New listing: 8 Units, located at 1406 SE 27th Avenue in Portland, Oregon is offered for sale at $2,139,000. For more information, call Bernard Gehret at Joseph Bernard Investment Real Estate: 503-546-9390.
A true “Pride of Ownership” offering!
The three generation owned vintage property has been impeccably maintained, featuring beautiful hardwood floors and original vintage charm throughout the property. The income from the seven garages essentially creates the income of another entire unit, making the property unique in generating the income of a nine unit property with the expenses of an eight unit property.
The plumbing has been inspected and given a clean bill of health by Apollo Drain, and the electric was updated by Westside Electric in 2008. This vintage property even has upgraded double pane vinyl windows! Tenants also have access to a storage unit and laundry in the basement.
The basement also has an additional room that could be utilized as a common area community space, more storage or possibly an artist studio for more potential income. The heat is provided by a forced air gas furnace unit, installed by Pyramid Heating and Cooling.
The occupancy has been stellar over the long history of family ownership, typically the seller experiences less than 2% economic vacancy annually. The property is in great condition, with quality tenants and a very strong operational history, the seller even has a hand written book of all unit by unit improvements completed on the building for many years! This is quite possibly the perfect close-in “turn key” property
Brick tuck pointed in 2007
Newer, Milguard double vinyl windows
Beautiful courtyard with landscaping
-System re-done in 2008 by Westside Electric
Fully inspected by Apollo Drain in December, 2017
Shut off valves added for each unit
Main line flushed and cleaned in 2017
Plumbing insulated by Gale Contractor Services
Beautiful Hardwood floors in all units
New tub surrounds in all units
New toilets in all units (except for unit #1)
Coin meter laundry facility
Tenants on month to month agreement
7 garages for additional income