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