2500 157Th AvePortland, OR 97236

Property Details for 2500 157Th Ave

Year built

1973

Property type

Apartment buildings

Description

Exceptional value-add opportunity in Portland's desirable Centennial neighborhood. This 48-unit apartment building, constructed in 1973 and renovated in 2022, presents a compelling investment prospect. The property comprises sixteen one-bedroom/one-bathroom units and thirty-two two-bedroom/one-bathroom units, totaling 36,320 square feet of rentable space. Current rents average $1,264 for one-bedroom and $1,482 for two-bedroom units, representing approximately 9.4% and 7% below market rates respectively, indicating significant upside potential for rental income growth. The property boasts a 6.35% cap rate and a pro-forma cap rate of 7.38%, with a current NOI of $526,940 and a pro-forma NOI of $612,594. Desirable amenities include a swimming pool, on-site leasing office, ample parking, and air conditioning in each unit. The units feature luxury vinyl tile flooring and granite countertops. The property's location offers convenient access to shopping, dining, and recreational areas such as Powell Butte Nature Park. The low vacancy rate of 4.7% in the Centennial neighborhood, coupled with its proximity to major employers and its position within the Centennial School District, contributes to strong tenant demand and a stable rental base. The property is zoned HR2 and is offered at $8,300,000, or $172,917 per unit. This represents a rare opportunity to acquire a well-maintained, value-add multifamily property in a thriving Portland submarket with substantial potential for increased profitability.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.5039

Longitude

-122.502

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