2605 119Th Ave Portland, OR 97266

Property Details for 2605 119Th Ave

Year built

1971

Property size

6,108 SF

Property type

Commercial real estate

Description

This exceptional 6-unit apartment building, known as Tranquility Court, presents a compelling value-add investment opportunity in Portland, Oregon. Located at 2605 SE 119th Ave, 97266, this property boasts a prime location directly across from the vibrant Division Center, offering residents convenient access to shopping and dining. The complex comprises two buildings on a 12,665 sq ft lot, totaling 6,108 net rentable square feet. Built in 1971, the property features a mix of unit sizes: two spacious three-bedroom townhome-style units with 1.5 baths, and four two-bedroom units with one bath. Downstairs units include private yard space. The property currently enjoys 100% occupancy (as of August 2, 2024), generating a current NOI of $50,077 and a 5.41% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $61,000 and a 6.59% cap rate, reflecting the potential for rental growth, particularly within the larger townhome-style units. The asking price is $925,000, translating to $154,167 per unit and $151.44 per square foot. The property's strong location in a high-demand neighborhood, coupled with its existing high occupancy and potential for rental increases, makes it an attractive investment prospect with significant long-term appreciation potential. The aluminum siding contributes to low maintenance costs. This is a rare opportunity to acquire a well-situated multifamily property in a thriving Portland neighborhood.