Investment Overview

Powell Flats is a 10-unit, garden-style apartment complex located in the Powellhurst-Gilbert submarket of Portland, Oregon. Situated on a sizable lot, this property offers substantial growth potential in an evolving part of the city. Built in 1973, this single-story community comprises a total of 8,292 square feet with all units featuring desirable two-bedroom, two-bathroom floorplans. The property's duplex-style layout provides a superior living situation, particularly appealing to families. The units at Powell Flats is a self-managed property currently achieving an average rent of $1,470 per month, while the highest achieved rent is $1,630. Notably, four of the ten units are currently vacant, presenting an immediate opportunity for value-add investors to capitalize on the market's potential. By focusing on these ratios and vacancies, an investor can clearly see the potential for rental income growth through strategic improvements to management and upgrades at Powell Flats. This analysis highlights a clear path to enhance property value and profitability by aligning more units with the market rents of $1,500 for two-bedroom floorplans. This property offers a unique investment opportunity, combining the potential for immediate renovations and rent increases with a desirable layout in a growing submarket of Portland. Powell Flats is conveniently located off Powell Boulevard in the Powellhurst-Gilbert neighborhood of Portland, Oregon, a city of about 650,000 residents in Multnomah County. Known for its diverse neighborhoods and evolving submarkets, Portland offers a blend of urban amenities and suburban comfort. The property's location provides easy access to numerous local employers, retailers, restaurants, and entertainment options. Tenants can easily commute to both downtown Portland and the Portland International Airport within a 25-minute drive. This prime location strikes a balance between convenient access to inner-city life and the benefits of a more suburban environment, catering to those seeking to move away from the urban core. Portland's economy benefits from diverse industries, including technology, healthcare, and creative services. Major employers in the area include Intel, Nike, and Providence Health & Services. The city is also home to several universities, contributing to a well-educated workforce and vibrant population. The cost of living in Portland is higher than the national average, with the median home value around $540,000. The rental market in the Powellhurst-Gilbert area offers competitive rates, with two-bedroom apartments averaging $1,500 per month. This submarket provides diverse housing choices, accommodating various lifestyles and preferences while offering potential for growth and development.