10985 E Burnside St, Unit 27 Portland, OR 97216
- Residential income homes
- 12,705 SF
Current Use by Public Records
- Residential income homes
Property Details for 10985 E Burnside St
- Year built
- 2023
- Property size
- 12,705 SF
- Property type
- Residential income homes
Description
This exceptional new construction multifamily property, located at 10985 E Burnside St, Portland, OR 97216, presents a compelling investment opportunity. The 2023-built, three-story building comprises 29 studio apartments, totaling 12,705 square feet of net rentable space. Each unit boasts modern, designer finishes, including stainless steel appliances and in-unit washer/dryer hookups. Central air conditioning and indoor bike storage are also included. The property benefits from a 15-year rent control exemption and a builder's warranty, minimizing potential risks and maximizing long-term value. Situated in the desirable Hazelwood neighborhood, this complex enjoys a 91 Bikescore, reflecting its excellent proximity to amenities such as Mall 205, Adventist Health, public transportation, numerous parks, schools, and easy freeway access. The property's strong financial performance is evident in its 6.39% cap rate and a substantial net operating income (NOI) of $255,760, with an asking price of $3,999,900. This translates to a price per unit of $137,927.59 and a price per square foot of $314.83. The low-maintenance nature of this turnkey investment makes it an attractive option for discerning investors seeking a high-return, modern multifamily asset in a thriving Portland neighborhood.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.5497967
- Latitude
- 45.5228456
