1020 183Rd AvePortland, OR 97230

Property Details for 1020 183Rd Ave

Year built

1995

Lot size

1.68 AC

Property size (Sq ft)

19,044 SF

Zone code

MDR12

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

1N3E32BB 04200

APU

1N3E32BB04200

Description

This exceptional 28-unit apartment building in Gresham, Oregon presents a compelling investment opportunity. Located at 1020 NE 183rd Ave, this 30,520 square foot property sits on a 2.44-acre lot and boasts a 5.47% cap rate. Built in 1995, the complex comprises fourteen two-story buildings, offering spacious two-bedroom, two-and-a-half-bathroom units. Each unit features an attached garage with direct access, a fully equipped kitchen with dishwasher and garbage disposal, a breakfast nook, a utility room with washer/dryer hookups, ample closet space, a wood-burning fireplace, and a private backyard patio. Residents enjoy central heating and off-street parking. The property's prime location in north Gresham provides easy access to major employers like Boeing, Albertsons Distribution, Amazon, and Subaru, as well as significant retail options, schools, and parks. Its proximity to I-84 ensures convenient connectivity to the greater Portland metro area. The asking price is $5,675,000, representing $202,679 per unit and $186 per square foot. Average rent per unit is $1,090. This well-maintained property offers a strong potential for both immediate and long-term returns. The combination of desirable amenities, convenient location, and strong rental income makes this a truly attractive investment.

• CAP approach

  CAP return

  Valuation

  6%

  $6,485,975

  6.5%

  $5,987,054

  7%

  $5,559,407

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,684,615

  Geo Method

  $5,684,615

• Alternative Use

  Use

  Valuation

  Residential

  $5,987,054

  Hospitality

  $5,484,109

  Educational

  $4,562,714

  Medical

  $4,719,633

  Retail

  $7,097,556

Location Insight

City

Portland

County

Multnomah

State

Oregon

Latitude

45.5302

Longitude

-122.474

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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