608 NE 87TH AVE, Portland, OR 97220

$14,500,000
List Price
$14,500,000
Days on Market
204
MLS#
20318883
Property Type
Multifamily
Lot Size
3 to 4.99 Acres
Region
Portland Northeast
Status
Active

Property Description

Scruggs THs (52 units, built 1995) & Goodrick-Spencer Apts (23 units, built 2003) are separate tax lots being offered as 1 sale. Initially built by Multnomah for student housing, the property is now a market rate offering with NO student housing restrictions. The Owner purchased the property from MU which had a deed restriction regarding student housing, the deed restriction has since been removed. Both properties feature off-street parking, laundry rooms, vinyl windows & clean landscaping.

Additional Information

Tax Amount
$103,423
Year Built
2003
High School
Madison
Elementary School
Vestal
Middle School
Vestal
Stories
2
Terms
Conventional
Fuel Description
Electricity
Heating Description
Forced Air
Roof Type
Composition
Sewer Description
Public Sewer
Water Description
Public
Sq Ft Approximate Building Total
71586
Capitalization Rate
5.01
Operating Expenses Actual
473478
Gross Income Actual
1200410
Gross Rent Multiplier
12.08
Net Income Actual
726932
Occupancy Types
Leased, Month To Month
Number Of Units Total
75
Unit Type One Baths Total
1
Unit Type One Rent
862
Unit Type One Sq Ft
450
Unit Type One Units Total
4
Unit Type Two Baths Total
1
Unit Type Two Beds Total
2
Unit Type Two Rent
1230
Unit Type Two Sq Ft
874
Unit Type Two Units Total
25
Unit Type Three Baths Total
2
Unit Type Three Beds Total
2
Unit Type Three Rent
1214
Unit Type Three Sq Ft
982
Unit Type Three Units Total
18
Unit Type Four Baths Total
2
Unit Type Four Beds Total
3
Unit Type Four Rent
1422
Unit Type Four Sq Ft
1052
Unit Type Four Units Total
28

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of Joseph Bernard LLC.

The content relating to real estate for sale on this site comes in part from the IDX program of the RMLS of Portland, Oregon. Real Estate listings held by brokerage firms other than this firm are marked with the RMLS logo, and detailed information about these properties include the name of the listing's broker. Listing content is copyright © 2020 RMLS of Portland, Oregon. All information provided is deemed reliable but is not guaranteed and should be independently verified. This content last updated on . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.