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Marshall Rosario

marshall@primenwhomes.com +1(971) 645-6977

Listed by Roffman Real Estate Investments, LLC

$ 925,000

Est. payment -/mo

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2626 NE 16TH AVE Portland, OR 97212

5,494 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,494 sqft

Price per Sqft $168

Subdivision Irvington Eight

MLS Listing ID 364546423

HOA Y/N No

Year Built 1910

Annual Tax Amount $11,989

Tax Year 2025

Lot Size 4,791 Sqft

Property Description

Irvington Eight offers eight rental units in a 1910 building in Portland's Irvington Historic District. Very walkable and exceptionally bike-friendly, with a Walk Score of 71 and Bike Score of 99. Updated pictures and floorplan are pending. The three-story property combines six studio layouts and two one-bedroom layouts, with a mix of private and shared bathrooms. Unit interiors range from approximately 200 to 570 square feet. The building totals approximately 5,494 square feet, including 1,410 square feet of unfinished basement; approximately 4,084 square feet are above grade. Set on an approximately 5,000-square-foot lot with established landscaping, the property includes a detached one-car garage, driveway parking, shared laundry, basement storage units and common areas. Limited-access entry and a fire sprinkler system are additional features. Public water and sewer serve the property. The property has been operated with furnished B&B/Airbnb stays and longer-term rentals. The stabilized apartment pro forma projects $9,600 in monthly base rent plus $460 in monthly utility contributions. Annual gross potential income is $124,720, including $4,000 in projected parking, pet and net paid-laundry income. After a $6,036 vacancy/collection allowance and $50,869.72 in operating expenses, projected annual NOI is $67,814.28, a 7.33% pro forma cap rate at the $925,000 asking price. This assumes all eight units are available for rental, including currently manager-occupied Units 5 and 5A. Laundry is currently free. Detailed unit, income and expense information is available upon request. The building is identified as contributing to the Irvington Historic District.

Location

State OR

County Multnomah

Community Alllandscaping, Commons, Laundry

Area _142

Zoning R5

Rooms

Basement Full Basement, Unfinished

Interior

Heating Forced Air

Cooling Exhaust Fan

Exterior

Garage Spaces 1.0

Community Features AllLandscaping, Commons, Laundry

Roof Type Composition

Garage No

Building

Lot Description Level, Public Road, Trees

Story 3

Foundation Concrete Perimeter

Sewer Public Sewer

Water Public Water

Level or Stories 3

Schools

Elementary Schools Irvington

Middle Schools Harriet Tubman

High Schools Jefferson

Others

Acceptable Financing CallListingAgent, Cash, Conventional, Rehab

Listing Terms CallListingAgent, Cash, Conventional, Rehab

Regional Multiple Listing Service (RMLS)

NEARBY SCHOOL & BUSINESS

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