Pictures of Multifamily property located at 3605 SE 38th Ave, Portland, OR 97202 for sales - image #1

Pictures of Multifamily property located at 3605 SE 38th Ave, Portland, OR 97202 for sales - image #2

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Powell Apartments

30 Unit Newer Construction with Attractive Assumable Financing (3.36% rate with I/O)

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Jordan Carter
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License: OR 200606025
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Clay Newton
License: OR 980200165
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Asking Price: $6,295,000

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Address

3605 SE 38th Ave, Portland, OR 97202

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Date Added

Nov 20, 2023

Days on Market

482 days

Time Since Last Update

25 days

Details

Property TypeMultifamily

SubtypeApartment Building

Investment TypeValue Add

ClassB

Square Footage17,220

Cap Rate5.60%

NOI$356,118

Units30

Year Built2017

Buildings1

Stories3

Lot Size (acres)0.2

APNR287024

Price/Unit$209,833

Marketing Description

Kidder Mathews presents a newer construction 30-unit apartment opportunity located in the heart of close-in SE Portland with an attractive assumable loan at 3.36% interest and over 6 years of term remaining

Built in 2017, the Powell Apartments are located on SE 38th Ave & Powell Blvd. The unit mix is comprised of six two-bed/one bath units and twenty four studio units, all with modern finishes, full kitchens with hard surface counters, wood-look flooring and stainless appliances. All units feature high ceilings, washer/ dryers and select units have electric fireplaces and private patios or balconies. A community BBQ area is located outside for tenants to enjoy.

The asset features a highly attractive assumable loan with a 3.36% interest rate with nearly seven years of term remaining (including 7 months left with interest-only payments) and a loan balance of approximately $4 million. Additionally, the property has a MULTE property tax abatement on the real property improvements through June of 2028. The City will give a 5-year extension when that expires. More information at this link.

Located in SE Portland, Powell Blvd is one of Portland’s major East/ West arterial streets connecting SE Portland to Gresham. Located just minutes from downtown Portland, SE 38th Ave is in the heart of this corridor. Powell is surrounded by an array of retail and dining options, including John’s Marketplace and food carts (1 block), Starbucks (1 block), Chipotle (1 block) Orange Theory Fitness (1 block) Studio One Theaters (2 blocks), and Hopworks Brewery (7 blocks). Additionally, a Safeway grocery store is two blocks away. The location has a Walk Score of 89 and a 95 Bike Score and is served by a number of bus lines

Taking advantage of the loan assumption, an investor should achieve a day one in-place equity yield of 9.71%