Investment Overview

The Powell Station Apartments is a 14-unit, garden-style apartment located in the Powellhurst-Gilbert neighborhood of Portland. Built in 1999, this two-story property totals 15,400 square feet and comprises 14 two-bedroom, two-bathroom floorplans. The complex features four total buildings; one eight-unit building, one six-unit building and two detached parking garages with eight spaces. The property is located on a single tax lot. Powell Station offers a superior amenities package, featuring private backyard areas, balconies, storage units, washer and dryer hook-ups, and rentable garage spaces. Over the last three years, the owners have completed extensive renovations on more than half of the units. Renovations include: quartz countertops, modern; dark-stained shaker cabinets, undermount sinks, six-inch baseboards and stainless-steel appliances. The 'classic' units are currently achieving an average rent of $1,175 per month, while renovated units at the property average above $1,599 per month, representing a 27 percent upside potential for those units. The Powell Station Apartments is conveniently located off Powell Boulevard, offering access to numerous local employers, retailers, restaurants, and entertainment options. Tenants can easily commute to both Portland and the Portland International Airport within a 25-minute drive. With many people moving out of the inner city, this location provides a balance of convenient access to inner city life and travel. In addition to upside in rent, the garage spaces could be rented for additional income. Assuming $100 per month as a reasonable rate for a single garage, $9,600 in yearly income could be realized, indicating a value-add opportunity for the next investor. Its 1999 construction is in desirable condition, and the large two-bedroom, two-bathroom units with superior amenities in close proximity to Portland make the Powell Station a rare find for a savvy investor seeking a value-add opportunity.