Apartment for Sale in Portland: New Construction, 6 Units: $1,200,000

By February 19, 2018April 13th, 2021blog, For Sale

FOR SALE:  6 Multi-family units built in 2015 is listed for $1,200,000.

Property Summary
Beautiful 2015 year built just North of the W. Lombard exit off the I-5 freeway. 6.20% cap rate on actuals on a 2015 year built property! High quality building with strong operations and a quality tenant base, this six unit property features six, two bedroom, one bath units. Perfect for the investor who wants a turnkey property that has strong cash flow from the start. Units feature high quality finishes and appliances. This charming property is located on a quiet street just off N. Interstate Avenue.

The property is offered at a 6.2% cap rate on actuals, each unit has the same floor plan and rents are $1,375-$1,395 (all but one are $1,395).  You can download the property flyer here:

8207 N. Montana Property Flyer

The cap rate is substantially higher than the Portland market average (5-5.75% on actuals for most transacted properties in 2017 in Portland), and the price per unit is also less than the market average for new construction.  This is a perfect “turnkey” property for an apartment investor who does not want a lot of rehab or maintenance.

Kitchens feature new, high quality appliances.

Floors are high quality LVP laminate material that look great.

Units are the same floor plan, with living room space off the kitchen.  Each unit has AC, washers and dryers, microwave, and is non-smoking.

Hallway leads to the two bedrooms and bathroom.

Bathroom features vanity with cabinets.

This is the smaller of the bedrooms, one is larger than the other and both have moderately sized closets.

Charming, new construction features low landscape maintenance with ample on-street parking.  Well located between the Lombard and Kenton max line stations, with a walk score of 84 and a bike score of 97.  Very few apartments in Portland are offered for sale at over a 6% cap rate on actuals, especially new construction!

For more information, call Bernard Gehret at 503-546-9390.



Bernard Gehret

Bernard Gehret

Joseph Bernard Investment Real Estate