2737 Upshur St Portland, OR 97210-2250

Property Details for 2737 Upshur St

Year built

1926

Construction

FRAME

Lot size

0.41 lot acres

Property size

24,216 SF

Zone code

CS

Property type

Apartment buildings

APN

1N1E29DD 03800

APU

1N1E29DD03800

Description

This exceptional mixed-use property, located at 2737 NW Upshur St. in Portland, Oregon's desirable Nob Hill neighborhood, presents a compelling investment opportunity. The 47-unit Forestry Court Apartments, built in 1926, boast 40 studios, 6 one-bedroom, and 1 two-bedroom units. Each unit features hardwood floors, original cast iron tubs/showers, large walk-in closets, and extensive kitchen storage. Recent upgrades include energy-efficient windows (throughout), a new roof (2011), exterior paint (2018), electrical system (2018), water heater (2019), and repiped gas lines (2022). Common area amenities include secure building access, well-maintained areas with unique murals, on-site laundry, bike parking, and storage. The property benefits from its peaceful residential setting, yet enjoys proximity to NW 23rd Avenue's shops and restaurants, as well as nearby parks and Forest Park trails. The asking price is $7,500,000. Current rents offer significant growth potential, and additional value-add opportunities exist through improved fee income from existing amenities (bike parking, storage) and implementation of a utility bill-back system. This property represents a rare chance to acquire a well-maintained, historically significant asset in a high-demand Portland location. The limited supply of apartments in this submarket ensures strong ongoing demand.