5717 Skidmore StPortland, OR 97218

For Sale
$3,200,000

18-unit apartment building, high ROI potential.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional multifamily investment property, located at 5717 NE Skidmore St, Portland, OR 97218, presents a compelling opportunity for value-add investors. The property consists of four, two-story buildings totaling 18 units, a mix of one and two-bedroom apartments. Built between 1945 and 1969, the property sits on a 1.49-acre lot zoned RM1, offering significant potential for future development. Previous plans indicated the possibility of adding 53 more units, leveraging the existing zoning and potential bonus provisions for affordable housing. Currently, the property generates a NOI of $160,546, with a 5.02% cap rate. Pro-forma NOI is projected at $190,031, resulting in a 5.94% pro-forma cap rate. The asking price is $3,200,000, or $177,777.78 per unit. One-third of the units have undergone recent renovations, commanding 30-40% higher rents than comparable units. The property's location in Portland's Cully neighborhood provides convenient access to local amenities, including restaurants, shopping, and parks. This combination of immediate income generation, significant upside potential through further renovations and/or expansion, and a prime location makes this a truly unique investment opportunity. The property is offered fee simple.

Highlights

  • Value-Add Opportunity
  • Redevelopment Potential: Add 53 units
  • Mix of one- and two-bedroom units
  • Extensive community open space
  • RM1 zoning with 1.0 FAR, increasing to 1.5 FAR with density bonuses (e.g., affordable housing)
  • 33% of units recently renovated

Property Details for 5717 Skidmore St

Property type
Multifamily properties, Apartment buildings
Class
C
Year Built
1945
Buildings
4
Stories
2
Lot Size (sq. ft)
64,904 SF
Units
18

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.5541427
Longitude
-122.6040713
5717 Skidmore St, Portland, Oregon

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5717 Skidmore St
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