2218 Courtney Ave Milwaukie, OR 97222
- Apartment buildings
- 4,400 SF
- 0.37 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 2218 Courtney Ave
- Year built
- 1973
- Lot size
- 0.37 lot acres
- Property size
- 4,400 SF
- Property type
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Milwaukie
- County
- Clackamas
- State
- Oregon
- Longitude
- -122.64
- Latitude
- 45.4222
