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28294614
28294622

2275 NE Division St, Gresham, OR 97030 For Sale

JC
OR 200606025
Kidder Mathews Portland
CN
OR 980200165
Kidder Mathews Portland
Listed by Kidder Mathews Portland
$2,695,000
243 days on market
Updated 51 days ago

Eagle Rock

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 17,780
Units 18
Cap Rate 6.41%
NOI $172,719
Occupancy 94%
Price per SqFt $152
Class C
Year Built 1970
Buildings 3
Stories 2
Acreage 0.930
Parking Spaces 28 spaces
Parking per 1,000 SqFt 1.57
Investment Type Value Add
Ground Lease No

Value-add 18 unit apartment in Gresham

Marketing description

Constructed in 1970, Eagle Rock features 18 well-maintained apartment units across three buildings on a 0.93-acre lot, backing up to a golf course. An existing loan with a 4.75% interest rate +/- $1.7M balance is assumable through March of 2028.

Investment highlights

The unit mix includes sixteen (16) two-bedroom/one-bath units averaging ±960 SF, and two (2) three-bedroom/one-and-a-half bath units averaging ±1,200 SF. Residents benefit from spacious floor plans with private decks or patios, all arranged around a charming courtyard that backs directly onto a beautiful golf course.

Three (3) of the eighteen (18) units feature in-unit washer and dryer hookups while the others share an on-site laundry facility. Tenants enjoy covered parking stalls and energy-efficient vinyl windows, all contributing to an attractive and comfortable living environment.

Over the past several years, the ownership has continued to invest back into the property; approximately $400,000 has been spent on capital improvements, enhancing both its functionality and tenant appeal. Upgrades include new roofs (2019), new plumbing and full unit renovations of six (6) units in 2024, landscaping improvements, and an upgraded site drainage system (2024).

Eagle Rock offers tenants an exceptionally convenient location along NE Division Street in Gresham, Oregon. The property is surrounded by key neighborhood amenities, including multiple parks, Legacy Mount Hood Medical Center, and Mt. Hood Community College. Positioned along one of Gresham’s primary east–west corridors, Division Street provides excellent visibility and accessibility for residents and visitors alike. The property sits just five blocks south of E Burnside Street, which features TriMet’s award-winning MAX Light Rail line, connecting Downtown Portland, Gresham, and the greater metro area. The Cleveland Avenue MAX Station, located approximately seven blocks away, offers a quick and convenient public transit option.

Listing Contacts

JC
OR 200606025
Kidder Mathews Portland
CN
OR 980200165
Kidder Mathews Portland
Listed by Kidder Mathews Portland

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$172,719.00
$14,393.25/mo

Valuation Metrics

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DSCR
6.41%
Cap Rate
6.41%
ROI

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