8021 Flanders StPortland, OR 97213

Property Details for 8021 Flanders St

Year built

1997

Property size (Sq ft)

3,217 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a three-unit multifamily property located at 8021 NE Flanders St, Portland, Oregon, 97213, in the Montavilla neighborhood. The property, built in 1997, boasts a total of 3,217 square feet across a two-story building and sits on a lot zoned RM-2. The asking price is $825,000, translating to $275,000 per unit and $256.45 per square foot. The current Net Operating Income (NOI) is $48,223, yielding a 5.85% cap rate. Pro-forma NOI is projected at $52,819, representing a 6.40% cap rate. The property includes three parking spaces (one garage and two carports). Each unit is currently rented, with Unit 1 (1198 sq ft, 3 bed/2 bath) renting for $1775, Unit 2 (980 sq ft, 3 bed/1.5 bath) renting for $1950, and Unit 3 (804 sq ft, 2 bed/1 bath) renting for $932. Tenants are month-to-month, and pay all utilities except garbage. The property is well-maintained and presents a strong cash flow with potential for rent increases. A condo conversion may also be possible, subject to applicable regulations and approvals. Financial statements are available upon request. All information is deemed reliable but not guaranteed

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.5258

Longitude

-122.581

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