For Sale
$3,999,900

232 61St AvePortland, OR 97213

New construction, fully leased, high ROI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 15-unit apartment building, completed in 2024, presents a compelling investment opportunity. Located in Portland, Oregon's desirable North Tabor neighborhood (97213), this property boasts 12,240 square feet on a lot ranging from 5,000 to 6,999 square feet. The three-story building features a mix of nine two-bedroom/one-bathroom and six one-bedroom/one-bathroom units, totaling 24 beds. High-end finishes throughout include custom cabinetry, stainless steel appliances, and stackable washer/dryers. Building amenities include indoor bike storage and an enclosed trash area. The property is currently fully leased, generating a Net Operating Income (NOI) of $217,993 and a 5.45% cap rate. The asking price is $3,999,900, translating to $326.79 per square foot and $266,660 per unit. A one-year builder warranty and a 15-year new construction rent-control exemption provide additional peace of mind. This property offers a strong, diversified investment portfolio with significant potential for long-term growth in a highly sought-after location. Virtual tours of select units are available online.

Highlights

  • 15 brand-new units.
  • Nine 2-bedroom/1-bathroom units and six 1-bedroom/1-bathroom units.
  • Prime North Tabor location in Northeast Portland.
  • High-end finishes, tall ceilings, open floor plans, and abundant natural light.
  • Includes indoor bike storage and an enclosed trash area.
  • Unit mix diversifies investment opportunities.

Property Details for 232 61St Ave

Property type
Residential income homes, Dormitories
Square Feet
12,240 SF
Year Built
2024
Buildings
1
Stories
3
Units
15

Location Insight

City
Portland
County
Multnomah
State
Oregon
Latitude
45.5247807
Longitude
-122.6006401
232 61St Ave, Portland, Oregon

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232 61St Ave
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