NEW LISTING: 75 Units, Goodrick Spencer Apartments/Scruggs Townhomes, Portland, OR: $14,500,000

By February 4, 2020April 13th, 2021Listed

FOR SALE:  The Goodrick-Spencer Apartments and the Scruggs Townhomes are being offered as one, 75 unit property for sale, located at 608 NE 87th Avenue, the listing price is $14,500,000.

The 52-unit Scruggs Townhomes and 23-unit Goodrick-Spencer Apartments occupy separate, adjacent tax lots but are being offered as one transaction totaling 75 units. Originally built by Multnomah University as student housing, the property is now a fully market rate offering. The current seller purchased the property from Multnomah University with a deed restriction requiring all tenants to be Multnomah University students or staff members. The current seller petitioned and won approval to have the deed restriction removed. As a result, the Scruggs Townhomes and Goodrick-Spencer Apartments are now available to all renters and are occupied by a strong mix of working and student tenants.

Both Scruggs Townhomes and Goodrick-Spencer Apartments feature off-street parking and separate laundry room facilities. Additionally, both properties have vinyl windows, clean landscaping and a great location across the street from the park-like campus of Multnomah University and one-half a mile from the I-205 freeway entrance.

Scruggs Townhomes:

Built in 1996, the property is well maintained and features a fantastic blend of units: 4 studios, 2 two-bedroom, one bath units,18 two-bedroom, one and a half bath units, and 28 three-bedroom, one and a half bath units.

Goodrick-Spencer Apartments:

The 2003 year-built building features 23 two-bedroom, one bath units, with large bedrooms and closets. The building also includes the on-site office, perfect for property management operations.

Capital Improvements (2017-present):

Since the purchase in 2017, the current seller has invested heavily to update and improve the properties. Capital improvements since 2017 include:

Remodeled former storage room to an office

Installed exterior lights in the parking lot

Constructed garbage enclosures

Created new signage

Installed a new central hot water tank

Completed installation of new mailboxes

Total exterior investments exceed $55,000. New appliances, flooring and other interior upgrades exceed $100,000.

The Scruggs Townhomes and Goodrick-Spencer Apartments have been well maintained and improved over the past two years. The 100% occupied properties represent a strong market rate investment.

For more information, call Bernard Gehret at Joseph Bernard Investment Real Estate: 503-546-9390.  Click here for the property pro forma.

Bernard Gehret

Bernard Gehret

Joseph Bernard Investment Real Estate