Alcove Northwest
Multifamily | 6.72% CAP | 54 Units | $101,852/unit
Marketing description
Alcove Northwest is a masterclass in urban efficiency, offering a sophisticated living experience in one of Portland's most established and prestigious neighborhoods, the Alphabet District. Built in 2016, this 54-unit community blends high-design "micro-living" with unparalleled utility.
Units feature premium finishes like luxury vinyl tile (LVT) flooring, quartz counters, large windows, and vaulted ceilings that maximize natural light. Every square foot is optimized for the modern minimalist, providing an attainable yet high-end residential option in a supply-constrained market.
The property serves as a compelling strategic basis play, offering investors a chance to acquire a stabilized, modern asset at a valuation significantly below today's replacement cost. By entering at this basis, an investor gains a natural "moat" against future competition while benefiting from a property that is exempt from Oregon's statewide rent control (SB 608) for several more years.
Additionally, the property has received a full property tax abatement for the 2026-2027 tax year on all real property improvements through the Portland Housing Bureau's Non-Profit Low-Income Housing Limited Tax Exemption Program.
Residents enjoy a community-centric lifestyle with expansive shared kitchens on each floor, complementary high-speed Wi-Fi, and secure keyless entry. Situated in the heart of Northwest Portland, the location offers frictionless connectivity to the Pearl District and Downtown, capturing a resilient demographic of professionals and students seeking a "lock-and-leave" lifestyle.
Alcove Northwest is perfectly positioned in the heart of Portland's historic Alphabet District, steps away from the premier boutiques and world-class dining of NW 23rd Avenue. With a 96 Walk Score and 98 Bike Score, the property offers a "Walker's Paradise" with effortless access to New Seasons Market and the vast trail networks of Forest Park. This prime location ensures high desirability for urban professionals, providing a seamless commute to both the Pearl District and downtown Portland.
Investment highlights
See summary flyer on cover page and link to website on cover.
- Offered at a price point significantly below current replacement cost in the Portland market. With current construction expenses, labor shortages, and high financing rates, delivering a comparable project in the Northwest District is increasingly prohibitive.
- Each unit brings a feeling of luxury without sacrificing comfort or paying the high rents typical of the Alphabet District. Due to their lower price point and meticulously designed layouts, these efficiency units are highly popular with renters looking for simplicity and convenience.
- Located at 2250 NW Thurman St, the property is nestled in one of Portland's most iconic and walkable neighborhoods. Residents are just steps away from the trendy boutique shops, world-class dining, and active nightlife of NW 23rd Avenue.
- Downtown Portland and the Pearl District are just a short bike ride or streetcar trip away, providing immediate proximity to the region's primary professional hub and major employers.
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