PRAIRIE HOUSE APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 26-Unit Prairie House Apartments located at 1105 SW 17th Street in Hermiston, Oregon which closed for $1,450,000 or $55,769 per unit and $58 PSF.

The Prairie House Apartments were built in 1978 and comprise five (5) apartment buildings totaling approx. 24,992 net rentable SF situated on two (2) tax parcels totaling 2.52 Acres. The twenty six (26) apartment units comprise three (3) 3BR/2BA Town House units of approx. 1,370 SF, eleven (11) 2BR/1.5BA Town House units of approx. 1,078 SF, six (6) 2BR/1BA units of approx. 902 SF, and six (6) 1BR/1BA units of approx. 604 SF.

These very spacious apartments average 960 SF, and each has a conventional wood-burning fireplace. The open interiors feature carpet and vinyl flooring and vaulted ceilings in the Town Homes. Each unit also features a private balcony or patio.

The property was sold with all new membrane roofs installed as of April, 2019. There are ten (10) garages, five (5) storage units and an on-site laundry center which generates additional income.

Hermiston, Oregon is a city on the western side of Umatilla County, and is one of Oregon's fastest growing and most affordable communities. Hermiston is located at the intersection of two major interstates (I‐82 and I‐84), and several state highways, with a rail line, port and a municipal airport. It is rapidly becoming a logistics hub for eastern Oregon and southeastern Washington.

Jason Waxberg represented the buyer to the transaction.
 

1105 SW 17th Street, Hermiston, Oregon 97838

REED COLLEGE AREA 10-PLEX

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PROPERTY OVERVIEW

Equity Pacific is please to announce the sale of this single level 10-Unit property located at 4522 – 4624 SE 29th Avenue in Portland, Oregon for $1,850,000 or $185,000 per unit and $221 PSF.

The 10 units comprise five duplex buildings, spread across three separate tax lots. All of the buildings have been recently improved with new pitched composition shingle roofs, fiber cement siding, new sewer lines, energy-efficient windows and doors, and all 10 units have new electrical panels just recently installed in 2018.

There are Nine (9) 2BR/1BA units and one (1) 1BR/1BA unit, and each apartment features its own private entry way and garden area, fenced for privacy. There is open, off-street asphalt parking. Due to its strong location, the 2BR apartments have been turning over at $1,495 per month. This is a turn-key investment property with rent upside in a high demand, close-in SE Portland location less than a mile from Reed College.

Jason Waxberg represented the Seller, and Chuck Brazer represented the Buyer.
 

4522 - 4624 SE 29th Avenue, Portland, Oregon 97202

PRESCOTT MANOR APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 6-Unit Prescott Manor Apartments located at 1632 NE Prescott Street in close-in NE Portland, Oregon, which closed for $1,360,000 or $226,667 per unit and $213 PSF.

Prescott Manor is a very attractive and charming garden style single-level brick building built in 1941, located in the close-in Northeast Sabin neighborhood. The property features a newer roof and classic courtyard, and comprises six (6) 1BR/1BA units of approx. 590 SF. Each apartment has original oak floors throughout the open living room and large bedroom. The baths feature tile floors and bath surround. Kitchens feature solid wood cabinetry with lots of storage and a dining area adjacent. Linen closets or large hall closets provide additional storage. Four (4) of the apartments also feature wood burning fireplaces. Apartments feature wood frame windows with storm windows in good condition. There are five (5) garages and on-site laundry which generate additional income.

Prescott Manor is located in the close-in Northeast Sabin neighborhood, and borders the affluent Irvington and Alameda neighborhoods. Popular restaurants include Pok Pok Noi and Grain and Gristle and the Exacto Coffee House. Whole Foods and Alberta Cooperative Grocery are within walking distance. This is a walkable neighborhood with many places to explore.

Jason Waxberg represented the seller to the transaction.
 

1632 NE Prescott Street, Portland, Oregon 97211

WILLAMETTE PARK APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 7-Unit Willamette Park Apartments located at 6533 SW Virginia Avenue in Portland, Oregon for $1,400,000 or $200,000 per unit and $283 PSF.

The Willamette Park Apartments were built in 1924, comprising one (1) 1BR/1BA apartment of approx. 600 SF, five (5) 1BR/1BA apartments of approx. 500 SF, and one (1) Studio apartment of approx. 350 SF. This very attractive, turn-key investment property has great curb appeal and sits high above the street. The property features many recent upgrades including a newer roof, re-built chimneys, new sewer line, and energy-efficient windows. The interiors of the apartments have been beautifully updated, with stacked washer/dryers in four of the units as well as an on-site coin operated laundry and individual lockable storage units in the basement. Current rents are strong yet still present some rent upside. There is also a very private, quiet backyard garden area with a large storage shed suitable for storing larger items, and two smaller sheds for lawn care maintenance tools and equipment.

The Willamette Park Apartments are located in the highly sought after John's Landing area, just one block from Macadam Avenue. This quiet residential neighborhood includes restaurants such as McMenamin’s Fulton Pub & Brewery, Elephant's Deli, and the upscale grocery store Zupan's Market, all within walking distance. Willamette Park is just three blocks away with paved walking/bike paths, picnic areas, tennis courts, boating, and other water sports on the Willamette River. It's about a five- minute drive from downtown with easy freeway access and near bus lines, making it very close to PSU, OHSU, and Lewis and Clark.

Jason Waxberg represented both the seller and the buyer to the transaction.
 

6533 SW Virginia Avenue, Portland, Oregon 97239

LAUREL ASH APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the Laurel Ash Apartments located at 2920 SE Ash Street in close-in SE Portland, Oregon, which closed for $1,120,000 or $140,000 per unit and $191 PSF. Due its outstanding location, Laurel Ash received multiple offers and the property was bid up over its initial $1,075,000 asking price.

Located on a quiet street just off SE 28th Avenue in the heart of Restaurant Row, this 8-Unit apartment building comprises one (1) 1BR/1BA apartment of approx. 825 SF, six (6) 1BR/1BA apartments of approx. 400 - 550 SF, and one (1) Studio apartment of approx. 460 SF.

The exterior features vintage architecture including a wrought iron fire escape certified by the City in 2017. The apartments feature abundant natural light and classic architectural details, with west facing units featuring downtown views. The apartment interiors feature vinyl windows and a mix of hardwood and vinyl flooring, vintage character and the units are individually metered for electricity. There is on-site coin-op laundry, secure bike parking and a fenced gardening are a with raised beds for tenants to use.

This investment property is situated in the Kerns neighborhood of close-in SE Portland within walking distance of fine restaurants, eclectic stores, Starbucks, Whole Foods supermarket, neighborhood night spots, the Laurelhurst movie theater, and Laurelhurst Park.

Jason Waxberg represented both the seller and the buyer to the transaction.
 

2920 SE Ash Street, Portland, Oregon 97214

BEAUTIFUL SELLWOOD 5-PLEX

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the very attractive 5-Plex located at 1704 - 1720 SE Lexington Street in the Sellwood Neighborhood of close-in SE Portland, Oregon which closed for $1,025,000. 

Built 1949 this property features brick and cedar siding, newer energy-efficient windows and a pitched comp roof. The apartments comprise one Studio Loft of approximately 700 SF, three (3) 1BR/1BA apartments between approximately 600 and 750 square feet, and one (1) Studio apartment of approximately 690 square feet.

All of the units feature updated interiors, and the majority of the units feature hardwood floors, tiled baths and dishwashers. Four apartments feature natural gas heat with their own individual gas furnaces in the basement, and the Studio is all electric. There is also coin-op laundry and storage units in the basement. Tenants enjoy outdoor space, including a lawn, stone patio and attractive landscaping. There is also a double car garage that generates additional income. The Sellwood 5-Plex is located in the heart of Sellwood, within close walking distance to popular restaurants, bars, retail shopping and Westmoreland Park.

Jason Waxberg represented the seller to the transaction.
 

1704 - 1720 SE Lexington Street, Portland, Oregon 97202

MEDITERRANEAN 4-PLEX

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 4-Plex located at 1023 - 1039 SE 21st Avenue in Portland, Oregon which has sold for $1,270,000 ($317,500 per unit and $258 per SF).

This superb condition pride of ownership Mediterranean style 4-Plex was built in 1927, comprising four (4) 1BR/1BA units of approximately 625 square feet of living space with private basements of approximately 465 square feet that feature newer washers & dryers. With its tile roof and outstanding architectural curb appeal, this building features a newer membrane roof and the stucco is in overall good condition. The majority of the windows have been upgraded along with all new storm doors. All of the units have been very nicely updated and feature hardwood floors, fireplaces, newer interior paint, upgraded appliances, resurfaced bathtubs and tile surrounds. All of the apartments have newer air conditioning units, and three of the units have new gas furnaces. The property is 100% occupied and current rents average $1,450 per month.

This property is situated on a quiet residential street between Hawthorne & Belmont. Popular restaurants, bars, entertainment and retail shopping are within walking distance, and Colonel Summers Park is just blocks away.

Jason Waxberg represented the buyer to the transaction
 

1023 SE 21st Avenue, Portland, Oregon 97214

BELMONT TURN-KEY 4-PLEX

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the pride of ownership Close-In SE 4-Plex located at 3051 SE Belmont Street in Portland, Oregon, which closed for $868,000.

This attractive 4-Plex with nicely updated units and wraparound porch was built in 1914, comprising one (1) 1BR/1BA apartment of approximately 800 SF, one (1) 1BR/1BA apartment of approximately 600 SF one (1) Studio apartment of approximately 530 SF, and one (1) Studio apartment of approximately 485 SF. The property features a newer roof and exterior paint. There is coin-op laundry & eleven (11) rentable storage units in secure-code access basement. There is also a large, private backyard garden. All of the units are individually metered for gas and electricity.

This investment property is close to everything Belmont has to offer, including popular restaurants, bars, entertainment and retail shopping.

Jason Waxberg represented the seller to the transaction
 

3051 SE Belmont Street, Portland, Oregon 97214

HOSFORD-ABERNETHY 6-UNITS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of Hosford-Abernethy side-by-side triplexes located at 2121 - 2127 SE Caruthers Street in Portland, Oregon which has sold for $1,075,000 ($179,167 per unit and $174 per SF).

This vintage property was built in 1927, comprising all 1BR/1BA units of approximately 1,031 square feet including individual basements with washer/dryer hook-ups. The units have period details throughout, including hardwood floors, built-ins and French doors.

This property is situated between Hawthorne & Division, in the Hosford-Abernethy neighborhood of close-in SE Portland. Popular restaurants, bars, entertainment and retail shopping are within walking distance, and the MAX light rail Orange Line is within walking distance.

Jason Waxberg represented the buyer to the transaction.

2121 - 2127 SE Caruthers Street, Portland, Oregon 97214

SELLWOOD 4-PLEX

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the single level 4-Plex located at 1577 SE Spokane Street in Portland, Oregon which has closed for $810,000 ($202,500 per unit and $234 per SF). Listed for $799,000 we immediately saw the value this deal presented as the apartments are rented well below realistic market rents. Multiple offers were submitted on this property, and we successfully advised our client on a strategy of how best to get the deal under contract and close escrow.

This well maintained 4-Plex was built in 1969 and comprises four (4) 2BR/1BA units of approximately 850 SF. The property features a newer roof, brick and cedar siding, newer energy-efficient windows and off street paved asphalt parking for six (6) cars. The apartments feature private decks and a fenced patio area. Tenants have access to additional storage lockers and a laundry room with a coin-op washer and dryer which generates additional income.

The Sellwood 4-Plex is located in the heart of Sellwood, within close walking distance to popular restaurants, bars, retail shopping, Westmoreland Park and Sellwood Park.

Benjamin Ficker represented the buyer to the transaction.

1577 SE Spokane Street, Portland, Oregon 97202

COVINGTON MANOR 6-UNIT TOWN HOMES

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the Covington Manor Town Homes located at 9805 NE 76th Way, in Vancouver, Washington for $1,590,000 ($265,000 per unit and $186 PSF) to an all cash buyer in a 1031 exchange. This transaction closed at a 4.82% cap rate in just 10 days from mutual acceptance to close of escrow.

These very spacious and attractive rental homes included Six (6) individually deeded Town Homes, sold together as an investment portfolio. Built in 2014, this offering comprises two (2) 3BR/2.5BA units of approximately 1,525 SF, and four (4) 3BR/2.5BA units of approximately 1,350 SF. The beautiful interiors feature large family rooms with fireplaces, granite counters, stainless steel appliances, an eating bar, master walk-in closet, double vanity, built-in garage, AC units and a fenced yard.

This investment portfolio already has strong rents in place, with room for some modest rent increases when compared to similar rental units in the area, as Vancouver continues to be a strengthening rental market.

Jason Waxberg represented the seller to the transaction.
 

9805 NE 76th Way, Vancouver, Washington 98662

HAWTHORNE BELMONT BRICK 4-PLEX

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 4-Plex located at 1003 - 1017 SE 23rd Avenue in Portland, Oregon which has sold for $1,075,000 ($268,750 per unit and $214 per SF).  
 
This beautifully maintained turn-key 4-Plex was built in 1947, comprising one (1) 2BR/1BA apartment of approximately 880 square feet, and three (3) 1BR/1BA apartments of approximately 650 square feet. All of the units feature hardwood floors and forced air gas heat, and are individually metered for gas and electricity. There are three (3) garages and a common basement with coin-op laundry. The windows are newer and the electrical system has been updated.  

With timeless curb appeal, this investment property is situated on a tree lined street between Hawthorne & Belmont. Popular restaurants, bars, entertainment and retail shopping are within walking distance, and Colonel Summers Park is just blocks away.  


Jason Waxberg represented the seller and the buyer to the transaction.
 

1003 - 1017 SE 23rd Avenue, Portland, Oregon 97214

HAWTHORNE MIXED USE REDEVELOPMENT SITE

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 17,144 SF site located at 1314 SE Cesar E Chavez Blvd. in Portland, Oregon which has sold for $1,600,000 or $93 PSF.   
 
This asset was purchased for redevelopment and comprises two tax parcels zoned CM1. The Commercial Mixed Use 1 Zone (CM1) is small-scale, commercial mixed use zone intended for sites within lower density residential areas, on neighborhood corridors. Buildings in this zone can be built up to three stories and are generally oriented around retail, residential and office uses. 

Located along Cesar E Chavez Blvd and two blocks from Hawthorne Blvd, this is an ideal location for tenants and retailers alike. Fred Meyer Grocery is located directly across the street, and there are popular coffee shops, bars, restaurants and retail stores along Hawthorne Blvd. 


Jason Waxberg represented the buyer on the transaction, and helped them successfully complete their 1031 tax deferred exchange.
 

1314 SE Cesar E Chavez Blvd., Portland, OR 97214

GOLDEN KEY MANOR

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the Golden Key Manor located at 1726-1744 NE Hancock Street in Portland, Oregon which has sold for $2,150,000 ($215,000 per unit and $234 per SF).  
 
Golden Key Manor is a beautifully maintained pride-of-ownership 10-unit complex built in 1966, and comprised of four (4) 1BD/1BA flats between approximately 700-725 square feet, four (4) 2BD/1BA flats of approximately 890 square feet, and two (2) 3BD/1BA flats of approximately 1,000 square feet. A majority of the units have been upgraded with flooring, tile baths, backsplashes, hardware and cabinetry. The property is wood-frame construction with pitched composition shingle roofing and newer vinyl windows throughout. The property includes a large basement space with individual storage units and laundry machines for tenant usage. There are also 10 off-street parking spaces.  

Golden Key Manor is located in the close-in NE Portland Irvington District with easy access to downtown Portland, bus lines, I-84 & MAX light rail. This area is adjacent to other highly desirable neighborhoods such as Lloyd, Sullivan’s Gulch and Hollywood, and within walking distance to dining, shopping, and other entertainment. 

 

Chuck Brazer represented both the seller and the buyer to the transaction.
 

1726-1744 NE Hancock St, Portland, Oregon 97212

VILLAS ON BROADWAY

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 20-Unit Villas on Broadway located at 1601 Broadway Street in Seaside, Oregon which has sold for $2,199,900 or $109,995 per unit, $122 PSF and a 7.85% capitalization rate.   
 
Villas on Broadway were originally built as condominiums in 1973 and comprise five separate 4-Plex buildings on six tax lots.  The complex is located on 1.5 acres of secluded park-like grounds surrounded by trees.  The apartment unit mix includes five (5) 3BR/2BA apartments of approximately 1,090 SF, ten (10) 2BR/1BA apartments of approximately 900 SF, and five (5) 1BR/1BA apartments of approximately 700 SF.  These spacious units all feature washer & dryer hook-ups and rear balconies and patios.  There are 26 off-street asphalt parking spaces. 
 
All of the units at Villas on Broadway were fully remodeled in 2007, with modernization improvements including new fiber cement board siding on all buildings, and all new kitchens featuring granite slab countertops, new cabinets and stainless steel appliances, as well as new laminate wood flooring and carpeting throughout. 
 
Villas on Broadway are located just minutes from the Seaside Promenade, situated at the foot of the exclusive Seaside Heights Hill and a short walk to Seaside’s historic shopping district and the beaches. 
 

Jason Waxberg represented the buyer on the transaction, and helped them successfully complete their 1031 tax deferred exchange.

 

1601 Broadway Street, Seaside, OR 97138

THE FRANCES BUILDING

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of The Frances Building located at 3632 SE Hawthorne Boulevard in Portland, OR.  This investment property sold for $3,500,000 ($235 per SF) at a 6.70% cap rate.

Located directly across the street from the Bagdad Theater in the heart of the Hawthorne District in close-in SE portland, the Frances Building is an historic, vintage mixed-use investment property comprising seven (7) residential apartments, three (3) retail storefront spaces and the Echo Theater.  Built in 1911, The Frances Building has been designated a Portland Historic Landmark Building and is on the National Historic Registry.

The three NNN Retail Tenants are Rachel's Ginger Beer, Portland Cider Company and Harlow restaurant. The Echo Theater is home to DOJUMP and the Echo Theater Company & School.  The residential apartments comprise two (2) 2BR/1BA units of approximately 800 square feet, four (4) 1BR/1BA units that average approximately 650 square feet and one (1) studio unit of approximately 250 square feet.
 
  
Jason Waxberg represented the seller to the transaction.

 

3632 SE Hawthorne Boulevard, Portland, Oregon 97214

MOUNTAIN VIEW APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 16-Unit Mountain View Apartments located at 1907 N College Street in Newberg, OR.  This investment property sold for $1,800,000 ($112,500 per unit and $146 per SF). 
 
The Mountain View Apartments were built in 1973 and consist of eight one-story duplexes, comprising one (1) 4BR/2BA apartment of approximately 950 square feet, one (1) 3BR/1BA apartment of approximately 850 square feet, and fourteen (14) 2BR/1BA apartments of approximately 750 square feet. Each apartment has an attached garage. There is laundry room with four coin-operated washers and dryers. 
 
The Mountain View Apartments are located one mile from downtown Newberg and in close proximity to George Fox University. 
 
The new owners intend to continue to make improvements to the apartments to achieve top of the market rents.
  
Jason Waxberg represented the buyer to the transaction.

 

1907 N College Street, Newberg, Oregon 97132

PARKE PLACE APARTMENTS

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PROPERTY OVERVIEW

Equity Pacific is pleased to announce the sale of the 16-Unit Parke Place Apartments located at 5012 NE Cleveland Ave in Portland, OR.  This investment property sold for $2,900,000 ($181,250 per unit and $220 per SF). 
 
The Parke Place Apartments were built in 1911, comprising two (2) 2BR/1BA apartments of approximately 750 square feet, eight (8) 1BR/1BA apartments of approximately 625 square feet and six (6) studios of approximately 500 square feet. Unit interiors feature a mixture of hardwood and vinyl flooring. There are vintage details throughout including built-ins, period lighting fixtures and hardware. There is off-street parking for five spaces.
 
The Parke Place Apartments are located in close proximity to the Alberta Arts District, a popular neighborhood lined with shops, galleries, restaurants and bars.  On the last Thursday of every month there is also a colorful street fair. 
 
The new owners intend to continue to make improvements to the apartments to achieve top of the market rents.
 

Chuck Brazer represented the buyer to the transaction.

 

5012 NE Cleveland Avenue | Portland, Oregon 97211