Topanga
35-Unit Value Add Opportunity: 7% Cap on Current Rents w/ Upside Potential
Marketing description
Long-Term Ownership - significant Capital Expenditures in the recent term including elevator upgrades, security gate, high efficiency gas hot water system, and updated electrical/wiring
7% cap on current rents - recent lease trade-outs achieving 9.3% increases
Significant Ancillary Commercial Income - billboard lease through 2030 with base rent of $2k/month + 50% of advertising revenue
A+ Location / Walkability - Located next door to the iconic Ringside Steak House and blocks from NW 23rd Avenue, the heart of Portland’s NW Alphabet District
Potentially Assumable Financing - for qualified Buyers, 4.55% fixed through October, 2029.
Surrounded by some of Portland’s Most Iconic Amenities - walking distance to Powell’s Books, Providence Park, Multnomah Athletic Club, Washington Park, & NW 23rd Avenue shopping/dining.
Studio and 1-Bedroom Units - provide an affordable price point for urban renters.
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