SOLD! The five unit multi-family property located at 519 SE 20th sold for $1,125,000.
-Two-bedroom, one bath units
-Fantastic, close-in SE Stark and 20th Avenue location
-Off-street parking for each unit
-Renovated in 2018
-Washer and dryer hookups
Price per unit: $225,000
Price per square foot: $288
Estimated cap rate (actual): 5.65%
The market continued to be hot in late 2018, with multiple offers on the property. The winning bidders purchased the property at $25,000 over list price, which may seem high, yet the cap rate was still a higher than average (especially for close-in) at 5.65% on the actual scheduled income. The market average for cap rates is typically in the lower 5% range, sometimes sub 5% for close-in apartments. Out of the 19 transactions I was involved with in 2019, this was the highest cap rate deal in Portland.
Bernard Gehret of Joseph Bernard Investment Real Estate represented the parties in the transaction, for more information on this deal of the Portland, close-in apartment market, call Bernard at: 503-546-9390.