REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by eXp Realty, LLC • 503-289-0733
$ 950,000
Est. payment /mo
Price Dropped by $100K
2815 SE 87TH AVE Portland, OR 97266
4,992 SqFt
UPDATED:
12/04/2024 01:40 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,992 sqft
Price per Sqft $190
Subdivision Powellhurst-Gilbert
MLS Listing ID 24364029
Year Built 2000
Annual Tax Amount $14,230
Tax Year 2023
Lot Size 0.290 Acres
Property Description
Prime SE 4-Plex - Income-Generating or Owner-Occupant OpportunityBuilt in 2000 and family-owned since construction, presents a unique investment opportunity in the highly desirable Montavilla neighborhood. Whether you’re a seasoned investor looking for a reliable income-producing property or a potential owner-occupant seeking to live in one unit while generating rental income from the others, this property offers significant potential. Situated between Division St and Powell Blvd., in the Powellhurst-Gilbert, this property is ideally located near shops,restaurants, and public transportation, ensuring high tenant demand and consistent occupancy. Each unit features a spacious 3-bd, 2.5-bath townhome-style floor plan. The property generates a gross annual income of $95,040, with net income potential of $73,510 after operating expenses, including property taxes, insurance, and estimated costs for water, sewer, and garbage services. Each unit is approximately 1,200 square feet, offering modern layouts, garages, and additional parking to meet tenants' needs. Recent improvements, including a roof less than 10 years old, HW floor, and kitchen and furnace update minimize future maintenance costs, preserving long-term value. With reliable tenants and stable rental income, this 4-plex produces $7,920 in monthly rental income, making it an excellent turnkey investment in a busy close in neighborhood.For investors, this property offers an approx. Cap Rate of 6.39%, making it a favorable opportunity in a high-demand market. For owner-occupants, the ability to live in one unit while generating rental income from the other three presents an appealing option to significantly offset mortgage payments. We invite serious buyers to request a detailed financing sheet for more in-depth financials. Offers should be made subject to interior inspection. This is a rare chance to acquire an income-generating property with a favorable Cap Rate.
Location
State OR
County Multnomah
Area _143
Zoning RM1
Rooms
Basement None
Interior
Heating Forced Air
Exterior
Garage Spaces 4.0
Roof Type Composition
Garage No
Building
Lot Description Flag Lot, Level
Story 2
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Elementary Schools Clark
Middle Schools Harrison Park
High Schools Leodis Mcdaniel
Others
Acceptable Financing Cash, Conventional, FHA
Listing Terms Cash, Conventional, FHA
