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