7222 E Burnside St, Portland, OR 97215

PROPERTY SUMMARY

Burnside Court presents the opportunity to acquire a well maintained six-unit apartment community ideally located along Portland's East Burnside corridor in the highly desirable Mt. Tabor neighborhood. The property consists of approximately 4,152 square feet on a 12,197-square-foot (0.28-acre) corner lot and features an efficient unit mix of five two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment.

Currently 100% occupied, Burnside Court provides stable in place cash flow with a 6.69% cap rate while offering future upside through continued interior renovations as units naturally turn over. The property's desirable unit mix, efficient single-level courtyard layout, and premier eastside location create an attractive investment opportunity with both immediate income and long-term appreciation potential.

CONSTRUCTION

Constructed in 1949, Burnside Court is a classic mid-century courtyard apartment featuring wood-frame construction with cedar shake siding, double-pane vinyl windows, and a pitched composition shingle roof. The property offers four off-street parking spaces, ample street parking, and a partial unfinished basement housing shared laundry facilities and generous tenant storage.

The property has been consistently maintained and thoughtfully updated over time. Interior renovations have been completed as apartments have turned over, with the photographs in this Offering Memorandum showcasing Unit #6, the most recently renovated unit and representative of the quality of recent improvements. Units #1 and #2 have been occupied by long term tenants for more than 10 years and, while updated prior to their tenancy, have not received the same recent interior renovations as the remaining apartments.

Significant plumbing improvements have also been completed throughout the property. All plumbing within the basement has been replaced, including the building piping extending to the sewer connection. Plumbing within the apartments has been updated, with the exception of Units #1 and #2 due to their long term occupancy.