Recently sold: 8 units located at 2354 NW Glisan Street, Portland, Oregon for $1,300,000. The property features a fantastic NW Alphabet District location, one half block from NW 23rd.
Price per unit: $162,500
Price per square foot: $286.59
Estimated cap rate (Actual): 5.14%
Estimated cap rate (Pro forma): 6.83%
The 1910 property is the classic NW Portland apartment house: front entry, two story walk up with stairwells and porches on the side of the building. You could call this apartment building a “hidden NW 23rd gem” due to the quiet spot and a half block off the main NW 23rd Avenue.
Bernard Gehret represented the parties in the transaction, for more details call Bernard at 503-546-9390. Here is the property flyer: www.josephbernard.net.