5429 Rhone St Portland, OR 97206-2977

Property Details for 5429 Rhone St

Year built

1965

Construction

FRAME

Lot size

0.11 lot acres

Property size

3,299 SF

Zone code

R1

Property type

Apartment buildings

APN

1S2E07DB 03100

APU

1S2E07DB03100

Description

This well-maintained, 5-unit apartment building presents a compelling investment opportunity in Portland, Oregon's desirable Foster Powell neighborhood. Located at 5429 SE Rhone St, this stabilized property boasts a total of 3,256 square feet, with 3,200 square feet of net rentable space. The building, constructed in 1965 and renovated in 2016, features a mix of four similar units and one larger, two-level unit. Each unit is in excellent condition, as evidenced by the provided photos, which are representative of the entire property. The property sits on a 5,000 square foot lot and is zoned RM2. With five units, each priced at $178,000, the asking price for the entire property is $890,000, reflecting a price per square foot of $273.34 and a strong 5.81% cap rate. The property's Net Operating Income (NOI) is $51,752, demonstrating a consistent and reliable income stream. The building's excellent rental and maintenance history makes it a truly turnkey investment, ready for immediate ownership. Its convenient location, just blocks from the popular "carts on Foster" food carts and coffee shops, further enhances its appeal and potential for strong rental demand. The property is offered fee simple. The Multnomah County Assessor's Parcel Number (APN) is R229051. This is a rare opportunity to acquire a profitable, well-located multifamily property in a thriving Portland neighborhood.