Koz on Sixteenth
Multifamily | 80 Units
Marketing description
Cushman & Wakefield is pleased to present KOZ on Sixteenth, an 80-unit studio community at 1611 NW Marshall Street in Portland's Slabtown / Northwest submarket. The asset offers a rare opportunity to acquire a stabilized property in one of the region's most walkable, amenity-rich neighborhoods.
KOZ stands out in the competitive set as a well-located, lower-cost option without sacrificing quality. While nearby studios lease for $1,300-$1,600, KOZ achieves approximately $1,175-$1,200, creating a consistent pricing advantage that supports strong occupancy, retention, and demand.
The mid-rise property is designed for Portland's urban workforce, with efficient layouts and a full amenity package including controlled access, elevator, bike storage, secured parking, onsite laundry, courtyard space, and internet included in rent.
Currently ~95% occupied (as of March 2026), the asset provides immediate cash flow with additional upside tied to continued rent growth in a supply-constrained submarket. KOZ on Sixteenth offers a combination of stable income, limited new competition, and durable renter demand, appealing to a wide range of investors seeking long-term performance in a core Portland location.
Investment highlights
- Stabilized asset in a premier urban location - 80-unit, studio-focused community in Portland's walkable Slabtown neighborhood with ~95% occupancy as of March 2026, delivering immediate stabilized income with zero near-term capital expenditure requirements.
- The most attainably priced quality community in Northwest Portland - Koz delivers a modern, amenitized studio experience at $1,175-$1,200/month, meaningfully below competing assets offering similar or inferior unit quality, driving superior demand depth and tenant retention.
- Unparalleled walkability and urban connectivity - Walk Score 97 (Walker's Paradise); immediate proximity to the Portland Streetcar, MAX Light Rail, and TriMet bus network, enabling car-free access to all of Portland's major employment centers including the Pearl District, Downtown, the Medical/University District, and the Lloyd District.
- All-inclusive utility package - high-speed internet included in rent represents a meaningful cost-of-living advantage versus competing assets that charge separately for utilities and services, effectively reducing the all-in housing cost gap to zero versus lower-priced alternatives.
- Irreplaceable infill location in supply-constrained submarket - the Slabtown / Northwest Portland submarket has seen virtually no new market-rate deliveries since 2024, and developable sites in the immediate area are effectively exhausted, providing durable competitive protection to existing owners.
- 81% of units affordable at 60% AMI - the Property's rent positioning means that the vast majority of units are naturally affordable to households making 60% of Portland's Area Median Income, giving the asset deep, diverse demand fundamentals with no income restrictions or compliance obligations.
- Premium rent-per-square-foot positioning - studio-dominant unit mix generating approximately $3.49/SF in asking rent, among the highest in the submarket, demonstrating the efficiency premium of compact, location-optimized units in a walkable urban environment.
- Strong review profile and resident satisfaction - the Property's Google review score and resident sentiment reflect a community that is valued for its location, management responsiveness, and value proposition, supporting low turnover and stable occupancy through market cycles.
- Deep discount to replacement cost - new mid-rise multifamily construction in inner Portland is estimated at $275,000-$350,000+ per unit, driven by land scarcity, construction cost inflation, and permitting complexity. Acquiring KOZ on Sixteenth at current market pricing represents a meaningful discount to what it would cost to replicate the asset today - a structural valuation floor that is independent of cap rate movement and provides durable downside protection for investors across market cycles.
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