2500 157Th AvePortland, OR 97236

For Sale
$8,300,000

48-unit apartment complex, high ROI potential

Overview

Added:
Dec 11, 2024
Days on market:
94
Exceptional value-add opportunity in Portland's desirable Centennial neighborhood. This 48-unit apartment building, constructed in 1973 and renovated in 2022, presents a compelling investment prospect. The property comprises sixteen one-bedroom/one-bathroom units and thirty-two two-bedroom/one-bathroom units, totaling 36,320 square feet of rentable space. Current rents average $1,264 for one-bedroom and $1,482 for two-bedroom units, representing approximately 9.4% and 7% below market rates respectively, indicating significant upside potential for rental income growth. The property boasts a 6.35% cap rate and a pro-forma cap rate of 7.38%, with a current NOI of $526,940 and a pro-forma NOI of $612,594. Desirable amenities include a swimming pool, on-site leasing office, ample parking, and air conditioning in each unit. The units feature luxury vinyl tile flooring and granite countertops. The property's location offers convenient access to shopping, dining, and recreational areas such as Powell Butte Nature Park. The low vacancy rate of 4.7% in the Centennial neighborhood, coupled with its proximity to major employers and its position within the Centennial School District, contributes to strong tenant demand and a stable rental base. The property is zoned HR2 and is offered at $8,300,000, or $172,917 per unit. This represents a rare opportunity to acquire a well-maintained, value-add multifamily property in a thriving Portland submarket with substantial potential for increased profitability.

Highlights

  • $8,300,000 asking price for a 48-unit apartment building.
  • 36,320 square feet of net rentable area, with a price per square foot of $228.52.
  • 6.35% cap rate, and a pro-forma cap rate of 7.38%.
  • $526,940 current NOI, and a pro-forma NOI of $612,594.
  • Located at 2500 SE 157th Ave, Portland, OR 97236.

Property Details for 2500 157Th Ave

Property type
Multifamily properties, Apartment buildings
Year Built
1973
Buildings
4
Stories
2
Units
48

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.50389127397
Longitude
-122.50171004054
2500 157Th Ave, Portland, Oregon

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2500 157Th Ave
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