Investment Overview

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of The Belmar Apartments, located at 1964 NW Johnson St, a 19-unit vintage apartment community nestled in the heart of Portland’s storied Alphabet District. Originally constructed in 1927, this classic building offers a well-diversified unit mix of 16 studios, 2 one-bedrooms, and 1 two-bedroom unit. The Belmar’s enduring architectural character, period details, and timeless street presence contribute to above-average tenant demand and strong retention in one of Portland’s most desirable and supply-constrained urban neighborhoods. The property benefits from an exceptional walkability score, with tenants enjoying immediate access to the vibrant NW 23rd and NW 21st Avenue corridors, home to an eclectic mix of boutique shops, acclaimed restaurants, neighborhood coffee houses, fitness studios, and essential services. The proximity to Forest Park, one of the largest urban forests in the United States, and the Portland Streetcar line further elevate the Belmar’s lifestyle proposition, drawing a stable and desirable renter base that values both urban energy and outdoor access. With current rents approximately 12% below market, the asset presents investors with a clearly defined value-add pathway. New ownership can capture meaningful rent upside through thoughtful unit upgrades and organic lease-up as units turn, while the building’s classic bones and established tenant profile provide a reliable income baseline. The Alphabet District continues to demonstrate consistent renter demand, low vacancy relative to broader Portland, and renewed investor interest, evidenced by a 15% year-over-year increase in transaction activity across the metro. The Belmar Apartments represents a rare opportunity to acquire a character-rich, income-producing asset in one of Portland’s most irreplaceable urban neighborhoods, offering investors an ideal combination of immediate cash flow, meaningful upside, and long-term appreciation potential in a submarket with structural supply constraints and enduring tenant demand.