Investment Overview

The Rhoades Group of Marcus & Millichap is pleased to exclusively present the sale of the Fessenden Street Apartments at 6956 N Fessenden St, a well-located 9-unit multifamily property in North Portland’s St. Johns neighborhood. This investment offers immediate cash flow with a clear path to enhanced returns through strategic value-add improvements. Fessenden St. Apartments is a compelling investment opportunity with below-market rents, currently averaging $1,068 per unit, while market rates support $1,295 per unit—presenting a 21% upside in rental income. A potential unit conversion is also available, as the existing laundry room mirrors the layout of the other nine units, allowing for a seamless addition of a 10th unit, which could generate almost $16,000 in additional annual revenue. Additionally, St. Johns Corner Laundry is conveniently located only 0.3 miles away. The property is also already cash-flowing at a 5.73% cap rate, with a pro forma cap rate of 7.72% achievable through simple operational adjustments. Recent renovations include updated kitchens and bathrooms featuring granite countertops, LVP flooring, and new vinyl windows in all units. Additionally, the building boasts strong physical condition with new cement fiberboard siding on the back and a wired security camera system for enhanced security. Tenant-friendly amenities include off-street assigned parking for every unit, additional unassigned spaces, and on-site laundry. The property is also ideally located near key attractions, including Safeway Grocery Store (0.4 miles), St. Johns Downtown/Main Street with multiple restaurants and shops (0.4 miles), and Portland University (1.03 miles).