8120 Tenino St Portland, OR 97202

Property Details for 8120 Tenino St

Year built

2022

Property size

18,337 SF

Property type

Apartment buildings

Description

This exceptional Class A multifamily investment opportunity presents a 38-unit apartment building in Portland, Oregon's desirable Sellwood neighborhood. Completed in 2022, this stabilized asset boasts two identical three-story buildings, each housing 19 units. The property features a mix of studio, one-bedroom, and two-bedroom apartments, all showcasing high-end finishes including stainless steel appliances, quartz countertops, and luxury vinyl plank flooring. Residents enjoy amenities such as in-unit washers/dryers, private decks or patios, bike storage, and secure building access. The energy-efficient design and modern construction materials ensure a low-maintenance operation. With a 95% occupancy rate and a 5.84% cap rate, this property offers strong cash flow potential. The prime location, a Walker's Paradise with a 93 Walk Score and 99 Bike Score, provides easy access to public transportation, including a nearby MAX light rail line and multiple bus routes. Its proximity to major employers, including the Central Business District, Oregon Health & Science University, and Portland State University, further enhances its appeal. The property is also conveniently located near parks, shopping, and dining options, including a New Seasons Market. This investment is not subject to rent control until 2037 and is not subject to Portland's Mandatory Inclusionary Zoning. The total square footage is 18,337, with a price per square foot of $463.54 and a price per unit of $223,684.21. The asking price is $8,500,000. This is a truly exceptional opportunity to acquire a high-quality, well-located multifamily asset in a thriving Portland neighborhood.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Longitude

-122.655

Latitude

45.4639