We recently sold the vintage four-plex in an outstanding Alberta Arts location for $880,000. The property was METICULOUSLY maintained by caring owners, and had many positive features, including:
-Clean basement with laundry and storage
-Outdoor grilling area and BBQ
-Garage with one off-street parking spot
-Bonus cottage for tenant families to stay in when visiting from out of town
-Great tenant service from the landlord
Price per unit: $220,000
Price per square foot: $252.36
Gross Rent Multiplier: 13.83
“IN THE TRENCHES” ANALYSIS:
Upon offering, there was tremendous interest in the listing with many showings. There were multiple offers (two at first then more backup offers and interest after the sale went “pending”) and the property sold $30,000 above list price. This property is unique in the market as the quality, location, and tenant base were all strong, which translated into high demand in this already over-heated seller’s market. As the ten year treasury rate continues to rise (2.8% range the week of closing), I am curious to see what that will do to market demand.
Based on the sales data on this smaller (less than 20-30 units) apartment deal, it appears we still have a tremendously strong seller’s market.
These photos are of the “bonus” cottage room (it does not contain installed heat) which the tenants utilized for family access when visiting from out of town, what a great (and rare) amenity!
The cottage contained a bed, couch, small kitchen and bathroom.
This small “bonus cottage” is nicer than anything I lived in during my 20’s!
The interiors of the four-plex have beautiful hardwood floors throughout the units.
What a space!
For more information on this property or the hot Portland apartment market, call Bernard Gehret at Joseph Bernard Investment Real Estate: 503-546-9390. Ronda Joseph of Hasson Company Realtors represented the buyers.