Apartments Sold in SE Portland by Bernard Gehret
PORTLAND, Oregon: Eight units sold in the Sellwood neighborhood for a WHOPPING $2,150,000!
If you ever wondered if Portland is an overheated market, wonder no more because this sale is evidence! We see many properties on the market that are under-performing, in bad shape, and you guessed it- overpriced. This Sellwood neighborhood 8 unit gem is NOT an example of that commonplace occurrence, as it is in GREAT condition, with GREAT financial history, with a GREAT tenant base.
No surprise, but that all adds up to a GREAT price!
Courtyard Photo\
SALE SUMMARY:
Price: $2,150,000
Price per unit: $268,750
Price per square foot: $309
Estimated cap rate: 5.34%
Even though the price per unit was higher than average (substantially), the cap rate was a solid market cap rate of 5.34% based on the actual current rents and past twelve month expenses (including a budget for management).
The sellers of the property maintained the apartments really well, as they purchased the remodeled 1963 property a few years ago and really did a great job operating it. All the units were in immaculate condition, with hardwood flooring, updated (condo level) kitchens, with one and a half bathrooms. Rents for the two bedroom townhouses averaged $1,600.
Townhouse Style Units
The buyer of this property is stepping into a turnkey property with a strong rental history, plus it is in a great close in neighborhood. There are other new developments for multifamily properties in Sellwood, but this one has definite “mid century” charm.
Apartments Have Laundry On Second Floor
Each unit has a private exterior space, vinyl windows, and laundry. The property also contains a storage room with individual storage units for the tenants and a common area courtyard, with five off-street parking spots.
Aerial Photo by Steven Zimmerman
Thanks to Steven Zimmerman for the great photos.
Greg Frick of HFO represented the buyer, For more information about this sale, call Bernard Gehret at 503-546-9390.
