Presenting a premier multi-family investment opportunity in SE Portland that perfectly balances sophistication and potential, with a cap rate above 5%. This expansive triplex features 8 bedrooms and 6 bathrooms across 3,172 sq ft of living space. Each unit is equipped with modern amenities, providing the comfort and convenience tenants seek, ensuring high satisfaction, and keeping vacancy rates remarkably low. Recent updates throughout the property have reduced maintenance needs, allowing you to enjoy the benefits of a reliable and consistent cash flow with minimal oversight. The inclusion of an 8-car parking lot further enhances the property's appeal, offering convenience that residents will appreciate.What truly sets this property apart is its zoning, which allows for the construction of additional housing units. This opens the door to significant income growth, making this investment even more enticing. The potential to expand and increase revenue is a rare opportunity in today’s market.Located just minutes from a vibrant array of dining options, bars, and entertainment venues, this property is in a prime location that tenants will love. It’s also ideally situated on a bus line, with easy freeway access, and only 15 minutes from downtown Portland. Nearby hospitals and major employment centers add to its desirability, ensuring strong and steady tenant demand.Investors will quickly recognize the exceptional value this property offers. However, we advise all buyers to conduct their own due diligence regarding zoning to fully capitalize on the available opportunities. With a strong rental income already in place, room for growth, and a cap rate above 5%, this property is a standout choice for investors seeking both stability and potential.
Last Agent to Sell the Property
ELEETE Real Estate License #201216668 Listed on: 05/22/2024
Home Type
Est. Annual Taxes
Year Built
Lot Details
Home Design
Interior Spaces
Parking
Schools
Utilities
Additional Features
Listing and Financial Details
Overview
Building Details
$649,950
Best value duplex. Good oopportunity for Buyers who wants to occupy one unit while renting the other…OR rent out both sides and have an excellent investment income property. Attached garages,low-maintenance yard, washer/dryers and private fenced decks for each unit. Corner lot and closeby the bus-line.
Phillip Phan Phillip Phan Realty
$650,000
Fully rented duplex on the western end of the Cully neighborhood. Close proximity to Alberta & Killingsworth Street shops and restaurants + Fernhill Park. Built in 2015 with high ceilings, quartz counters, hardwood floors, painted wood cabinets, Delta brush nickel fixtures, gas fireplaces, tile showers & covered patio. One side with 2 beds/2 baths and a 1 car garage. The other with 2 beds/2.1
Katie Spurlock Windermere Realty Trust
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $677,000 | Wfg Title | |
| Warranty Deed | $608,000 | Old Republic Title | |
| Warranty Deed | $549,000 | First American Title | |
| Interfamily Deed Transfer | -- | None Available | |
| Warranty Deed | $310,000 | First American | |
| Warranty Deed | $450,000 | Ticor Title Insurance Compan | |
| Quit Claim Deed | -- | Ticor Title | |
| Warranty Deed | $125,000 | Ticor Title Insurance Compan | |
| Interfamily Deed Transfer | -- | -- |
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $473,900 | New Conventional | |
| Previous Owner | $200,188 | New Conventional | |
| Previous Owner | $409,000 | New Conventional | |
| Previous Owner | $232,500 | New Conventional |
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 10/11/2024 10/11/24 | Sold | $677,000 | -9.7% | $213 / Sq Ft |
| 09/05/2024 09/05/24 | Pending | -- | -- | -- |
| 08/26/2024 08/26/24 | Price Changed | $749,500 | -5.1% | $236 / Sq Ft |
| 08/16/2024 08/16/24 | Price Changed | $789,900 | -1.1% | $249 / Sq Ft |
| 06/10/2024 06/10/24 | Price Changed | $799,000 | -3.2% | $252 / Sq Ft |
| 05/22/2024 05/22/24 | For Sale | $825,000 | +50.3% | $260 / Sq Ft |
| 04/12/2017 04/12/17 | Sold | $549,000 | -2.8% | $173 / Sq Ft |
| 02/21/2017 02/21/17 | Pending | -- | -- | -- |
| 12/31/2016 12/31/16 | For Sale | $565,000 | +82.3% | $178 / Sq Ft |
| 12/09/2013 12/09/13 | Sold | $310,000 | +3.4% | $86 / Sq Ft |
| 11/06/2013 11/06/13 | Pending | -- | -- | -- |
| 08/06/2013 08/06/13 | For Sale | $299,900 | -- | $83 / Sq Ft |
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2023 | $8,325 | $354,180 | $0 | $0 |
| 2022 | $7,891 | $343,870 | $0 | $0 |
| 2021 | $7,761 | $333,860 | $0 | $0 |
| 2020 | $7,031 | $324,140 | $0 | $0 |
| 2019 | $6,807 | $314,700 | $0 | $0 |
| 2018 | $6,598 | $305,540 | $0 | $0 |
| 2017 | $6,354 | $296,650 | $0 | $0 |
| 2016 | $6,187 | $288,010 | $0 | $0 |
| 2015 | $5,639 | $279,630 | $0 | $0 |
| 2014 | $5,781 | $271,490 | $0 | $0 |
Seller's Agent in 2024
Tony Apa
ELEETE Real Estate
(503) 806-9773
2 in this area
155 Total Sales
Seller Co-Listing Agent in 2024
Courtney Clarke
ELEETE Real Estate
(503) 349-6557
2 in this area
123 Total Sales
J
Buyer's Agent in 2024
Johnny Choi Sang Wong
MORE Realty
(503) 353-6673
2 in this area
32 Total Sales
Seller's Agent in 2017
Terri Boughton
Century 21 North Homes Realty
(503) 307-2546
2 in this area
65 Total Sales
Buyer's Agent in 2017
Gavin Tay
Coldwell Banker Bain
Seller's Agent in 2013
Leslie Hilbert
Keller Williams Sunset Corridor
1 Total Sale
Source: Regional Multiple Listing Service (RMLS)
MLS Number: 24152671
APN: R283940
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