$1,950,000
PENDING $450K PRICE DROP

Estimated payment $12,609/month

Total Views 8,580
4 Beds
3 Baths
3,458 Sq Ft
$564 Price per Sq Ft

Highlights

  • 0.26 Acre Lot
  • Wood Flooring
  • Security Gate
  • West Sylvan Middle School Rated A-
  • No HOA
  • Laundry Facilities

About This Home

Rare opportunity to acquire a value add 11 unit multifamily in one of the most sought after neighborhood in all of Portland. The property consists of two buildings and 11 units. The wood framed brick building is 6 units, all one bedrooms. The Victorian is 3 levels and 5 units, high ceilings with recent upgrades including electrical. The property is in receivership, please see offer instructions. All numbers are based on proforma and in line with market rates. Not all leases on the property have been verified and is under new property management. There is an incredible amount of upside on this asset.

Listing Agent

Jordan Fezler

Apex Residential License #201225534 Listed on: 11/06/2024

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $22,069

Year Built

  • Built in 1890 | Remodeled

Lot Details

  • 0.26 Acre Lot
  • Lot Dimensions are 105 x 100
  • Level Lot

Parking

  • On-Street Parking

Home Design

  • Flat Roof Shape
  • Brick Exterior Construction
  • Block Foundation
  • Slab Foundation
  • Wood Siding
  • Concrete Perimeter Foundation

Interior Spaces

  • 3,458 Sq Ft Home
  • 3-Story Property
  • Wood Flooring
  • Basement Fills Entire Space Under The House
  • Security Gate

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 3 Bathrooms

Schools

  • Chapman Elementary School
  • West Sylvan Middle School
  • Lincoln High School

Utilities

  • No Cooling
  • Heating System Uses Gas
  • Mini Split Heat Pump
  • High Speed Internet

Listing and Financial Details

  • Assessor Parcel Number R216383

Community Details

Overview

  • No Home Owners Association
  • 11 Units
  • Northwest District Subdivision
  • Property managed by NWV

Amenities

  • Laundry Facilities

Building Details

  • Operating Expense $96,908
  • Gross Income $256,960
  • Net Operating Income $160,052

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$22,069

Year Built

Built in 1890 | Remodeled

Lot Details

0

Listing Details

  • Standard Status: Pending
  • MLS Status: Pending
  • Property Type: MultiFamily
  • Stories: 3
  • Year Built: 1890
  • Property Condition: UpdatedRemodeled
  • Property Attached Yn: No
  • Open House: No
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: FullBasement
  • Storage: Basement
  • Total Bedrooms: 4
  • Lot Size Range: SqFt10000to14999

Exterior Features

  • Exterior Description: Brick,WoodSiding
  • Lot Size: 10,000 to 14,999 SqFt
  • Foundation Details: Block, ConcretePerimeter, Slab
  • View: No
  • Lot Features: Level
  • Road Surface Type: Paved
  • Roof: Flat, Other

Garage/Parking

  • Parking Description: OnStreet
  • Attached Garage: No

Utilities

  • Fuel Description: Electricity,Gas
  • Hot Water: Electricity,Propane
  • Internet Service Type: Cable
  • Security: SecurityGate
  • Cooling: Other
  • Cooling Y N: No
  • Heating: MiniSplit
  • Heating Yn: Yes
  • Sewer: PublicSewer
  • Water Source: PublicWater

Condo/Co-op/Association

  • Management Name: NWV
  • Community Features: AllLandscaping, Laundry
  • Association: No

Schools

  • Elementary School: Chapman
  • High School: Lincoln
  • Middle Or Junior School: West Sylvan

Lot Info

  • Zoning: RM4
  • Lot Size Acres: 0.26
  • Lot Size: 105 x 100
  • Lot Size Sq Ft: 11325.0
  • Parcel #: R216383

Green Features

  • Green Certification: No

Rental Info

  • Rent Includes: Electricity, Gas, Heat, Sewer, Water

Tax Info

  • Tax Deferral: No
  • Tax Year: 2024
  • Tax Annual Amount: 22069.4
  • Tax Opportunity Zone: No

Multi Family

  • Unit Type: UnitTypeType1, UnitTypeType2, UnitTypeType3
  • Number Of Units Total: 11
  • Gross Rent Multiplier: 7.59
  • Annual Gross Income: 256960.0
  • Property Net Operating Income: 160052.0
  • Annual Operating Expense: 96908.0

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/23/2025 05/23/25 Pending -- -- --
04/09/2025 04/09/25 Price Changed $1,950,000 -2.3% $564 / Sq Ft
04/04/2025 04/04/25 Price Changed $1,995,000 -7.2% $577 / Sq Ft
02/03/2025 02/03/25 Price Changed $2,150,000 -10.4% $622 / Sq Ft
11/06/2024 11/06/24 For Sale $2,400,000 0.0% $694 / Sq Ft
09/04/2024 09/04/24 For Rent $2,250 -- --
Source: Regional Multiple Listing Service (RMLS)

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Source: Regional Multiple Listing Service (RMLS)

MLS Number: 24340236

Regional Multiple Listing Service (RMLS)