694 Joy AvePortland, OR 97229

This exceptional investment opportunity presents a 1-story, 3-unit apartment building located in desirable Cedar Mill, Portland, Oregon. Boasting a 5.04% cap rate, this property offers significant potential. Each unit features 2 bedrooms and 1 bathroom, and the building includes 5 parking spaces. Recent upgrades include a new roof (2021) with a transferable 10-year warranty and new electrical panels (2022) in each unit. Unit 690 received further updates in October 2023, including fresh interior paint, new flooring, and a washer/dryer. The property sits on a large lot (7,000-9,999 sq ft) and benefits from its convenient location, with easy access to shopping, dining, and public transportation. A bus stop is just 0.2 miles away, and the MAX Light Rail Station is 2.7 miles distant. The Walk Score is 83. Importantly, this property is zoned TO:RC (Transit Oriented Retail Commercial District), presenting considerable development potential. The total square footage is 2,592, built in 1959. The property is being sold in conjunction with an additional triplex (MLS# 24553472), with the combined tax lots totaling 14,880 square feet. This is a fantastic opportunity for investors seeking strong returns and future growth potential. The asking price is $799,000. Please respect tenant privacy.