7833-7875 Johnson Creek Blvd Portland, OR 97206

Property Details for 7833-7875 Johnson Creek Blvd

Year built

1972

Lot size

1.25 lot acres

Property size

21,430 SF

Property type

Apartment buildings

Description

This exceptional 22-unit apartment building presents a compelling investment opportunity. Located in Portland, Oregon's desirable Clackamas County, just two blocks from Multnomah County, this property boasts 21,430 square feet across six, two-story buildings on a 1.25-acre lot. The complex comprises 20 two-bedroom, one-and-a-half-bathroom townhomes and two two-bedroom, one-bathroom flats, currently enjoying 100% occupancy. Built in 1972, the property features mature landscaping, creating a tranquil atmosphere for residents. Its prime location offers convenient access to major amenities, including a Fred Meyer grocery store just one block away, and numerous restaurants, shops (Trader Joe's, PetSmart, Best Buy, Planet Fitness), and services within a half-mile radius. The property benefits from excellent walkability (Walk Score 77) and bikeability (Bike Score 86), and is conveniently situated near the I-205 freeway and the MAX light rail station. The asking price is $4,995,000, representing a price per unit of $227,045.45 and a price per square foot of $233.08. The current Net Operating Income (NOI) is $275,784, yielding a 5.52% cap rate. A pro-forma NOI of $323,114 projects a 6.47% cap rate. Six units already include washer/dryer hookups, presenting a value-add opportunity for future upgrades across the remaining units. The property is zoned HDR and offers four years of assumable financing at a fixed 3.35% interest rate (until November 2028) for a qualified buyer. Please note that tenants should not be disturbed.

Location Insight

City

Portland

County

Clackamas

State

Oregon

Longitude

-122.583

Latitude

45.4571