The Meadows Apartments, located at 3129 NE 13th Street in Gresham, Oregon, recently sold for $1,126,000. The property consists of 16 one bedroom units, located on a corner lot near the Mt. Hood Community College.
Price per unit: $70,375
Price per square foot: $120.71
Estimated cap rate: 6.81%
The property has a large lot, and has the potential to add 12 additional units.
The interiors were in good shape, the floor plans were identical and the architecture provided good use of small spaces to provide a nice living space for tenants.
Joseph Chaplik from Joseph Bernard Investment Real Estate represented the buyer, and Bernard Gehret, also from Joseph Bernard Investment Real Estate, represented the seller. Call Bernard Gehret for more details: 503-546-9390.