A client just purchased the 9 unit building on SE 125th and Division for $692,000. Here were the benefits of this deal:
-Recently built in 2004 and
well cared for
-Rents below market, all units are townhouse style
-No significant deferred maintenance
The buyer has an opportunity to increase rents around $50 by upgrading the landscaping and marketing, and will benefit by strong property management that already has other properties
in the area. The increase in NOI creates an opportunity to increase the cap rate to 7.5%+ on a well maintained building.
Call me at the office (503) 546-9390 for details, another “WIN-WIN” for the buyer and seller!
From Joseph Bernard’s website:
SOLD! 125th Avenue Apartments in Portland, OR
We are pleased to announce the sale of a nine-unit apartment building located at 2615 SE 125th Avenue in Portland, Oregon. This property sold for $692,000
at a 6.62% cap rate.
For further information on this property or transaction please contact Bernard Gehret.