11401 Powell BlvdPortland, OR 97266

This exceptional 10-unit apartment building presents a compelling investment opportunity in Portland, Oregon's thriving Powellhurst-Gilbert submarket. Situated on a 0.22-acre lot, this single-story, 8,292 square foot complex boasts a desirable duplex-style layout, perfect for families and long-term tenants. Built in 1973, the property features ten two-bedroom, two-bathroom units, currently operating at 66% occupancy. The current Net Operating Income (NOI) is $49,931, with an average monthly rent of $1,470 per unit, and a highest achieved rent of $1,630. Four units are currently vacant, representing a significant opportunity to immediately increase annual income by an estimated $72,000 by filling these vacancies and potentially raising rents to market rates of approximately $1,500 per month for similar units. The asking price is $1,395,000, translating to $139,500 per unit and a cap rate of 3.58%. Conveniently located off Powell Boulevard, this property offers easy access to local employers, retail, restaurants, and entertainment, with a 25-minute commute to both downtown Portland and the Portland International Airport. The property's location in a growing area of Portland, combined with the potential for immediate rent increases and value-add improvements, makes this a truly attractive investment prospect. The property's strong fundamentals, coupled with the potential for significant income growth, make this a rare opportunity in the competitive Portland market.