8021 Flanders St Portland, OR 97213
- Residential income homes
- 3,217 SF
Current Use by Public Records
- Residential income homes
Property Details for 8021 Flanders St
- Year built
- 1997
- Property size
- 3,217 SF
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents a three-unit multifamily property located at 8021 NE Flanders St, Portland, Oregon, 97213, in the Montavilla neighborhood. The property, built in 1997, boasts a total of 3,217 square feet across a two-story building and sits on a lot zoned RM-2. The asking price is $825,000, translating to $275,000 per unit and $256.45 per square foot. The current Net Operating Income (NOI) is $48,223, yielding a 5.85% cap rate. Pro-forma NOI is projected at $52,819, representing a 6.40% cap rate. The property includes three parking spaces (one garage and two carports). Each unit is currently rented, with Unit 1 (1198 sq ft, 3 bed/2 bath) renting for $1775, Unit 2 (980 sq ft, 3 bed/1.5 bath) renting for $1950, and Unit 3 (804 sq ft, 2 bed/1 bath) renting for $932. Tenants are month-to-month, and pay all utilities except garbage. The property is well-maintained and presents a strong cash flow with potential for rent increases. A condo conversion may also be possible, subject to applicable regulations and approvals. Financial statements are available upon request. All information is deemed reliable but not guaranteed
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
- -122.5809384
- Latitude
- 45.5258346
