11401 Powell BlvdPortland, OR 97266

Property Details for 11401 Powell Blvd

Year built

1973

Lot size

0.22 AC

Property size (Sq ft)

8,292 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.4967

Longitude

-122.546

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