Apartments seem to be selling for $100,000 per unit in the Portland metro for the past six months, and this 19 unit is no exception. The sellers kept great care of the property for 40+ years, and had no major deferred maintenance with the sale.
Another theme that is CLEARLY occurring in the market: buyers are looking at the pro forma cap rate with properties that have below market rents.
Price per unit: $102,631.
Estimated cap rate (actuals): 6.11%
Pro forma cap rate: 7.50%
Price per square foot: $95
Phillip Barry of Joseph Bernard Investment Real Estate represented the sellers, and Bernard Gehret of Joseph Bernard Investment Real Estate represented the buyers. For more information call Bernard Gehret at 503-546-9390.