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Multifamily

McKinney Apartments

2125 NW Glisan St, Portland, OR 97210

Listing Price: $2,700,000

Cap Rate
4.08%
Number of Units
16
Price/Unit
$168,750

Investment Overview

The Rhoades Group at Marcus & Millichap is pleased to exclusively represent the sale of McKinney Apartments in Portland’s famous Alphabet District. This beautifully-maintained vintage building presents the opportunity to acquire a trophy asset in a trophy location, and will continue to grow increasingly valuable as Portland’s population and downtown density continue to grow. The McKinney Apartments have received extensive recent capital improvements, though this iconic 1920s building has preserved much of its original charm. The exterior is clad in a clean and vibrant brick façade, replaced in 2010, and front windows were restored in the same time frame, allowing inclusion as a contributing Oregon Historical Site. Units feature original details such as hardwood and checkered tile floors, custom carpentry throughout including inset shelving, drawers, and cabinets and other era-appropriate fixtures. The architectural quality of design is unrivaled by modern apartments, and details such as its arched cased openings and intricate brick façade stand out in Portland but fit it in in the historic neighborhood. Located between the highly-amenitized NW 21st and 23rd Avenues, McKinney is strategically positioned in a luxurious and walkable neighborhood at the edge of Portland’s downtown business core. The immediate neighborhood offers an exceptionally high concentration of renowned dining and retail options (see pages 22 & 23), lending to strong tenant demand. With rents more than 13% below market and no utility reimbursement in place, there are clear opportunities to improve revenue. Additionally, there is a substantial manager/maintenance office on site that could potentially be repurposed as an additional unit or rentable storage space (Buyer to do due diligence to confirm potential other uses). This deal is an opportunity to acquire a premium asset in an exceptional location, and its irresistible charm makes the McKinney Apartments a desirable residence for tenants and investors alike.

Investment Highlights

  • Iconic Vintage Asset in Thriving Northwest Portland
  • Sixteen Apartments – Ten Studios and Six One Bedroom Units
  • Oregon Historical Site Contributing Property - Front Facade Replaced and Front Windows Restored
  • Dynamic Neighborhood – Situated Between Highly-Amenitized NW 21st and NW 23rd Avenues
  • Walk Score 99 "Walker's Paradise", Bike Score 97 "Biker's Paradise"
  • Approachable Upside – 13.9% Loss to Lease Can be Captured in Near Term
  • Opportunity to Grow Revenue via Institution of Utility Reimbursements
  • Projected 11+% Household Growth Within Next Five Years (One Mile Radius)

Exclusively Listed By

Financing By

Multifamily

McKinney Apartments

Listing Price: $2,700,000

Cap Rate
4.08%
Number of Units
16
Price/Unit
$168,750

Investment Highlights

  • Iconic Vintage Asset in Thriving Northwest Portland
  • Sixteen Apartments – Ten Studios and Six One Bedroom Units
  • Oregon Historical Site Contributing Property - Front Facade Replaced and Front Windows Restored
  • Dynamic Neighborhood – Situated Between Highly-Amenitized NW 21st and NW 23rd Avenues
  • Walk Score 99 "Walker's Paradise", Bike Score 97 "Biker's Paradise"
  • Approachable Upside – 13.9% Loss to Lease Can be Captured in Near Term
  • Opportunity to Grow Revenue via Institution of Utility Reimbursements
  • Projected 11+% Household Growth Within Next Five Years (One Mile Radius)

Investment Overview

The Rhoades Group at Marcus & Millichap is pleased to exclusively represent the sale of McKinney Apartments in Portland’s famous Alphabet District. This beautifully-maintained vintage building presents the opportunity to acquire a trophy asset in a trophy location, and will continue to grow increasingly valuable as Portland’s population and downtown density continue to grow. The McKinney Apartments have received extensive recent capital improvements, though this iconic 1920s building has preserved much of its original charm. The exterior is clad in a clean and vibrant brick façade, replaced in 2010, and front windows were restored in the same time frame, allowing inclusion as a contributing Oregon Historical Site. Units feature original details such as hardwood and checkered tile floors, custom carpentry throughout including inset shelving, drawers, and cabinets and other era-appropriate fixtures. The architectural quality of design is unrivaled by modern apartments, and details such as its arched cased openings and intricate brick façade stand out in Portland but fit it in in the historic neighborhood. Located between the highly-amenitized NW 21st and 23rd Avenues, McKinney is strategically positioned in a luxurious and walkable neighborhood at the edge of Portland’s downtown business core. The immediate neighborhood offers an exceptionally high concentration of renowned dining and retail options (see pages 22 & 23), lending to strong tenant demand. With rents more than 13% below market and no utility reimbursement in place, there are clear opportunities to improve revenue. Additionally, there is a substantial manager/maintenance office on site that could potentially be repurposed as an additional unit or rentable storage space (Buyer to do due diligence to confirm potential other uses). This deal is an opportunity to acquire a premium asset in an exceptional location, and its irresistible charm makes the McKinney Apartments a desirable residence for tenants and investors alike.

Exclusively Listed By

Financing By

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