SOLD! The Courtyard At Park Place, a 13 unit apartment building located at 2755 NE Hogan Drive in Gresham, Oregon sold for $1,300,000.
The property consisted of a studio, two one bedroom units, plus six two bedroom unit flats and four two bedroom townhouse units. The property has ample parking, decks, plus a laundry room and storage area for the owners.
Property Sales Summary:
Price per unit: $100,000
Estimated Cap Rate (on actual income and expenses): 6.20%
Price per square foot: $116
I really like this property, the street appeal is good, it is tucked back away from the busy commerce of Hogan Drive (but you can still see it), and it is built like a TANK! The extended overhangs of the roof reminds me of Husky Stadium in Seattle, where you can watch a football game outdoors even in the Pacific northwest rain.
You can tell the property was built with care, apparently the builder built the property for the family to live in back in the mid 1970’s. The operations were consistent, and the sellers did a nice job keeping up on will needed repairs.
-The seller was related to the builder, who built the units for the family to live.
-Most of the units have washers and dryers.
-The purchase followed a previously failed transaction (which seems rare in this overheated market).
-Currently there are no utility billbacks for water and sewer.
The sellers were represented by Jack Stephens and Tyler Johnson of HFO, and the buyers were represented by Bernard Gehret of Joseph Bernard Investment Real Estate. For more information on the sale of the Courtyard at Park Place, call Bernard at: 503-546-9390.