2486 Westover Rd Portland, OR 97210-3137

Property Details for 2486 Westover Rd

Year built

1927

Construction

CONCRETE

Lot size

0.13 lot acres

Property size

18,855 SF

Zone code

R1

Property type

Apartment buildings

APN

1N1E33BC 17000

APU

1N1E33BC17000

Description

This exceptional 17-unit apartment building presents a compelling investment opportunity in Portland, Oregon's desirable Alphabet District. Built in 1927, this five-story structure boasts 18,855 square feet, with 11,444 square feet of net rentable space. The property features a mix of studio and one-bedroom apartments, each averaging $673 in monthly rent, generating a substantial net operating income (NOI) of $143,200 and a 5.26% cap rate. The asking price is $2,725,000, translating to $160,294 per unit and $238 per square foot. Situated on a 0.11-acre lot, the land value is assessed at $130.77 per acre. Five garages are included on the property. Its prime location places it just two blocks from the vibrant NW 23rd Avenue shopping and dining corridor, offering residents easy access to a wide array of restaurants, shops, and boutiques. Furthermore, the property enjoys proximity to Forest Park and Washington Park, including the renowned International Rose Test Garden and Portland Japanese Garden. This well-maintained building represents a rare opportunity to acquire a stable, income-producing asset in a highly sought-after Portland neighborhood. The spacious units and convenient location contribute to strong tenant demand and consistent occupancy. This is an ideal investment for those seeking a proven performer in a thriving urban market.