11012 Stark St Portland, OR 97216-3388
- Apartment buildings
- 11,040 SF
- 0.40 lot acres
Mar 31, 2021
Current Use by Public Records
- Apartment buildings
Property Details for 11012 Stark St
- Year built
- 2008
- Lot size
- 0.40 lot acres
- Property size
- 11,040 SF
- Zone code
- R1D
- Property type
- Apartment buildings
- APN
- 1S2E03BA 06900
- APU
- 1S2E03BA06900
Description
This exceptional 13-unit apartment building, known as Gables on Stark, presents a compelling investment opportunity in Portland, Oregon. Built in 2008, this Class B multifamily property boasts 17,524 square feet situated on a 0.4-acre lot (APN: 1S2E03BA 6900). Each of the 13 units offers substantial living space at 1,348 square feet, featuring two bedrooms, two and a half bathrooms, and an attached garage. The units are well-appointed with full kitchens including hard surface counters, wood-look flooring and carpeting, private decks, and washer/dryer hookups. Heating is provided by efficient forced-air furnaces. The property's strong financial performance is highlighted by a current NOI of $200,446, resulting in a 5.50% cap rate and a pro-forma cap rate of 6.17%. The asking price is $3,250,000, translating to $250,000 per unit and $185 per square foot. Located at 11012 SE Stark St, Portland, OR 97216, this property benefits from a highly convenient location, less than half a mile from I-205 and within walking distance of major employers like Home Depot and Target, as well as numerous national retailers and restaurants. The proximity to three city parks, including the 7.7-acre Floyd Light City Park, adds to the property's appeal. Current rents are below market, offering significant potential for increased revenue. The energy-efficient construction, including vinyl windows, further enhances the investment value. This property represents a rare opportunity to acquire a well-located, newer construction multifamily asset with substantial upside potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,925,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,365,000
- 6.5%
- $2,180,000
- 7%
- $2,025,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,498,000
- AI Estimate
- $2,498,000
Market price range: $1.76M - $4.36MMarket price range: $1.76M - $4.36M
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Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.55
- Latitude
- 45.5186
- CBSA code
- 38900
- CBSA name
- PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA
