October, 2018: The Courtyard at Park Place, 2755 NE Hogan Drive, Gresham, Oregon sold for $1,675,000. The thirteen unit apartment complex featured a mix of one studio, one-bedrooms, two-bedrooms, and two-bedroom townhouses. Many of the units have washer and dryer hookups and fireplaces, and the property is located on a flag lot away from the busy Hogan Drive, perfect for attracting tenants.
Price Per Unit: $128,846
Price Per Square Foot: $134.35
Estimated Cap Rate (actual): 5.43%
Estimated Cap Rate (pro forma) 6.68%
The property has ample parking, with carports servicing up to eight parking spaces. In addition, there is parking along the eastern half of the lot.
The buildings remind me of Husky Stadium in Seattle, Washington! The Gresham rental market is strong, with less than a 4% vacancy rate for the past few years.
Management completed a tremendous upgrade of four of the units during the past year, and the units look great.
The updated units have new flooring and heating systems.
The kitchens are clean, with new appliances and great lighting and new cabinetry.
A few of the units have been remodeled to this level, with new countertops, appliances, cabinets, flooring and heating units. For more information on the Gresham rental market, call Bernard Gehret.
Bernard Gehret of Joseph Bernard Investment Real Estate represented the sellers in the transaction, and Jordan Carter of Kidder Mathews represented the buyer. For more information on this transaction or the apartment market in Oregon and SW Washington, call Bernard Gehret at 503-706-4713. For more apartment listings for sale, click on Joseph Bernard Investment Real Estate’s site here.