16300 Burnside St Portland, OR 97233

Pinewood Station, a 49-unit apartment building in Gresham, Oregon, presents a compelling investment opportunity. This multifamily property, situated on a 2.17-acre lot at 16300 E Burnside St, 97233, offers 40,520 square feet of net rentable space, priced at $6,100,000 ($151/sq ft). Built in 1968, the property consists of twelve, two-story buildings, housing a mix of one-, two-, and four-bedroom apartments. Each unit features a fully-equipped kitchen with a dishwasher, along with patios or balconies. Residents enjoy amenities such as a seasonal heated pool, two on-site laundry rooms, and ample off-street parking. On-site management ensures smooth operations. The property's strategic location at the intersection of NE Burnside and NE 162nd Ave provides easy access to major retailers and dining at nearby shopping centers like 205 Place and Gresham Station. Its proximity to employers such as Amazon and Albertsons, combined with convenient access to TriMet Max Light Rail and multiple bus lines, enhances its appeal to renters. The average rent per unit is $827, resulting in a 6.08% cap rate. The price per unit is $124,490, and the land value is $22.58 per acre. This property offers value-add potential through renovation and benefits from its location outside Portland city limits, making it an attractive investment in the growing Gresham rental market.