SOLD! From earlier this year, twelve unit Eastbank Quarters sold in the Sellwood neighborhood for $3,150,000. The 2017 year built property features six, one-bedroom units, and six two-bedroom one and a half bath units. The new construction property was filled prior to entering into escrow with the buyer and seller, and property taxes on the new property had not been assessed yet. The new property taxes for 2018/2019 were just released by Multnomah County last week.
The Eastbank Quarters have air conditioning, dishwashers, and laundry hookups inside each unit. All the units look great! The interiors have a very modern feel, and the westside units have a great view on the top floor. Rents ranged from $1,249 for one-bedrooms and $1,849 for two bedroom units at the time of sale in early 2018.
There has been a lot of new construction (obviously) in the Portland metro area, and most of the new construction is located close-in near downtown. This project is no exception, as it is located in Sellwood, just minutes away from downtown Portland.
Price Per Unit: $262,500
Price Per Square Foot: $304.87
Estimated Pro Forma Cap Rate: 6.2%
The units have tremendous appeal and are laid out beautifully with hardwood-esque floors and stainless steel appliances. There is also bike storage onsite. The property is located just down the street from the Sellwood Bridge, and is perfect for bike/public transit commuters downtown.
Bernard Gehret of Joseph Bernard Investment Real Estate represented the buyer, and Nick Krautter of Keller Willams Portland Central represented the seller. For more information on this transaction or any other apartments in Oregon or SW Washington, call Bernard Gehret at 503-706-4713. Also, click here for more apartment listings: www.josephbernard.net.