SOLD:  The fourteen unit mixed use (two commercial spaces, and twelve apartment units) building, “The Broadway Apartments”, located at 2007 NE Broadway Street, Portland, Oregon sold for $2,492,500.

The Broadway Apartments, Listed by Bernard Gehret of Joseph Bernard Investment Real Estate

PROPERTY FEATURES:

The fourteen unit building was constructed in 2013, and features two commercial spaces (St. Simon Coffee and Visit Nail Salon) and twelve apartment units of varying sizes, ranging from studios to two bedroom units.  There are even very rare, one bedroom, one and half bath townhouse style units (I personally have never seen one bedroom TH units!).  There is a laundry and bike room located onsite.

TRANSACTION SUMMARY:

Price: $2,492,500

Price Per Unit:$178,035

Price Per Square Foot: $383.82

Estimated Cap Rate (actuals): 4.78%

EXTERIOR PHOTOS:

INTERIOR PHOTOS:

There are fireplaces in the units, with simple, but modern kitchens.

The bathrooms have 12” x 12″ tile with nice cabinets and vanity countertops.

Some of the units have a small porch/exterior space with city views.

Bernard Gehret of Joseph Bernard Investment Real Estate represented the seller and Phillip Barry of Joseph Bernard Investment Real Estate represented the buyer.  For more information about this sale or the market, call Bernard Gehret at 503-546-9390.  Click HERE for more information on the property.