5880 Greeley Ave Portland, OR 97217
- Apartment buildings
- 7,249 SF
Current Use by Public Records
- Apartment buildings
Property Details for 5880 Greeley Ave
- Year built
- 2023
- Property size
- 7,249 SF
- Property type
- Apartment buildings
Description
This exceptional, newly constructed (2023) Class A apartment building in Portland, Oregon's desirable North Portland neighborhood presents a compelling investment opportunity. The property, located at 5880 N Greeley Ave, boasts 14 market-rate units, currently 100% leased, offering immediate cash flow. The building features a mix of studio and one-bedroom units, totaling 5,944 rentable square feet within a 7,249 square foot building on a 4,900 square foot lot. Modern finishes throughout include mini-split air conditioning, quartz countertops, private patios or balconies, and in-unit washer/dryers. The building's strong performance is reflected in its pro-forma NOI of $165,436 and a pro-forma cap rate of 5.01%. The asking price is $3,300,000, translating to $235,714 per unit. This three-story building represents a rare opportunity to acquire a high-quality, fully leased multifamily asset in a thriving Portland location. The landlord currently does not charge residents utility reimbursements. This property is situated in Multnomah County, Oregon, zip code 97217.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.696
- Latitude
- 45.566
