5037 Mills St Portland, OR 97215
- Commercial real estate
- 5,580 SF
Current Use by Public Records
- Commercial real estate
Property Details for 5037 Mills St
- Year built
- 2024
- Property size
- 5,580 SF
- Property type
- Commercial real estate
Description
This exceptional 2024-built, six-unit apartment building presents a compelling investment opportunity in Portland, Oregon's desirable Mt. Tabor neighborhood. Located at 5037 SE Mill St, 97215, this property boasts a total of 5,580 square feet on a 4,650 square foot lot, with a permitted RM2 zoning classification. The two-story building features spacious units, currently five of six are leased, ensuring immediate cash flow. The asking price is $2,280,000, translating to $380,000 per unit and a price per square foot of $408.60. The property's strong financial performance is highlighted by a Net Operating Income (NOI) of $129,490, resulting in a 5.68% capitalization rate. Modern unit layouts and high-quality finishes are key features, attracting tenants in this walkable neighborhood. This turnkey investment offers a blend of immediate income and long-term appreciation potential in a highly sought-after Portland location. The building's new construction status minimizes maintenance concerns and ensures modern amenities. Investors seeking a stable, high-performing asset in a thriving market should consider this exceptional opportunity. The property's strong lease-up rate and desirable location contribute to its attractive investment profile. This is a rare chance to acquire a brand-new, well-maintained multifamily property in a prime Portland neighborhood.
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
- -122.6108875
- Latitude
- 45.5101568
