515 62Nd Ave Portland, OR 97215
- Apartment buildings
- 3,680 SF
Current Use by Public Records
- Apartment buildings
Property Details for 515 62Nd Ave
- Year built
- 1953
- Property size
- 3,680 SF
- Property type
- Apartment buildings
Description
This exceptional Mount Tabor duplex, located at 515 SE 62nd Ave, Portland, OR 97215, presents a compelling investment opportunity. The property, built in 1953, boasts 3,680 square feet of net rentable space across two units, each offering a unique blend of mid-century modern charm and modern convenience. The asking price is $869,999, translating to $236.41 per square foot and $434,999.50 per unit. The property features two deep garages, providing ample storage. Both units include gas fireplaces and hardwood flooring. The larger unit (515 side) offers a spacious downstairs area, ideal for a work studio or bonus living space, complete with a large open living room, kitchen, storage, bathroom, and laundry facilities. A cozy cement patio and attractive landscaping enhance the property's curb appeal. The property is zoned R-5 and offers one parking space per unit. The projected net operating income (NOI) is $65,280, resulting in a 4.50% pro-forma capitalization rate. The property's proximity to Tabor Heights Church, Stark Street Station, and the renowned Mount Tabor Park adds significant value. The estimated occupancy date is October 31, 2024. This is a fee simple ownership opportunity. This property is an ideal investment for those seeking a blend of residential and income-generating potential in a highly desirable Portland neighborhood.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.6
- Latitude
- 45.519
