Mulberry Apartments
A Rare Multifamily Opportunity in Portland's Iconic Ladd's Addition
Marketing description
The Mulberry Apartments present a rare opportunity to acquire a beautiful and historically significant asset in the affluent Ladd's Addition neighborhood on Portland's Central Eastside.
Mulberry offers exceptional "bones" and unit configurations that are virtually unmatched in today's market, truly embodying the notion that "they don't build them like they used to." The property's classic design, generous layouts, and enduring construction quality set it apart from newer inventory.
With these foundational upgrades in place, Mulberry is ideally positioned for the next owner to execute a thoughtful renovation program. A strategic refresh of the property's interiors and common areas offers the opportunity to reposition the asset, enhance its aesthetic appeal, and drive meaningful rent growth and operational performance over the next 20–30 years.
Given the strength of the surrounding neighborhood and the continued demand for character-rich housing in Ladd's Addition, a well-executed renovation is expected to be strongly received by the market and translate into increased returns. Recent unit tradeouts are getting significant rent lifts without any upgrades.
This represents a truly unique chance to acquire a generational asset, one that rarely becomes available, in one of Portland's most sought-after and historically significant neighborhoods.
Investment highlights
- Irreplaceable Vintage Charm & Livability - Mulberry perfectly captures and complements the historic significance of Ladd's Addition.
- Spacious unit floor plans featuring large living rooms and bedrooms, kitchens with well preserved cabinet and case work
- Classic architectural details including: Beautiful oak hardwood floors, Pocket doors, Historic tile wainscoting bathrooms, Coved ceilings, Numerous large closets, Secure private garages off the ally
- Expansive windows provide abundant natural light throughout
- Phenomenal Location – Rich in History - Ladd's Addition is Portland's oldest planned neighborhood, established in 1891.
- Uniquely designed in a diagonal "wagon wheel" street pattern, unlike the surrounding grid system
- Traffic circles feature community rose gardens and gathering spaces
- Designated a National Historic District in 1977
- Architecture includes a blend of Craftsman, Tudor, Mission, Colonial Revival, and bungalow styles
- Streets are lined with a mature canopy of American elm trees
- Rare alleyways provide access to garages and services—uncommon in Portland
- Homes in Ladd's Addition are highly sought after due to their historic charm, limited inventory, and strong demand. Property values often exceed $900,000, outperforming surrounding neighborhoods.
- Hawthorne Boulevard – Iconic Portland Destination - Hawthorne Boulevard is one of Portland's most vibrant and recognizable corridors.
- Spans approximately 46 blocks
- Renowned for some of the city's best dining and food experiences
- A destination for vintage shopping, attracting visitors from around the world
- Known for its enduring bohemian character and trendsetting culture
- Cultural anchors include bookstores like Powell's Books and other independent shops
- Exceptional Accessibility - Highly bike-friendly neighborhood; cycling and walking are primary modes of transportation
- Easy access to downtown via the Hawthorne Bridge, one of the nation's top bike commuting routes
- Protected bike lanes throughout the Central Eastside provide safe and efficient travel
- Excellent transit options: Frequent bus service along Hawthorne Boulevard, Streetcar access within blocks of Mulberry
- Convenient connections to major employment centers including: Oregon Health & Science University (OHSU), Portland State University (PSU)
- Walkable, pedestrian-friendly environment with access to everyday amenities; ideal for car-free living
- Strong regional connectivity via nearby interstates and surface streets
- Proximity to Downtown & Employment Centers - Mulberry offers immediate access to Portland's Central Business District via the Hawthorne Bridge.
- Close to major employment hubs including: City of Portland offices, Multnomah County offices, PSU and OHSU campuses
- Residents benefit from a seamless live-work-play environment within walking or biking distance
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