3591 Michigan Ave Portland, OR 97227
- Commercial real estate
- 5,520 SF
Current Use by Public Records
- Commercial real estate
Property Details for 3591 Michigan Ave
- Year built
- 2024
- Property size
- 5,520 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a brand-new, six-unit apartment building located at 3591 N Michigan Ave, Portland, Oregon, 97227. Completed in 2024, this Class A property boasts 5,520 square feet of net rentable space, spread across three stories in a single building. Each of the six units features two bedrooms and two bathrooms, offering a desirable layout for renters. The building sits on a 4,875 square foot lot and is zoned RM1 - Residential Multi-Dwelling 1. High-end condo-grade finishes are evident throughout, including quartz countertops, spacious patios or decks, high ceilings, and abundant natural light. Currently undergoing lease-up, this low-maintenance asset presents a strong return on investment with an asking price of $2,595,000 ($432,500 per unit) and a projected 5.52% capitalization rate. The property's prime location in a desirable North Portland neighborhood ensures strong rental demand and long-term value appreciation. This is a rare opportunity to acquire a newly constructed, high-quality multifamily property in a thriving market. All units are currently in the lease-up phase. The price per square foot is $470.11.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Multnomah
- State
- Oregon
- Longitude
- -122.67662836378
- Latitude
- 45.548888722596
