SOLD: The 19 unit La Crescenta Apartments sold in Milwaukie, Oregon for $1,850,000. The property was owned by one ownership group since 1989, features off-street parking, and a great location adjacent to the under construction Boardman Wetland Park project.
The La Crescenta Apartments, located in Milwaukie, Oregon features fourteen two-bedroom, one bath apartments with approximately 800 square feet. The sellers have owned the property since 1989, and prepared for the sale in 2018 by investing over $100,000 in repairs and turnover. The property is located near the Boardman Wetland Project, a park that will provide trails, nature areas and green spaces to the community.
TRANSACTION SUMMARY:
Price: $1,850,000
Price Per Unit: $132,142
Price Per Square Foot: $165
Estimated Cap Rate (Actual rents, stabilized expenses): 6.58%
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- Four of the units featured updated flooring and kitchens.
The solid vinyl flooring looks and acts like hardwood floors.
More interior photos.
Each unit features washer and dryer hookups.
The new Boardman Wetland Project being installed directly to the northwest.
Bernard Gehret represented the buyer, and Phillip Barry and Bernard Gehret represented the sellers. For more information on the market, please call Bernard or Phillip at Joseph Bernard Investment Real Estate: 503-546-9390.
Here is more information on the property from Joseph Bernard’s website: La Crescenta Apartments
