Gresham Duplex Apartments with Conversion
110-162 NW 15th Ave. Gresham, OR 97030
110-162 NW 15th Ave., Gresham, OR, 97030
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For Sale
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Eleven well-maintained duplex units in a convenient Gresham location.
Property Size19,580 SF
Price / SF$178.75
Days on Market63
Property Features for 110-162 NW 15th Ave.
General Information
- Standard status
- Active
- Size
- 19,580 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1966
Listing Agency
Think Commercial
(503) 847-2722
Listed by
Hope Beraka · License #200603056
Source
Crexi
Added: May 16 Checked: Jul 16 at 7:47 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Think Commercial
Investment Insights
Based on property information with market context.
The Fran-Mar Apartments are located at the end of a quiet cul-de-sac in Gresham. This property features 11 duplex units, each offering 890 square feet of living space with 2 bedrooms and 1 bathroom. Each apartment includes dedicated yard space, and spacious living rooms open onto private back patios. Substantial interior and exterior improvements have been made, including the renovation of 13 units. The property is located near Historic Downtown Gresham and Gresham Station, providing easy access to the MAX light rail, multiple bus lines, and a Trader Joe's. A nearby golf course, the Gresham Farmer's Market, and proximity to Mt. Hood offer additional recreation options. The property offers a future condo conversion opportunity, offering investors both stable cash flow and upside potential. The property size is 19580 square feet.
Key Highlights
- Excellent location near Historic Downtown Gresham, Gresham Station, MAX, bus lines, and Trader Joe's.
- Future condo conversion opportunity for significant upside potential.
- Substantial interior and exterior renovations completed on 13 units, reducing near‑term capital needs.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $387.7k | $19.80 |
| − Vacancy | −$16.3k | −$0.83 |
| EGI | $371.4k | $18.97 |
| − OpEx | −$111.4k | −$5.69 |
| NOI | $260.0k | $13.28 |
19,580 SF · lease $19.80/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$3.71M
$3.25M – $4.33M
NOI $259,981 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$3.34M
$2.92M – $3.90M
NOI $233,717 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$4.47M
$3.92M – $5.22M
NOI $313,202 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Eleven well-maintained duplex units in a convenient Gresham location.
Where is this duplex located?
The property is located at 110-162 NW 15th Ave. Gresham, OR.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Excellent location near Historic Downtown Gresham, Gresham Station, MAX, bus lines, and Trader Joe's.; Future condo conversion opportunity for significant upside potential.; Substantial interior and exterior renovations completed on 13 units, reducing near‑term capital needs.
