7582 Emerald Ave Portland, OR 97217

Property Details for 7582 Emerald Ave

Year built

2022

Property size

18,296 SF

Property type

Residential income homes

Property subtype

Dormitories

Description

This exceptional multifamily investment opportunity presents a portfolio of 22 newly constructed two-bedroom, 1.5-bathroom apartment units situated in a desirable Portland, Oregon location. The property comprises four buildings, totaling 18,296 square feet on a 20,000 square foot lot. Each unit boasts approximately 819-836 square feet of living space, featuring a trendy open-concept floor plan with lofty ceilings, hard surface flooring, modern kitchens equipped with slab counters and stainless steel appliances, and in-unit washer/dryers. Superior quality construction and finishes are evident throughout. Residents enjoy private fenced backyard spaces, bike parking, and tasteful landscaping. The property benefits from a prime location near the University of Portland, parks, shops, and public transportation, making it highly attractive to renters. Built in 2022, the property offers a 5.40% cap rate and a net operating income (NOI) of $351,234. A builder's warranty is included, and a 15-year rent control exemption is available. The asking price is $6,499,900. This is a rare opportunity to acquire a high-quality, income-producing multifamily asset in a thriving Portland neighborhood. The property is zoned for 99BS and 85WS.