1232 Wygant St, Unit 1238 Portland, OR 97217-3652

Property Details for 1232 Wygant St

Year built

1943

Construction

FRAME

Lot size

0.12 lot acres

Property size

2,730 SF

Zone code

RH

Property type

Apartment buildings

APN

1N1E22BC 06600

APU

1N1E22BC06600

Description

This exceptional 5-unit apartment building presents a compelling investment opportunity in the desirable North Portland neighborhood. Built in 1943, this single-story property boasts 2,810 square feet situated on a 0.12-acre lot, offering a compelling price per square foot of $293 and a price per unit of $220,000. The property features a mix of one- and two-bedroom units, each with desirable amenities including hardwood floors, a fenced yard, private back patios, and covered bike storage. Individual entries for each unit enhance privacy and convenience. Located just minutes from Portland Community College and major transportation arteries like Interstate Avenue and I-5, the property benefits from excellent access to public transit and a wealth of retail options, including New Seasons Market. Its proximity to vibrant retail corridors like N Mississippi Ave and NE Alberta St provides residents with abundant shopping and dining choices. The TriMet MAX light rail Yellow Line is also within easy reach, further enhancing the property's accessibility. With an average unit rent of $562, this property offers a strong 6.29% cap rate and significant potential for future appreciation. The asking price is $1,100,000, representing a land value of $41.67 per acre. This is a rare opportunity to acquire a well-maintained, income-producing multifamily property in a highly sought-after Portland location.