FOR SALE: The Colonial Heights Apartments is a 19 unit apartment complex located at 890 NW Division Street in Gresham, Oregon, for $3,600,000. The apartments are a fantastic location for tenants, literally across the street from the Gresham Station development and the max station.
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Large, townhouse style units -
Property has 16 townhouse style units, 3 flats -
The Colonial Heights has period charm! -
Units have washer and dryer hookups -
Extensive parking available for tenants
PROPERTY HIGHLIGHTS:
-Great Gresham location across the street from Gresham Station Mall and City Hall Max Station
-Large 2 and 3 bedroom townhouses
-39 Off-street parking spots plus 4 double carports
-8 fully renovated units in past three years
-Washer/dryer hookups in each unit, with tenant owned machines.
UNIT UPGRADES:
Eight of the nineteen units have been remodeled recently, here is a photo gallery of one of the upgraded units:
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Upgraded, long-lasting flooring -
Kitchens have nice pantries -
Bathrooms with new sinks and countertops -
Bedrooms with quality flooring throughout
The other units are in “nice” shape, but could potentially be upgraded, here is a sample unit:
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Kitchen on “older” unit -
Kitchen on “older” unit -
Pre-upgraded bathroom -
Carpets in older units -
Bedrooms have carpets
PROPERTY FINANCIAL SUMMARY:
The Colonial Heights Apartments has performed consistently over the years, with a blend of long-term and newer tenants residing at the property. The property is offered just under a 6% cap rate (5.88% with actual rents and expenses, with a potential for a 6.5%+ cap rate at highest in the building rents).
There is additional income for two large, double carports ($150/month), and management implemented a utility billback program for the majority of the tenants.
Here is the property flyer from Joseph Bernard Investment Real Estate’s website: Colonial Heights Flyer
For more information on the property, call Bernard Gehret at Joseph Bernard Investment Real Estate: 503-546-9390, or email him at: bgehret@josephbernard.net.
About Joseph Bernard:
In 2005, co-founders Joseph Chaplik and Bernard Gehret saw a void in the apartment market for a quality, service-oriented brokerage firm and knew they could fulfill that need. Joseph Bernard Investment Real Estate was formed on the foundation to provide outstanding real estate brokerage through high quality professionalism, integrity, and service.
We specialize solely in multifamily apartments, and our brokers have over 90 combined years of experience in the apartment market. Our rapid growth as a company has led us to expand into several locations including Oregon, Washington, and Arizona.
