Investment Overview

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Theresa Terrace Apartments, a well-maintained asset in desirable southwest Portland. The property is comprised of 12 units, eight of which are two bedrooms, complemented by three one-bedroom units and a single studio. The diversity of unit mix and proximity to both neighborhood amenities and downtown Portland make this an easy-to-own asset with strong long-term growth potential. Upside can be achieved via several avenues. Rents are approximately 10% below market, allowing for solid but achievable rent growth. Additionally, eight of the 12 units have been remodeled, and include updated flooring and cabinetry, stainless appliances and granite kitchen counters. This straightforward process can be continued with the remaining units. Large windows provide great natural light, and the property has updated vinyl windows and a newer pitched composite roof, as well as recently refreshed landscaping. The community features off-street parking and a shared laundry facility as both a tenant amenity and an additional income stream.