$4,600,000 Price Analysis    ♡   Portland, OR 97206 Unknown bed 0 bath unknown SqFt ($0/SqFt) 0.44 acre lot. Built 1960 Listed 2024-06-28 | Ⓧ USDA Ineligible due to price & location near Arleta |
The Eastport Manor Apartments is an extensively renovated
Like brand-new, 20-unit apartment community located in the Foster-Powell neighborhood of SE Portland. The property has undergone a complete transformation in 2023/2024 with the completion of stunning and fully permitted renovation that includes all new systems and high-end interior renovation of all units. The units feature open and modern 2br/1ba floor plans, with washer/dryer in unit and additional amenities on-site. Amenities include off-street parking, a newly constructed and secure bike-room on-site, a private/serene court-yard with secure entrance and a dedicated storage locker for each unit.
Tenants benefit from the property being centrally located with easy access to nearby amenities, but also reap the benefit of the property being set back within a residential setting for tranquil quiet living. Upon completion of the renovations, the property experienced strong demand at lease up, with all units leasing within approximately 45 days, with no concessions. A s of June 2024, the property is 100% occupied with an average rent of $1, 635 + RUBS in place ( rents range from $1, 595 to $1, 745 + RUBS). A truly rare investment opportunity for a buyer to acquire a stabilized property with a charming high-end renovation completed (like brand-new construction) and an opportunity that will limit the capital risk for a buyer moving forward given the extent and quality of the work completed.
Presented by Phillip Barry at
Joseph Bernard Investment Real Estate.
Property MLS #11293764 from MyStateMLS
Lot Size Square Feet: 19166
Association Fee Amenities: Foster - Powell
Calculated Total Monthly Association Fees: 0
County: 41051
Availability Date: 2024-06-28
Source Property Type: Multi-Unit (5+)
Source System Name: C2C
$4,600,000
MyStateMLS
Building Features: Building Storage Available: Y
Building Name: Eastport Manor Apartments
Property Age: 64
Year Remodeled: 2024
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.