515 62Nd AvePortland, OR 97215

For Sale
$869,999

Portland, OR Multifamily Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional Mount Tabor duplex, located at 515 SE 62nd Ave, Portland, OR 97215, presents a compelling investment opportunity. The property, built in 1953, boasts 3,680 square feet of net rentable space across two units, each offering a unique blend of mid-century modern charm and modern convenience. The asking price is $869,999, translating to $236.41 per square foot and $434,999.50 per unit. The property features two deep garages, providing ample storage. Both units include gas fireplaces and hardwood flooring. The larger unit (515 side) offers a spacious downstairs area, ideal for a work studio or bonus living space, complete with a large open living room, kitchen, storage, bathroom, and laundry facilities. A cozy cement patio and attractive landscaping enhance the property's curb appeal. The property is zoned R-5 and offers one parking space per unit. The projected net operating income (NOI) is $65,280, resulting in a 4.50% pro-forma capitalization rate. The property's proximity to Tabor Heights Church, Stark Street Station, and the renowned Mount Tabor Park adds significant value. The estimated occupancy date is October 31, 2024. This is a fee simple ownership opportunity. This property is an ideal investment for those seeking a blend of residential and income-generating potential in a highly desirable Portland neighborhood.

Highlights

  • Mid-Century Modern duplex on Mount Tabor, ideal for owner-occupancy with rental income.
  • The larger 515 unit features a spacious downstairs with open living room, gas fireplace, kitchen, storage, bath, and laundry; suitable for a home office or bonus space.
  • Both units have gas fireplaces and hardwood floors.
  • Two-car garage and bonus rooms offer ample storage.
  • Features a patio, rock wall landscaping, and proximity to Tabor Heights Church, Stark Street Station, and Mount Tabor Park.

Property Details for 515 62Nd Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
3,680 SF
Class
B
Year Built
1953
Buildings
1
Stories
2
Units
2

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.519005
Longitude
-122.6004636
515 62Nd Ave, Portland, Oregon

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515 62Nd Ave
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