1521 NE 41st Ave, Portland, OR 97232 For Sale

Alcove Hollywood is a masterclass in urban efficiency, offering a sophisticated living experience in one of Portland's most established residential neighborhoods. Completed in 2016, this 54-unit community blends high-design "micro-living" with premium finishes like quartz countertops and vaulted ceilings to maximize both utility and natural light.

The property presents a compelling strategic basis play, allowing an investor to acquire a stabilized, modern asset at a valuation significantly below today's replacement cost. By entering at this favorable basis, an owner establishes a natural "moat" against future competition while benefiting from a property that remains exempt from Oregon's statewide rent control (SB 608) for several more years. This combination of high-end design and defensive positioning makes the asset a standout residential option in a notoriously supply-constrained market.

Further enhancing the near-term cash flow, the property has secured a full property tax abatement for the 2026-2027 tax year on all real property improvements. This was achieved through the Portland Housing Bureau's Non-Profit Low-Income Housing Limited Tax Exemption Program, providing a substantial operational tailwind. For the incoming investor, Alcove Hollywood offers the rare trifecta of a stabilized tenant base, significant legislative advantages, and a robust tax-savings profile in a premier Pacific Northwest location.

From an investment perspective, Alcove Hollywood captures a resilient demographic of professionals and students seeking a "lock-and-leave" lifestyle. The building's modern construction and efficiency-first footprint minimize long-term capital expenses while optimizing operational management. This asset aligns with Portland tenant's values: A transit-oriented location with a sense of "place" just steps from their door.