22 Unit Stabilized Multi-Family | $159,000 per unit
Multifamily | 22 Units - 11 duplexes A+ Location
Marketing description
Welcome to the Fran-Mar Apartments, located at the end of a quiet cul-de-sac in the heart of Gresham. This unique property offers 11 well-maintained duplex units in one of the area's most convenient locations. Each apartment is 890 square feet, with 2 bedrooms and 1 bathroom, and dedicated yard space. Spacious living rooms open onto private back patios, creating an inviting indoor-outdoor flow that tenants love. Substantial interior and exterior improvements, including the renovation of 13 units, position this asset for reduced near-term capital needs.
The location is truly what sets this property apart. Residents enjoy proximity to Historic Downtown Gresham and Gresham Station with easy access to the MAX, multiple bus lines, and the new Trader Joe's. A nearby golf course, the Gresham Farmer's Market, and proximity to Mt. Hood offer additional recreation options.
Beyond the strong fundamentals, this property presents an excellent future condo conversion opportunity—offering investors both stable cash flow today and significant upside potential tomorrow.
Investment highlights
- 22 units - 11 duplex units
- Exterior system updates to all units include: vinyl windows (2002), roof replacement (2012), additional roof ventilation (2022), patio doors (2018), and siding (2002)
- Interior cosmetic updates to 13 units, including new light fixtures, ceiling fan, blinds, new carpet in living rooms, bedrooms, and LVT on remaining floors
- Close to shopping, schools, restaurants, Gresham Station, and Historic Downtown Gresham.
- Refrigerator, stove and W/D hookups, in every unit
- Private patios
- 2 dedicated parking spots per unit
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