Gresham, Oregon: SOLD! 10 units, $1,120,000.
The Cleveland Colonial Apartments were built in 1969, and have only had two owners since until the recent sale. Bernard Gehret represented the seller, and there were multiple offers on the property. The property features eight, three bedroom units and two, two bedroom units. There are two laundry rooms onsite, and a large basement area that has potential for storage.
Price per unit: $112,000
Price per square foot: $91
Approximate cap rate (actual income and expenses): 5.03%
Approximate cap rate (pro forma rents): 7.09%
The buyer was represented by Carol Hushman of the Dennison Capen Group, the seller was represented by Bernard Gehret of Joseph Bernard Investment Real Estate.