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Multifamily

Troutdale Pines Apartments

840 E Historic Columbia River Hwy, Troutdale, OR 97060

Listing Price: $1,325,000

Cap Rate
5.80%
Number of Units
10
Occupancy
100.0%
Price/Unit
$132,500
Price/Gross SF
$254.81
Gross SF
5,200

Investment Overview

The Troutdale Pines Apartments is a 10-unit complex consisting of four residential buildings located on the Historic Columbia River Hwy in Troutdale, Oregon. The property, built in 1947 and fully remodeled in 1991, is well situated less than a half mile from beautiful downtown Troutdale and within a few hundred feet of Glenn Otto Community Park and the Sandy River. The unit mix includes one 2 bedroom 1 bath with roughly 700 square feet and nine 1 bedroom 1 bathroom units roughly 500 square feet in size. There are five total buildings on the property including three triplexes, a single family unit and a laundry room offering coin-operated washers & dryers that provide additional income. The property is currently managed professionally and has had many capital improvements completed over the years including updated windows, plumbing, electrical, paint and siding. With an average current rent of $983, an investor can benefit from the unique location and below market rents by updating units as they turnover and bringing rents closer to market. The property also contains individual storage lockers which are included in the rent; an investor has the opportunity to create an additional stream of income through renting these storage lockers on a month-to-month basis. In addition, further upside may be achieved through implementing a residential utility bill-back system for water/sewer/garbage; tenants currently pay for electricity as the units are sub-metered.

Investment Highlights

  • Well-Maintained Asset
  • Significant Upside Potential
  • Approximately 1.5 miles from the Troutdale Airport
  • Approximately 0.5 miles from Downtown Troutdale and 5.0 miles from Historic Downtown Gresham
  • Less than a mile from the Columbia Gorge Outlets, Lewis and Clark State Recreation Site and Glen Otto Community Park

Exclusively Listed By

Listing Price: $1,325,000

Cap Rate
5.80%
Number of Units
10
Occupancy
100.0%
Price/Unit
$132,500
Price/Gross SF
$254.81
Gross SF
5,200

Investment Highlights

  • Well-Maintained Asset
  • Significant Upside Potential
  • Approximately 1.5 miles from the Troutdale Airport
  • Approximately 0.5 miles from Downtown Troutdale and 5.0 miles from Historic Downtown Gresham
  • Less than a mile from the Columbia Gorge Outlets, Lewis and Clark State Recreation Site and Glen Otto Community Park

Investment Overview

The Troutdale Pines Apartments is a 10-unit complex consisting of four residential buildings located on the Historic Columbia River Hwy in Troutdale, Oregon. The property, built in 1947 and fully remodeled in 1991, is well situated less than a half mile from beautiful downtown Troutdale and within a few hundred feet of Glenn Otto Community Park and the Sandy River. The unit mix includes one 2 bedroom 1 bath with roughly 700 square feet and nine 1 bedroom 1 bathroom units roughly 500 square feet in size. There are five total buildings on the property including three triplexes, a single family unit and a laundry room offering coin-operated washers & dryers that provide additional income. The property is currently managed professionally and has had many capital improvements completed over the years including updated windows, plumbing, electrical, paint and siding. With an average current rent of $983, an investor can benefit from the unique location and below market rents by updating units as they turnover and bringing rents closer to market. The property also contains individual storage lockers which are included in the rent; an investor has the opportunity to create an additional stream of income through renting these storage lockers on a month-to-month basis. In addition, further upside may be achieved through implementing a residential utility bill-back system for water/sewer/garbage; tenants currently pay for electricity as the units are sub-metered.

Exclusively Listed By

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