611 Southeast 139th Avenue, Portland, OR 97233

Walnut Manor Apartments is a well-maintained 12-unit multifamily community located at 611 SE 139th Avenue in Portland’s Hazelwood neighborhood of SE Portland. Constructed in 1968, the property consists entirely of spacious single-level two-bedroom units, offering residents an attractive low-density living environment that is increasingly rare among comparable vintage apartment communities in the Portland market. Situated on approximately 0.75 acres, the property benefits from an efficient site layout with ample off-street parking and strong overall curb appeal.

The community features twelve large 2-bedroom/1-bath floorplans, including eleven units at approximately 830 square feet and one unit at approximately 900 square feet. Each apartment includes private fenced patio areas, washer/dryer hookups with owner-provided appliances, ductless mini-split heating and air conditioning systems, and double-pane vinyl windows. Interior finishes throughout the property include a combination of bamboo flooring and luxury vinyl plank flooring in nearly all units, contributing to strong resident appeal and long-term tenant retention.

The units offer bright, comfortable living spaces with abundant natural light, clean neutral finishes, and functional layouts that appeal to a broad tenant base. Spacious kitchens feature ample cabinet storage and full appliance packages, while sliding glass doors provide direct access to private outdoor patio spaces, creating an attractive blend of indoor and outdoor living rarely found in comparable vintage product.

Current ownership has completed several meaningful capital improvements over time, including a full roof replacement in 2017 and complete gutter replacement in 2024. Ownership also participated in Energy Trust of Oregon efficiency programs, resulting in upgraded insulation, vinyl windows, and additional energy-efficiency improvements throughout the property. Unit interiors have also been thoughtfully upgraded during turnover periods.

Walnut Manor presents as a clean, operationally stable asset with a history of long-term tenancy and historically low turnover, reflecting both the quality of the physical asset and current ownership’s stewardship.

The property offers investors strong in-place fundamentals supported by an attractive amenity package and desirable unit configuration. Walnut Manor’s unique single-story layout, large floorplans, and resident-focused amenities position the property favorably within the East Portland rental market, where demand remains strong for larger and more affordable two-bedroom housing options.

Conveniently located near SE Stark Street, the property benefits from immediate access to public transportation, retail amenities, and major transportation corridors including I-205 and Highway 26. Residents also enjoy close proximity to several nearby parks and recreational amenities, including Midland Park, Ventura Park, Nadaka Nature Park, and Kelly Butte Natural Area. Despite its accessibility, the property is situated along a quieter residential corridor that provides residents with a more serene neighborhood setting while maintaining close proximity to employment centers, shopping, schools, and neighborhood services that support long-term rental demand fundamentals.