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    3591 Michigan Ave Portland, OR 97227

    Sponsored
    For Sale
    $2,595,000

    Brand new, 6-unit apartment building in Portland.

    Property size:
    5,520 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a brand-new, six-unit apartment building located at 3591 N Michigan Ave, Portland, Oregon, 97227. Completed in 2024, this Class A property boasts 5,520 square feet of net rentable space, spread across three stories in a single building. Each of the six units features two bedrooms and two bathrooms, offering a desirable layout for renters. The building sits on a 4,875 square foot lot and is zoned RM1 - Residential Multi-Dwelling 1. High-end condo-grade finishes are evident throughout, including quartz countertops, spacious patios or decks, high ceilings, and abundant natural light. Currently undergoing lease-up, this low-maintenance asset presents a strong return on investment with an asking price of $2,595,000 ($432,500 per unit) and a projected 5.52% capitalization rate. The property's prime location in a desirable North Portland neighborhood ensures strong rental demand and long-term value appreciation. This is a rare opportunity to acquire a newly constructed, high-quality multifamily property in a thriving market. All units are currently in the lease-up phase. The price per square foot is $470.11.

    Property Features for 3591 Michigan Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,520 SF
    Class
    A

    Building Details

    Year Built
    2024
    Buildings
    1
    Stories
    3
    Units
    6

    HighLights

    • Brand new, six‑unit multifamily building in desirable North Portland.
    • Currently undergoing lease‑up.
    • Low‑maintenance property with high‑end finishes including quartz countertops, patios/decks, and abundant natural light.
    • Each unit features two bedrooms and two bathrooms.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.67662836378
    Latitude
    45.548888722596

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    FAQs

    What type of property is this?
    Multifamily property - Brand new, 6-unit apartment building in Portland.
    Where is this multifamily property located?
    The property is located at 3591 Michigan Ave Portland, OR.
    What is the asking price?
    The asking price for this property is $2,595,000.
    What are key features of this property?
    This property features: Brand new, six-unit multifamily building in desirable North Portland.; Currently undergoing lease-up.; Low-maintenance property with high-end finishes including quartz countertops, patios/decks, and abundant natural light.
    Request Owner's contact information
    3591 Michigan Ave Portland, OR 97227
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    Portland, OR 97227
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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
    3591 Michigan Ave Portland, OR 97227
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