16405 E Burnside St Gresham, OR 97233

The Trymax Apartments, a 42-unit multifamily community, presents an opportunity to acquire a turn-key asset in Gresham, Oregon. Constructed in 1992 and recently renovated, the property features spacious two-bedroom, one-bathroom floor plans equipped with washer/dryer hookups and functional living spaces. The community includes 12 detached garages, offering an additional source of rental income. Situated on a 1.72-acre site, the property consists of eight buildings in a Pacific Northwest setting with mature trees and landscaped grounds. The asset's quality and location attract a stable tenant base, providing operational stability. Significant capital upgrades have been completed in recent years, including new siding, windows, and exterior paint in 2023, along with new roofing on all buildings and garages in 2021. Interior upgrades have been implemented over the past decade, including proactive replacement of cabinets, countertops, flooring, appliances, doors, and fixtures across a large sample of units. This commitment to maintenance and improvements has resulted in low vacancy and strong tenant retention. The property aligns with the market trend toward higher-quality multifamily investments and offers a value-add opportunity through improved management efficiencies and revenue optimization. Current average rents as of March 2026 are approximately $1,458 per unit, with the potential for rental growth and additional revenue generation through garage monetization and the future implementation of RUBS, providing a path for a new owner to increase revenue and achieve a projected cap rate exceeding 7%.