For Sale in Portland, Oregon: Beautiful vintage sixteen unit on the corner of NE Alberta Street and NE Cleveland Avenue in northeast Portland just off the Alberta Street exit on I-5. The property has been meticulously maintained and well operated with a strong tenant base and consistent operations.
The property features units with hardwood floors, charming interiors, laundry facilities in the basement, and five parking spots. Overall, the property appears to be in excellent condition with no major deferred maintenance. If you drive by in the summer, you can see beautiful flowers around the exterior!
FINANCIAL SUMMARY: The property has consistently operated at a very low vacancy rate over the past ten years, and at the listing price it is offered at a 5.26% cap rate on the actual scheduled income and current expenses.
This is an unusual offering in the Portland market due to the property having strong data in three areas: Street appeal and condition, consistent operations, and a solid tenant base. Many apartments for sale rate poorly in one (or more) of those areas, I see very few rating so high in all three areas.
For more details, visit the Joseph Bernard Investment Real Estate website with the link below for the flyer:
Download the property flyer here
The Parke Place Apartments has a balanced mix of studios, one and two bedroom units perfect for professionals who wish to be close to downtown without the density. Of course, since this is Portland, there is a bike storage onsite! The property is currently managed by Grid Property Management. Here is the link to Grid:
http://www.gridpropertymanagement.com
For more information about this listing and other multi-family listings, plus the Portland apartment market, contact Bernard Gehret at 503-546-9390 or bgehret@josephbernard.net
Sale update: The listing received multiple offers on the property and is now “pending”, details on the closing price and terms will be updated upon sale.
