SOLD! The Broadway apartments sold on October 1, 2018 for $2,350,000.  The mixed-use property consists of twelve apartments with two retail spaces, including the popular Saint Simon Coffee Co. coffee shop.

TRANSACTION SUMMARY:

Price:  $2,350,000

Price per unit:  $167,857

Price per square foot:  $361.87

Estimated cap rate:  5.30%

Estimated pro forma cap rate:  6.57%

PROPERTY HIGHLIGHTS:

-2015 Year built

-Well maintained

-Fantastic close-in NE Irvington location

 

Some units have fireplaces, all have microwaves, and some of the one-bedrooms are townhouse style, which is very rare in the Portland apartment market.  The two retail spaces contain a popular coffee shop (Saint Simon Coffee Co.) and a nail salon.

For more information on the transaction and available apartments for sale in Portland, Oregon, call Bernard Gehret at Joseph Bernard Investment Real Estate:  503-546-9390.  Joseph Bernard Investment website is here for more information on the market.