Equity Pacific is pleased to announce the sale of The Lovejoy Apartments located at 1002 NW 18th Avenue in Portland, OR. The property sold for $1,340,000 ($223,333 per unit and $175 per SF) to an all cash buyer.
The Lovejoy Apartments were built in 1911 and comprise six (6) units located at the intersection of NW 18th Avenue and NW Lovejoy Street. This incredible location is nestled directly between both the Pearl District and NW 21st / 23rd neighborhoods. The property is currently 100% occupied with huge upside opportunity in bringing rents to market levels.
Operationally the property has been an outstanding performer as its location is within the heart of the historical NW Portland Alphabet District and just 3 blocks from Portland’s Pearl District. Average rents fall $0.75/SF below market.
Equity Pacific was retained by the seller to quickly market and sell the property as the seller was planning their 1031 Exchange into a larger property with more rental units. A cash buyer was found almost immediately upon listing the property who successfully closed the transaction.
Chuck Brazer represented the seller to the transaction.
1002 NW 18th Avenue | Portland, Oregon 97209