208 66Th AvePortland, OR 97213

Property Details for 208 66Th Ave

Year built

1957

Lot size

0.82 AC

Property size (Sq ft)

14,350 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 25-unit apartment building located at 208 NE 66th Ave, Portland, Oregon, 97213, in the desirable North Tabor neighborhood. The property, built in 1957, comprises three single-story buildings totaling 14,350 square feet on a 0.82-acre lot. The complex offers a mix of one- and two-bedroom units, each averaging $574 in monthly rent, resulting in a current average unit price of $160,000. The property boasts 18 parking spaces and on-site laundry facilities, adding significant value for residents. Currently self-managed, this presents a clear path to increased profitability through professional management. The asking price is $4,015,000, representing a 5.66% cap rate and a pro-forma cap rate of 6.70%. The property's location offers residents convenient access to major transportation routes, providing easy commutes to downtown Portland and other key areas. The North Tabor neighborhood is known for its strong sense of community, proximity to Mount Tabor Park, and high ratings for schools, family living, and nightlife (A rating on Niche.com). This well-maintained property offers a compelling blend of stable income and significant upside potential, making it an ideal addition to any investment portfolio. The land value alone is estimated at $49,998 based on a price per acre of $30.49. This is a rare opportunity to acquire a well-located, multifamily property in a thriving Portland neighborhood.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.5245

Longitude

-122.595

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