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