Investment Overview

Marcus & Millichap is pleased to present Johnson Creek Apartment Homes, located in the Johnson Creek/Ardenwald neighborhood of southeast Portland. The property was built in 1970, and offers highly desirable single-story living, and features updated cement fiberboard siding, vinyl windows, and a new roof installed in 2023. Each unit offers two bedrooms and one bathroom, providing a high-demand floor plan for the submarket. The units are in “classic” condition, offering a direct value-add strategy by updating interiors to modern finishes. Amenities include full-size washer/dryers and a private back patio. There are 18 parking spaces for residents’ use, including four tandem pairs. The Johnson Creek neighborhood offers suburban appeal combined with walkability, and Johnson Creek Apartment Homes is considered both “Very Walkable” and “Very Bikeable” per WalkScore.com, in addition to offering seamless access to Portland’s robust public transit system. The location within Clackamas County is widely considered more landlord-friendly, while still offering a sought-after Portland address. The investment opportunity presented by Johnson Creek Apartment Homes is straightforward and attainable. Rents at the property are currently 12% below market levels as indicated by competing assets in the area. With exterior renovations completed, prospective buyers can now focus on interior upgrades to provide the quality finishes that tenants seeking long-term residency in this asset type expect. The asset’s solid, good-quality construction points to fewer maintenance issues during ownership, and easier management day-to-day.