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    1615 Willis Blvd Portland, OR 97217

    Sponsored
    For Sale
    $3,995,000

    14-Unit Portland Multifamily Investment

    Property size:
    6,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional 14-unit apartment building, newly constructed in 2023, presents a compelling investment opportunity in Portland, Oregon's vibrant Kenton neighborhood. Located at 1615 N Willis Blvd, this property boasts 6,000 square feet on a generous 5.829-acre lot, zoned RM3. The building features a mix of unit sizes, ranging from efficient micro studios to spacious two-bedroom penthouses, catering to a diverse range of renters. The property's strong performance is reflected in its pro-forma NOI of $217,000 and a pro-forma cap rate of 5.43%, based on an asking price of $3,995,000. A significant advantage is the inclusion of basement storage units, providing an additional revenue stream. Its convenient location offers easy access to major transportation routes, contributing to its rapid lease-up under current management. This turnkey investment is ideal for those seeking immediate cash flow and long-term appreciation in a thriving Portland market. The property's new construction status ensures minimal maintenance needs in the near future, maximizing return on investment. This is a rare opportunity to acquire a high-performing multifamily asset in a desirable location.

    Property Features for 1615 Willis Blvd

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,000 SF
    Lot Size
    253,911,240 SF

    Building Details

    Year Built
    2023
    Units
    14

    HighLights

    • New construction, 2023.
    • Basement storage provides additional income.
    • Excellent access to major transportation routes.
    • Rapid lease‑up under current management.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.6836202
    Latitude
    45.5840097

    Nearby Comparable

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    FAQs

    What type of property is this?
    Multifamily property - 14-Unit Portland Multifamily Investment
    Where is this multifamily property located?
    The property is located at 1615 Willis Blvd Portland, OR.
    What is the asking price?
    The asking price for this property is $3,995,000.
    What are key features of this property?
    This property features: New construction, 2023.; Basement storage provides additional income.; Excellent access to major transportation routes.
    Request Owner's contact information
    1615 Willis Blvd Portland, OR 97217
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    Portland, OR 97217
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1615 Willis Blvd Portland, OR 97217
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