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Tranquility Court
Multifamily | 6 Units | $133,333/unit
Listing Contacts
License: ID SP49734, Or 201207848
Active
Asking Price: $800,000
Earnest Money Deposit: $10,000 min.
Address
2605 SE 119th Ave, Portland, OR 97266
Show on MapDate Added
Aug 3, 2024
Days on Market
259 days
Time Since Last Update
58 days
Details
Property TypeMultifamily
SubtypeApartment Building
Investment TypeValue Add
ClassB
Square Footage6,108
Net Rentable (sq ft)6,108
Price/Sq Ft$130.98
Cap Rate6.26%
Pro-Forma Cap Rate7.62%
Occupancy100%
Occupancy Date08/02/2024
NOI$50,077
Pro-Forma NOI$61,000
Units6
Year Built1971
Buildings2
Stories2
Lot Size (sq ft)12,665
Price/Unit$133,333.33
Marketing Description
This exceptional property is ideally situated on a tranquil Portland street, directly across from the vibrant Division Center offering abundant shopping and dining options for residents. Comprising two buildings on a single lot, this property enjoys consistent high demand due to a limited apartment supply in the area. The two spacious three-bedroom units, styled as townhomes, present a significant opportunity for rental growth. Currently under professional management by Century 21 Northwest.
Investment Highlights
Great long term investment in a 6 unit complex that has a lot of upside in rents.
PROPERTY HIGHLIGHTS
Quiet street
Aluminum siding
Two large townhome style 3 bed 1.5 bath units
Four 2 bed units 1 bath
Downstair units have a yard.
PROPERTY SUMMARY
Asking Price: $947,000
Year Built: 1971
3 units renovated out of the four 2 bedroom units
LOCATION HIGHLIGHTS
Great location for appreciation
High demand neighborhood
Minutes to downtown Portland by bike or car
Huge demand from tenants to rent these units
Shopping center across the street with grocery store
Valuation Calculator
Valuation Calculator
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$50,077.00
$4,173.08/mo
Valuation Metrics
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0
DSCR
6.26%
Cap Rate
6.26%
ROI
Property History
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Due Diligence
Listing Contacts
- License: ID SP49734, Or 201207848
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