475 74Th AvePortland, OR 97213

Property Details for 475 74Th Ave

Year built

2020

Lot size

0.11 AC

Property size (Sq ft)

10,211 SF

Zone code

CSB

Property type

Apartment buildings

APN

1N2E32DB 05500

APU

1N2E32DB05500

Description

This exceptional three-story, 8,121 square foot apartment building, constructed in 2020, presents a compelling investment opportunity. Located at 475 NE 74th Ave, Portland, OR 97213, in the desirable Roseway neighborhood, this Fee Simple property boasts 12 units, offering a compelling price per unit of $284,166.67. The building features a mix of predominantly two-bedroom units, each equipped with high-end finishes including in-unit washer/dryers, custom cabinets, wood shelving, stainless steel appliances, high ceilings, and modern windows. The property benefits from a prime location between Montavilla and North Tabor, boasting a Walk Score of 86 and a Bike Score of 97, reflecting its highly walkable and bikeable environment. Currently generating a NOI of $182,046 and a 5.34% cap rate, the property offers significant upside potential with a pro-forma NOI of $211,396 and a pro-forma cap rate of 6.20%. Current rents are approximately 12% below market, presenting an immediate opportunity to increase revenue. The surrounding area features new construction, supporting continued growth and attracting a diverse tenant base. This turn-key asset offers value appreciation potential and strong returns in a thriving Portland submarket. The asking price for this exceptional property is $3,410,000.

• CAP approach

  CAP return

  Valuation

  6%

  $3,477,646

  6.5%

  $3,210,135

  7%

  $2,980,840

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,047,973

  Geo Method

  $3,047,973

• Alternative Use

  Use

  Valuation

  Residential

  $3,210,135

  Hospitality

  $2,940,466

  Educational

  $2,446,434

  Medical

  $2,530,570

  Retail

  $3,805,563

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.526

Longitude

-122.587

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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