- For Sale $3,800,000
- Property Type Multi-Family
- Property Size 9,240 SF
- Units 0
- Lot Size 13,068 SF
- # of Floors 2
- Property Tenancy Multi-Tenant
- Building Class C
- Year Built 1976
- Date Updated Apr 24, 2024
Water Avenue Apartments is a well-maintained multifamily asset strategically located in the desirable Southwest Portland Metro. Built in 1976, this property comprises 23 units, including 22 studio apartments and one two bedroom unit. Amenities such as off-street parking, coin-operated laundry facilities, and ample storage space enhance the overall appeal, value-add potential, and functionality of the property.
Situated on the quaint neighborhood street of Water Avenue, residents benefit from excellent walkability and convenient access to major transportation routes, including I-5, facilitating easy commutes to Downtown Portland, the Southwest Waterfront, and surrounding areas. The property’s proximity to several universities, including OHSU, makes it particularly appealing to students, health care employees, and young professionals seeking housing options near their academic and professional pursuits. Moreover, the property’s proximity to the Columbia River ensures stunning views and recreational opportunities.
With a list price of $3,800,000 and a current cap rate of 5.45%, along with a pro forma cap rate of 6.84%, this investment presents a compelling opportunity to acquire a well-positioned value-add property in a prime location.
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Attachments
False
Contacts
Rae Nomura
SVN | Imbrie Realty
(503) 575-8065
Location
Getting Around
-
Walk Score ®
Very Walkable (75) -
Transit Score ®
Excellent Transit (74) -
Bike Score ®
Very Bikeable (72)
- City Portland, OR
- Neighborhood South Waterfont
- Zip Code 97239
- Market Portland
Points of Interest
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South Moody & Gaines
0.26 miles
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South Bond & Lane
0.31 miles
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South Lowell & Bond
0.31 miles
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Bancroft Street
0.31 miles
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South Moody & Gibbs
0.37 miles
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OHSU Commons
0.39 miles
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South Waterfront
0.39 miles
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Marquam Hill
0.42 miles
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South Moody & Meade
0.56 miles
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South Waterfront/South Moody
0.57 miles
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Shell
0.71 miles
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76
0.73 miles
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Chevron
0.95 miles
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Shell
1.17 miles
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Fastrak
1.19 miles
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Arco
1.20 miles
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Blink
1.36 miles
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Blink
1.38 miles
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Electric Avenue
1.40 miles
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76
1.42 miles
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Casey Eye Garage
0.41 miles
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Dotter Lot
0.41 miles
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Whitaker Lot
0.41 miles
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West Parking
0.43 miles
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Campus Drive Garage
0.43 miles
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East Parking
0.44 miles
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Kohler Pavillion Garage
0.45 miles
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Building 28 Lot
0.45 miles
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CDRC Lot
0.46 miles
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Gaines East Lot
0.48 miles
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Caro Amico
0.12 miles
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Paiche
0.21 miles
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Blue Star Donuts
0.30 miles
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Sweet Heart Pizza
0.31 miles
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Little Big Burger
0.33 miles
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Bambuza
0.33 miles
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Subway
0.33 miles
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Dolce Vita Bistro
0.36 miles
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Daily Cafe
0.37 miles
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Pizzicato Pizza
0.40 miles
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Renaissance School
0.29 miles
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The Cottonwood School of Civics and Science
0.33 miles
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Oregon Health & Science University
0.35 miles
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National University of Natural Medicine
0.48 miles
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Robertson Life Sciences Building
0.58 miles
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School of Dentistry
0.60 miles
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The International School
0.68 miles
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Portland State University
0.96 miles
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Portland Community College CLIMB Center
1.19 miles
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Saint Mary's Academy
1.19 miles
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Montessori Children's House
0.33 miles
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Healthy Starts Children's Center
0.34 miles
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The International School
0.70 miles
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L'Etoile French Immersion School
0.97 miles
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Little Scholars Academy
1.24 miles
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L'Espoir Preschool
1.26 miles
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KinderCare
1.27 miles
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Kinder Spirit Preschool
1.34 miles
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Helen Gordon Child Development Center
1.40 miles
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Saint James Child Development Center
1.43 miles
Contact Listing Broker
Rae Nomura
SVN | Imbrie Realty
(503) 575-8065