 111

Document Title Document Type
Property Flyer Adobe PDF

Weidler 111

Phillip Barry
pbarry@josephbernard.net
Joseph Bernard, LLC
5200 S Macadam Avenue
Suite 300
Portland, Oregon 97239
503.546.9390 Main
866.546.9390 Toll Free
877.631.5610 Fax