16804 SE Division St, Portland, OR 97236

https://www.marcusmillichap.com/properties/197519/division-crossing

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Division Crossing, a 14-unit mixed-use property built in 2003 and located in Portland’s Centennial neighborhood. The asset features 14 apartment units comprised of six two-bedroom, 1.5-bathroom townhomes, one large one bed unit and seven studio flats, along with a long-term stabilized retail component. Constructed with wood-frame construction across two buildings, the property offers updated interiors in most townhomes including LVP flooring and carpeted bedrooms, in-unit washer and dryers, and exceptionally spacious private outdoor spaces spread among dual upstairs decks and fenced backyards. The asset has been intentionally maintained and updated, while still offering opportunity for continued improvements.

Originally developed by current ownership, the property reflects long-term stewardship and operational consistency. The apartments offer approximately 7.1% upside in current rents, supporting revenue growth through strategic rent increases. Additionally, the lone one-bedroom unit is oversized, offering further upside through either division into multiple units or conversion to additional bedrooms. The retail tenant has operated at the property since 2012, providing stable income with the ability to increase lease terms upon expiration in 2032. The combination of stable retail income and apartment rent upside positions the asset for both day-one cash flow and continued revenue expansion. Located approximately 12 miles east of Downtown Portland, the Centennial neighborhood provides access to major commuter corridors while maintaining a stable residential base. SE Division Street serves as a primary commercial artery with strong traffic counts and bus service at 168th Avenue. Proximity to I-84 and I-205 allows efficient connectivity across the metro area, reinforcing long-term tenant demand and investment durability.