804 Cesar Estrada Chavez Blvd Portland, OR 97214
- Apartment buildings
- 15,600 SF
- 0.36 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 804 Cesar Estrada Chavez Blvd
- Year built
- 1917
- Lot size
- 0.36 lot acres
- Property size
- 15,600 SF
- Property type
- Apartment buildings
Description
This exceptional value-add opportunity presents the Laurelhurst Apartments, a 23-unit apartment building located at 804 SE Cesar Estrada Chavez Blvd, Portland, OR 97214. Situated on a 0.36-acre lot in the desirable Laurelhurst neighborhood, this three-story, 15,600 square foot building offers significant upside potential. Built in 1917, the property features 23 one-bedroom, one-bathroom units, many retaining original built-ins and hardwood floors, creating a unique charm. The building is classified as a Class B multifamily property and currently boasts a 6.83% cap rate, with a pro-forma cap rate projected at 9.09%. The asking price is $2,230,000, translating to $96,956.52 per unit and $142.95 per square foot. The property includes a rare onsite staff office and a convenient parking lot. The seller, a non-profit organization, is offering seller carry financing to qualified buyers, providing flexibility and optionality. Many current residents are temporary, allowing for quicker renovations and increased rental income. The property is zoned RM2 and presents a compelling investment opportunity for experienced operators seeking a strong return on investment. The location, just blocks from Laurelhurst Park, adds to the property's desirability. This is a rare chance to acquire a well-located, historic building with substantial potential for value enhancement.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.623
- Latitude
- 45.517
