Beaverton, Oregon: The St. Mary’s Crossing Apartments sold for $3,400,000, the property featured 29 units, with a large lot, extensive parking, and historically low vacancy rate.
The St. Mary’s Crossing Apartments is a well located apartment building with re-positioning potential, in the sub-market of Beaverton, Oregon. The property features a low density site with 8 total buildings, and an abundance of open green space.
The majority of the apartments (26 out of 29) are large 2 bedroom floor plans, and consist of a good balance of recent turnovers and longer term tenancy.
Price Per Unit: $117,241
Price Per Square Foot: $152.13
Estimated Cap Rate (Actuals): 5.4%
Estimated Cap Rate (Pro Forma): 6.6%
Estimated Cap Rate (Projected, post rehab): 8%
Four of the twenty nine units have been upgraded with new flooring, kitchen cabinets, and appliances.
A new owner will have the opportunity to capture the upside in the rents, and may benefit from a historically low vacancy in the Beaverton market (Multi-Family NW reported a 3.50% vacancy rate for Beaverton in 2018).
Here is the property flyer: St. Mary’s Crossing Flyer
Phillip Barry and Bernard Gehret represented the buyer and seller on the transaction, for more information call either of them at Joseph Bernard Investment Real Estate: 503-546-9390.