Cleveland Colonial Apartments sold by Bernard Gehret

Cleveland Colonial Apartments sold by Bernard Gehret

 

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.

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Sold by Bernard Gehret, apartment broker at Joseph Bernard Investment Real Estate

 

Sales Summary:

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%

Multifamily Sale Had Multiple Offers

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.

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Built in 1969, the Cleveland Colonial Apartments now have it’s third owner in 47 years!