5717 Skidmore StPortland, OR 97218

Property Details for 5717 Skidmore St

Year built

1945

Lot size

1.49 AC

Property type

Apartment buildings

Description

This exceptional multifamily investment property, located at 5717 NE Skidmore St, Portland, OR 97218, presents a compelling opportunity for value-add investors. The property consists of four, two-story buildings totaling 18 units, a mix of one and two-bedroom apartments. Built between 1945 and 1969, the property sits on a 1.49-acre lot zoned RM1, offering significant potential for future development. Previous plans indicated the possibility of adding 53 more units, leveraging the existing zoning and potential bonus provisions for affordable housing. Currently, the property generates a NOI of $160,546, with a 5.02% cap rate. Pro-forma NOI is projected at $190,031, resulting in a 5.94% pro-forma cap rate. The asking price is $3,200,000, or $177,777.78 per unit. One-third of the units have undergone recent renovations, commanding 30-40% higher rents than comparable units. The property's location in Portland's Cully neighborhood provides convenient access to local amenities, including restaurants, shopping, and parks. This combination of immediate income generation, significant upside potential through further renovations and/or expansion, and a prime location makes this a truly unique investment opportunity. The property is offered fee simple.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.5541

Longitude

-122.604

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