Equity Pacific is pleased to announce the sale of two side by side 4-Plex apartment buildings on separate tax lots located at 602 NE 78th Avenue near Glisan Street in the Montavilla neighborhood of NE Portland. Montavilla is an emerging close-in sub-market attracting tenants and investors with its neighborhood parks, schools, restaurants and retail stores. Owned for years by the same family, this property features significant rent upside. Built in 1961, each 4-plex building is two-story wood frame with cedar and roman brick exteriors.
Altogether the property comprises eight 2BR/1BA Town House apartments of approximately 900 SF with spacious living rooms, hardwood floors, and tiled kitchens and baths. Each apartment features a balcony overlooking a courtyard-like setting with mature landscaping.
The new owners will make improvements to the buildings and update the interiors to achieve top of the market rents. This 8-Unit property sold for $860,000 ($107,500 per unit and $118 per SF). There is open, off-street parking for eight cars and each building features coin-op laundry in the basement.
Jason Waxberg represented the buyer to the transaction.
602 NE 78th Avenue | Portland, Oregon 97213