Equity Pacific is pleased to announce the sale of the PSU 5-Plex Apartments located at 2047 SW 10th Avenue in Portland, OR. The property sold for $890,000 ($178,000 per unit and $230 per SF).
Located directly at the base of Downtown Portland’s historic West Hills, the PSU 5-Plex offers four traditional apartment units with a fifth rented but non-conforming unit in the basement. Built in 1912 as a large house and later converted to a multi-family property, this historic building resides within blocks of Portland State University, popular retail shops, gourmet restaurants, Downtown Portland’s Central Business District, and Waterfront Park. Tenants enjoy spectacular views of Downtown Portland and the property is surrounded by both historic and contemporary luxury houses, condos, and apartments.
With rental upside and significant appreciation in this sought after location, this property provides an investor the unique opportunity to obtain an income producing property in a historic close-in downtown Portland location.
Equity Pacific was retained by the seller to quickly market and sell the property as the seller had already identified their 1031 Exchange property to purchase. A qualified cash buyer was found almost immediately upon listing the property who closed within 30 days.
Chuck Brazer represented the buyer and the seller to the transaction.
2047 SW 10th Avenue | Portland, Oregon 97201