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Listed by RMS Investment Real Estate
$ 2,500,000
Est. payment /mo
Active
1800 SE STARK ST SE Portland, OR 97214
10,394 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 10,394 sqft
Price per Sqft $240
Subdivision Buckman
MLS Listing ID 644112001
HOA Y/N No
Year Built 1964
Annual Tax Amount $25,628
Lot Size 0.350 Acres
Property Description
Assumable Loan at 4.05% Interest til 2034One Two-Bedroom and Fourteen One-Bedroom UnitsThe Buckman neighborhood is one of Portland's most desirable. It is convenient to Interstates 5,405, 84, and 26, and offers easy access to Portland's extensive public transit system via both multiple bus lines and the Max light rail, just blocks away.The property itself boasts a Walkscore of 82 which deems the location to be a 'very walkable'. There is an array of restaurants, bars, shops, coffee houses, grocery stores and more. Nearby Colonel Summers Park offers a playground, dog park, community garden, sports courts, and plenty of green space to enjoy. Area planned developments, including additional residential and retail projects will continue to solidify the neighborhood's 'destination' and community feel.The immediate area surrounding the subject property has exhibited extremely high historical occupancy. When combined with the numerous walkable neighborhood amenities and ease of commute to downtown Portland, the subject property is ideally poised to attract and retain a wide variety of tenant profiles from urban professionals to young families seeking a close-in, convenient residential neighborhood. The property offers the opportunity to capitalize on a location that lends itself to continuous demand. As the Portland area's rents continue to increase, cash flow will grow steadily. The size of the property is easily owner-managed, allowing for significant expense savings.The asset will continue to provide a steady cash flow for the foreseeable future. This investment is ideal for someone looking for steady, reliable income in a low-vacancy, increasing-rent environment. Value-add investors can remodel the units to get top of the market rates withWalkscore of 94 “Walker's Paradise”One Hundred and Thirteen Restaurants and Bars Within a Half Mile8.64% Total ReturnAcross the Street from Buckman ElementaryBuckman Neighborhood Commands Highest Rents in Close-In East Side
Location
State OR
County Multnomah
Community Alllandscaping
Area _143
Zoning R5
Rooms
Basement Crawl Space
Interior
Heating Radiant
Cooling None
Exterior
Community Features AllLandscaping
Roof Type Composition,Shingle
Garage No
Building
Lot Description Sloped, Trees
Story 2
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Elementary Schools Buckman
Middle Schools Hosford
High Schools Cleveland
Others
Acceptable Financing Assumable, Cash, Conventional
Listing Terms Assumable, Cash, Conventional
