SOLD! 6 units located at SE 119th and SE Stark. Originally built as condos, the units feature two bedrooms, two and a half baths with garages.
Price per unit: $160,000
Cap rate (actual): 5.52%
Cap rate (with market rents): 7.05%
Price per square foot: $164
There were multiple offers on the property (at least four) the first week it was listed. High quality, condo style interiors increased buyer demand (as well as low market inventory). Half of the buyers that made offers were in 1031 exchanges, and we are seeing more exchanges from buyers that sold smaller investment properties (1-4 units) since prior to 2008.
Bernard Gehret represented the seller, and Philip Barry represented the buyer. For more information on this deal or the Oregon apartment market, call Bernard Gehret at Joseph Bernard Investment Real Estate: 503-546-9390.