1615 Willis Blvd Portland, OR 97217
- Apartment buildings
- 8,337 SF
- 0.13 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1615 Willis Blvd
- Year built
- 2021
- Lot size
- 0.13 lot acres
- Property size
- 8,337 SF
- Zone code
- RH
- Property type
- Apartment buildings
- APN
- 1N1E09DA 01400
- APU
- 1N1E09DA01400
Description
This exceptional 14-unit apartment building, newly constructed in 2023, presents a compelling investment opportunity in Portland, Oregon's vibrant Kenton neighborhood. Located at 1615 N Willis Blvd, this property boasts 6,000 square feet on a generous 5.829-acre lot, zoned RM3. The building features a mix of unit sizes, ranging from efficient micro studios to spacious two-bedroom penthouses, catering to a diverse range of renters. The property's strong performance is reflected in its pro-forma NOI of $217,000 and a pro-forma cap rate of 5.43%, based on an asking price of $3,995,000. A significant advantage is the inclusion of basement storage units, providing an additional revenue stream. Its convenient location offers easy access to major transportation routes, contributing to its rapid lease-up under current management. This turnkey investment is ideal for those seeking immediate cash flow and long-term appreciation in a thriving Portland market. The property's new construction status ensures minimal maintenance needs in the near future, maximizing return on investment. This is a rare opportunity to acquire a high-performing multifamily asset in a desirable location.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.684
- Latitude
- 45.584
- CBSA code
- 38900
- CBSA name
- PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA
