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Multifamily

The Firs

2420 SE 130th Ave, Portland, OR 97233

Listing Price: $810,000

Cap Rate
5.14%
Number of Units
6
GRM
7.67
Occupancy
95.0%
Price/Unit
$135,000

Investment Overview

The Fir Apartments, a quaint six-unit, two-story complex, is located at 2420 SE 130th Ave, Portland, Oregon 97202. Constructed in 1969, the property encompasses 4,692 rentable square feet and features six (6) two-bedroom/one-bathroom floorplans. Presenting a remarkable opportunity for value-add investors, the units, untouched since their original construction, hold immense potential for enhancement and modernization.

The average total current rent per month is $871. Renovated units in the immediate area with similar amenities achieve average rent of $1,392 per month. Savvy investors will realize the opportunity to improve rents 38%. All leases are month-to-month and no utility billback system is currently inplace.

The complex offers practical amenities, including an on-site laundry facility, storage units and expansive backyard areas. Its excellent location in Southeast Portland, just off SE Division Street, positions it a mere 15 minutes from the bustling downtown Portland and less than 20 minutes from the Portland International Airport. Additionally, with a bus stop conveniently located less than a block away and an impressive walking score of 73, The Fir Apartments ensures easy access to transportation and a plethora of nearby amenities.

Investment Highlights

  • Heavy value-add deal. Privately owned and managed for over 20 years.
  • All units in "Classic" condition; Trailing market rent by 38 percent.
  • Walk score of 73. Well-located near big-box retail, schools, and parks.

Exclusively Listed By

Financing By

Listing Price: $810,000

Cap Rate
5.14%
Number of Units
6
GRM
7.67
Occupancy
95.0%
Price/Unit
$135,000

Investment Highlights

  • Heavy value-add deal. Privately owned and managed for over 20 years.
  • All units in "Classic" condition; Trailing market rent by 38 percent.
  • Walk score of 73. Well-located near big-box retail, schools, and parks.

Investment Overview

The Fir Apartments, a quaint six-unit, two-story complex, is located at 2420 SE 130th Ave, Portland, Oregon 97202. Constructed in 1969, the property encompasses 4,692 rentable square feet and features six (6) two-bedroom/one-bathroom floorplans. Presenting a remarkable opportunity for value-add investors, the units, untouched since their original construction, hold immense potential for enhancement and modernization. The average total current rent per month is $871. Renovated units in the immediate area with similar amenities achieve average rent of $1,392 per month. Savvy investors will realize the opportunity to improve rents 38%. All leases are month-to-month and no utility billback system is currently inplace. The complex offers practical amenities, including an on-site laundry facility, storage units and expansive backyard areas. Its excellent location in Southeast Portland, just off SE Division Street, positions it a mere 15 minutes from the bustling downtown Portland and less than 20 minutes from the Portland International Airport. Additionally, with a bus stop conveniently located less than a block away and an impressive walking score of 73, The Fir Apartments ensures easy access to transportation and a plethora of nearby amenities.

Exclusively Listed By

Financing By

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