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    2500 157Th Ave Portland, OR 97236

    Sponsored
    For Sale
    $8,300,000

    48-unit apartment complex, high ROI potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    Exceptional value-add opportunity in Portland's desirable Centennial neighborhood. This 48-unit apartment building, constructed in 1973 and renovated in 2022, presents a compelling investment prospect. The property comprises sixteen one-bedroom/one-bathroom units and thirty-two two-bedroom/one-bathroom units, totaling 36,320 square feet of rentable space. Current rents average $1,264 for one-bedroom and $1,482 for two-bedroom units, representing approximately 9.4% and 7% below market rates respectively, indicating significant upside potential for rental income growth. The property boasts a 6.35% cap rate and a pro-forma cap rate of 7.38%, with a current NOI of $526,940 and a pro-forma NOI of $612,594. Desirable amenities include a swimming pool, on-site leasing office, ample parking, and air conditioning in each unit. The units feature luxury vinyl tile flooring and granite countertops. The property's location offers convenient access to shopping, dining, and recreational areas such as Powell Butte Nature Park. The low vacancy rate of 4.7% in the Centennial neighborhood, coupled with its proximity to major employers and its position within the Centennial School District, contributes to strong tenant demand and a stable rental base. The property is zoned HR2 and is offered at $8,300,000, or $172,917 per unit. This represents a rare opportunity to acquire a well-maintained, value-add multifamily property in a thriving Portland submarket with substantial potential for increased profitability.

    Property Features for 2500 157Th Ave

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1973
    Buildings
    4
    Stories
    2
    Units
    48

    HighLights

    • $8,300,000 asking price for a 48‑unit apartment building.
    • 36,320 square feet of net rentable area, with a price per square foot of $228.52.
    • 6.35% cap rate, and a pro‑forma cap rate of 7.38%.
    • $526,940 current NOI, and a pro‑forma NOI of $612,594.
    • Located at 2500 SE 157th Ave, Portland, OR 97236.
    Property Profile Location Intelligence

    Current Use by Public Records

    RjswildwoodsandthingsLlc General Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.50171004054
    Latitude
    45.50389127397

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    FAQs

    What type of property is this?
    Multifamily property - 48-unit apartment complex, high ROI potential
    Where is this multifamily property located?
    The property is located at 2500 157Th Ave Portland, OR.
    What is the asking price?
    The asking price for this property is $8,300,000.
    What are key features of this property?
    This property features: $8,300,000 asking price for a 48-unit apartment building.; 36,320 square feet of net rentable area, with a price per square foot of $228.52.; 6.35% cap rate, and a pro-forma cap rate of 7.38%.
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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
    2500 157Th Ave Portland, OR 97236
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