2610-2618 Clackamas St Portland, OR 97232

Investor opportunity awaits with Cascade Crest, a well-located five-unit apartment building in Portland, Oregon. This charming, two-story Class C property, built in 1969 and situated on a 5,000 square foot lot at 2610-2618 NE Clackamas St, 97232, offers a total of 3,436 square feet of net rentable space. The building comprises four one-bedroom units and one four-bedroom unit, all featuring in-unit laundry. Recent updates have been made to kitchens and bathrooms in several units. Off-street parking is available for residents. The property boasts a strong net operating income (NOI) of $53,700, resulting in a 5.90% cap rate. The asking price is $900,000, translating to $180,000 per unit and $261.93 per square foot. Expenses include full property management, simplifying ownership. Significant rental upside potential exists, with opportunities to increase rents substantially in 2024. This is an excellent opportunity for investors seeking a stable, income-generating asset with potential for future growth in a desirable Portland location. The property is owned by an LLC.