2218 Courtney AveMilwaukie, OR 97222

This exceptional five-unit townhome community presents a compelling value-add investment opportunity in Milwaukie, Oregon. Located at 2218-2226 SE Courtney Ave, this property boasts a total of 4,400 square feet across two buildings, each featuring a mix of two and three-bedroom units. Built in 1973, the townhomes average 800-933 square feet, each equipped with in-unit washer/dryers and private backyards. Residents enjoy the convenience of covered parking. The property sits on a 0.37-acre lot and is zoned MR-1. Currently operating at 100% occupancy, the property generates a strong NOI of $69,129, with a pro-forma NOI projected at $76,565, representing a 6.95% cap rate and a pro-forma cap rate of 7.69%. The asking price is $995,000, or $199,000 per unit. This well-maintained property benefits from its desirable location near shopping, restaurants, and the MAX light rail line, making it an attractive option for renters. The large unit sizes and desirable amenities contribute to its strong rental demand and potential for increased profitability through value-add improvements. This fee-simple ownership offers a rare opportunity to acquire a stable, income-producing asset in a thriving Oregon market.