475 74Th Ave Portland, OR 97213

This exceptional three-story, 8,121 square foot apartment building, constructed in 2020, presents a compelling investment opportunity. Located at 475 NE 74th Ave, Portland, OR 97213, in the desirable Roseway neighborhood, this Fee Simple property boasts 12 units, offering a compelling price per unit of $284,166.67. The building features a mix of predominantly two-bedroom units, each equipped with high-end finishes including in-unit washer/dryers, custom cabinets, wood shelving, stainless steel appliances, high ceilings, and modern windows. The property benefits from a prime location between Montavilla and North Tabor, boasting a Walk Score of 86 and a Bike Score of 97, reflecting its highly walkable and bikeable environment. Currently generating a NOI of $182,046 and a 5.34% cap rate, the property offers significant upside potential with a pro-forma NOI of $211,396 and a pro-forma cap rate of 6.20%. Current rents are approximately 12% below market, presenting an immediate opportunity to increase revenue. The surrounding area features new construction, supporting continued growth and attracting a diverse tenant base. This turn-key asset offers value appreciation potential and strong returns in a thriving Portland submarket. The asking price for this exceptional property is $3,410,000.