804 Cesar Estrada Chavez BlvdPortland, OR 97214

Property Details for 804 Cesar Estrada Chavez Blvd

Year built

1917

Lot size

0.36 AC

Property size (Sq ft)

15,600 SF

Property type

Residential income properties

Property subtype

Multifamily properties

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.

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.517

Longitude

-122.623

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