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Multifamily

Maddy's Depot Apartments

4620 NE Portland Hwy, Portland, OR 97218

Listing Price: $875,000

Cap Rate
5.65%
Number of Units
5
Occupancy
95.0%
Price/Unit
$175,000
Price/Gross SF
$217.66
Gross SF
4,020

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the Maddy's Depot Apartments located in Northeast Portland's Cully neighborhood. The subject property is well located on a major thoroughfare, 6 minutes West of I-5 and 5 minutes East I-205. Residents enjoy easy access to local bars & restaurants, nearby parks, boutique retailers, coffee shops, and various other amenities in nearby neighborhoods. Nearby parks include Whitaker Ponds Nature Park, Fernhill City Park, and Khunamokwst Park. Maddy's Depot Apartments, originally built in 1974, consists of two residential buildings on a 12,500 square foot R2 zoned lot. In addition to the residential buildings, there is a roughly 100 square foot detached storage shed that is currently rented on a month-to-month basis. The property boasts a favorable unit mix of entirely two-bedroom one-bathroom units, all containing washer/dryer hookups. The single level building closest to the street contains three apartment flats roughly 780 square feet in size; the rear building consists of two townhome style units roughly 832 square feet each. The subject property has had various capital improvements completed within the last five years including a new roof (2018) on the duplex, new water main (2017), new backflow system (2017), and three of the units upgraded with modern finishes. Upgrades include luxury vinyl plank flooring, carpet, paint, cabinets & hardware, and newer appliances. This property offers an investor the opportunity to acquire a well maintained apartment with strong operating history and ample room to raise rents.

Investment Highlights

  • Stabilized Asset with Upside in Rents
  • Conveniently Located on a Major Thoroughfare
  • Desirable Unit Mix Entirely of 2 Bedroom 1 Bathroom Units

Exclusively Listed By

Multifamily

Maddy's Depot Apartments

Listing Price: $875,000

Cap Rate
5.65%
Number of Units
5
Occupancy
95.0%
Price/Unit
$175,000
Price/Gross SF
$217.66
Gross SF
4,020

Investment Highlights

  • Stabilized Asset with Upside in Rents
  • Conveniently Located on a Major Thoroughfare
  • Desirable Unit Mix Entirely of 2 Bedroom 1 Bathroom Units

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the Maddy's Depot Apartments located in Northeast Portland's Cully neighborhood. The subject property is well located on a major thoroughfare, 6 minutes West of I-5 and 5 minutes East I-205. Residents enjoy easy access to local bars & restaurants, nearby parks, boutique retailers, coffee shops, and various other amenities in nearby neighborhoods. Nearby parks include Whitaker Ponds Nature Park, Fernhill City Park, and Khunamokwst Park. Maddy's Depot Apartments, originally built in 1974, consists of two residential buildings on a 12,500 square foot R2 zoned lot. In addition to the residential buildings, there is a roughly 100 square foot detached storage shed that is currently rented on a month-to-month basis. The property boasts a favorable unit mix of entirely two-bedroom one-bathroom units, all containing washer/dryer hookups. The single level building closest to the street contains three apartment flats roughly 780 square feet in size; the rear building consists of two townhome style units roughly 832 square feet each. The subject property has had various capital improvements completed within the last five years including a new roof (2018) on the duplex, new water main (2017), new backflow system (2017), and three of the units upgraded with modern finishes. Upgrades include luxury vinyl plank flooring, carpet, paint, cabinets & hardware, and newer appliances. This property offers an investor the opportunity to acquire a well maintained apartment with strong operating history and ample room to raise rents.

Exclusively Listed By

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