704 Joy AvePortland, OR 97229

Property Details for 704 Joy Ave

Lot size

0.17 AC

Zone code

RC

Property type

Apartment buildings

APN

1N133DB-05100

APU

1N133DB05100

Description

This exceptional investment opportunity presents a 3-unit apartment building located at 704 NW Joy Ave, Portland, Oregon, 97229. Boasting a desirable Cedar Mill location, this ranch-style triplex offers 2,592 square feet on a large lot (7,000-9,999 square feet) and features three units, each with two bedrooms and one bathroom. Recent upgrades include a new roof (2021) with a transferable warranty, new electrical panels (2022) in each unit, and recent renovations in one unit (2024) including new carpet, vinyl flooring, interior paint, bathroom fixtures, and appliances. The property includes five assigned parking spaces and benefits from its proximity to amenities, public transportation (0.2 miles to a bus stop and 2.7 miles to the MAX Light Rail Station), and a Walk Score of 83. The Transit Oriented Retail Commercial (TO:RC) zoning presents potential for future development. The asking price is $799,000, with a 4.91% cap rate. This property is being sold in conjunction with another triplex (MLS# 24444756), with the combined tax lots totaling 14,880 square feet. The APN is R636191. Please note that tenants should not be disturbed.

• CAP approach

  CAP return

  Valuation

  6%

  $2,126,460

  6.5%

  $1,962,886

  7%

  $1,822,680

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,308,257

  Geo Method

  $2,250,682

• Alternative Use

  Use

  Valuation

  Residential

  $1,962,886

  Hospitality

  $1,797,993

  Educational

  $1,495,909

  Medical

  $1,547,356

  Retail

  $2,326,970

Location Insight

City

Portland

County

Washington

State

Oregon

Latitude

45.5249

Longitude

-122.814

CBSA code

38900

CBSA name

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

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].