3591 Michigan AvePortland, OR 97227

For Sale
$2,595,000

Brand new, 6-unit apartment building in Portland.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a brand-new, six-unit apartment building located at 3591 N Michigan Ave, Portland, Oregon, 97227. Completed in 2024, this Class A property boasts 5,520 square feet of net rentable space, spread across three stories in a single building. Each of the six units features two bedrooms and two bathrooms, offering a desirable layout for renters. The building sits on a 4,875 square foot lot and is zoned RM1 - Residential Multi-Dwelling 1. High-end condo-grade finishes are evident throughout, including quartz countertops, spacious patios or decks, high ceilings, and abundant natural light. Currently undergoing lease-up, this low-maintenance asset presents a strong return on investment with an asking price of $2,595,000 ($432,500 per unit) and a projected 5.52% capitalization rate. The property's prime location in a desirable North Portland neighborhood ensures strong rental demand and long-term value appreciation. This is a rare opportunity to acquire a newly constructed, high-quality multifamily property in a thriving market. All units are currently in the lease-up phase. The price per square foot is $470.11.

Highlights

  • Brand new, six-unit multifamily building in desirable North Portland.
  • Currently undergoing lease-up.
  • Low-maintenance property with high-end finishes including quartz countertops, patios/decks, and abundant natural light.
  • Each unit features two bedrooms and two bathrooms.

Property Details for 3591 Michigan Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
5,520 SF
Class
A
Year Built
2024
Buildings
1
Stories
3
Units
6

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.548888722596
Longitude
-122.67662836378
3591 Michigan Ave, Portland, Oregon

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
3591 Michigan Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message