704 Joy AvePortland, OR 97229

For Sale
$799,000

Portland Multifamily, High Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a 3-unit apartment building located at 704 NW Joy Ave, Portland, Oregon, 97229. Boasting a desirable Cedar Mill location, this ranch-style triplex offers 2,592 square feet on a large lot (7,000-9,999 square feet) and features three units, each with two bedrooms and one bathroom. Recent upgrades include a new roof (2021) with a transferable warranty, new electrical panels (2022) in each unit, and recent renovations in one unit (2024) including new carpet, vinyl flooring, interior paint, bathroom fixtures, and appliances. The property includes five assigned parking spaces and benefits from its proximity to amenities, public transportation (0.2 miles to a bus stop and 2.7 miles to the MAX Light Rail Station), and a Walk Score of 83. The Transit Oriented Retail Commercial (TO:RC) zoning presents potential for future development. The asking price is $799,000, with a 4.91% cap rate. This property is being sold in conjunction with another triplex (MLS# 24444756), with the combined tax lots totaling 14,880 square feet. The APN is R636191. Please note that tenants should not be disturbed.

Highlights

  • Three-unit triplex in desirable Cedar Mill, Portland, OR.
  • 2,592 sq ft building on a large lot (7,000-9,999 sq ft).
  • Each unit features two bedrooms and one bathroom.
  • Recent upgrades include a new roof (2021), new electrical panels (2022), and recent renovations in one unit (2024).
  • Five assigned parking spaces.
  • Excellent location with high Walk Score (83), proximity to public transit, and TO:RC zoning.

Property Details for 704 Joy Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
2,592 SF
Year Built
1959
Stories
1
Lot Size (sq. ft)
304,920,000 SF
Units
3

Location Insight

City
Portland
County
Washington
State
Oregon
Latitude
45.5249468
Longitude
-122.8137555
704 Joy 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].
704 Joy 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