Multifamily

Lombard Mixed-Use

815-827 N Lombard St, Portland, OR 97217

Listing Price: $1,495,000

Cap Rate
5.79%
Number of Units
7
GRM
12.31
Occupancy
92.7%
Price/Unit
$213,571
Price/Gross SF
$256.43
Gross SF
5,830

Investment Overview

The property is comprised of five apartment units complemented by two retail suites. There is three one-bedroom one-bath units, along with one studio & two-bedroom. Each unit features a variety of countertops and floorplans, and all five units are spacious with ten-foot-high ceilings. A storage space was recently converted into a city-approved studio featuring a kitchen with granite countertops and stainless appliances.

There is a busy Mexican restaurant called Mi Burrito which occupies two recently adjoined retail suites. The second retail tenant is Grachico, a wholesale operation occupying approximately 750 Sq Ft. An investor could achieve upside via the addition of a shared laundry space and introducing utility reimbursements to create additional income streams. The retail suites are on NNN Leases reducing real estate taxes and insurance expenses, diversifying the income stream generated by this property.

The desirable and growing Piedmont submarket of Portland has seen significant improvements throughout the last decade. Within just a few blocks are amenities including groceries, dining, and a laundromat.

Investment Highlights

  • Newer Membrane Roof and Updated Electrical System
  • Significant Recent Capital Expenditures
  • 5.79% Cap Rate on In-Place Income
  • Centrally Located on North Portland's Main Street
  • Diversified Income Streams

Exclusively Listed By

Listing Price: $1,495,000

Cap Rate
5.79%
Number of Units
7
GRM
12.31
Occupancy
92.7%
Price/Unit
$213,571
Price/Gross SF
$256.43
Gross SF
5,830

Investment Highlights

  • Newer Membrane Roof and Updated Electrical System
  • Significant Recent Capital Expenditures
  • 5.79% Cap Rate on In-Place Income
  • Centrally Located on North Portland's Main Street
  • Diversified Income Streams

Investment Overview

The property is comprised of five apartment units complemented by two retail suites. There is three one-bedroom one-bath units, along with one studio & two-bedroom. Each unit features a variety of countertops and floorplans, and all five units are spacious with ten-foot-high ceilings. A storage space was recently converted into a city-approved studio featuring a kitchen with granite countertops and stainless appliances.

There is a busy Mexican restaurant called Mi Burrito which occupies two recently adjoined retail suites. The second retail tenant is Grachico, a wholesale operation occupying approximately 750 Sq Ft. An investor could achieve upside via the addition of a shared laundry space and introducing utility reimbursements to create additional income streams. The retail suites are on NNN Leases reducing real estate taxes and insurance expenses, diversifying the income stream generated by this property.

The desirable and growing Piedmont submarket of Portland has seen significant improvements throughout the last decade. Within just a few blocks are amenities including groceries, dining, and a laundromat.

Exclusively Listed By

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