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30902705
30902704

1020 SE 60th Ave, Portland, OR 97215

BM
201208978, OR201208978
Commercial Integrity, NW
Listed by Commercial Integrity, NW
$14,250,000
90 days on market
Updated 90 days ago

Tabor Commons Apartments

Details
APN R206292
Property Type Multifamily
Sub Type Apartment Building
Square Footage 30,201
Net Rentable (SqFt) 22,667
Units 76
Cap Rate 5.73%
NOI $816,568
Occupancy 96%
Price per SqFt $472
Class B
Year Built 1928/1946
Year Renovated 2020
Buildings 1
Stories 4
Acreage 0.570
Zoning Residential Multi-Dwelling 1 (RM-1)
Parking Spaces 14 spaces
Parking Per SqFt 0.46
Investment Type Stabilized
Sale Condition 1031 exchange

76 Vintage Units - Fully Renovated Building - 5.8% Cap w/ Assumable Financing

Marketing description

Tabor Commons is rich in local history. It was renovated between 2017-2020 at a cost exceeding $10,000,000 but maintains its original character/charm.

Originally constructed in 1928 (the east wing) and 1946 (the west wing), the interior was completely rebuilt with all new mechanical systems, plumbing, electrical, air conditioning, interior fixtures, high quality finishes and innovative design.

Original materials were re-purposed and reused. The mahogany paneling in the lobby was built from woodwork original to the building.

Some of the improvements include seismic upgrading with:

-20,000+ steel helical ties tying the exterior brick walls from the floor to the roof

-Installation of a sprinkler system throughout the building

-Carbon footprint responsible green energy features (eco-friendly rating higher than LEED)

-Sophisticated sound attenuation system to minimize noise and a pressurized circulating air flow system in the hallways to bring 100% fresh air into the building.

-$3,000,000 was spent on the structural system alone so it is almost like a new building inside the original exterior shell, which has beautifully preserved.

Investment highlights

Fannie Mae Assumable Financing (Berkadia) - 1% Assumption Fee

Current Balance - $10,473,329 (March, 2026)

Interest Rate - 2.99% fixed through November, 2031

Origination Date - 11/1/21; remaining term 69 months (November, 2031)

Prepayment Structure - Yield Maintenance

Listing Contacts

BM
201208978, OR201208978
Commercial Integrity, NW
Listed by Commercial Integrity, NW

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$816,568.00
$68,047.33/mo

Valuation Metrics

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DSCR
5.73%
Cap Rate
5.73%
ROI

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