100 NE 120th Ave
- Well-covered basis play. Stabilize and refinance, or roll into a LIHTC execution at a later date.
- Rent upside inside the AMI limits. Actual rents average about 85% of Max Allowable Program Rents. The 40% and 50% AMI homes rent about 10% to 25% below them; the 60% AMI homes are at or near their maximums.
- On the Blue Line. E 122nd Ave MAX station and TriMet bus line 73 serve the neighborhood.
- Neighborhood momentum. The recent rehabilitation of Hazelwood Station, a few blocks away, shows the repositioning potential.
- Operating efficiencies. Water sub metering and a utility bill-back program could materially reduce operating costs.
- About $900,000 of seller improvements. 16-camera security system, sprinkler upgrades with a freeze-prevention protocol, attic insulation, new water heaters and about 21 homes repaired and partially renovated.
- Sister property. A 24-unit low-income senior community about three blocks south may also be available. Inquire for details.
Property Description
Eastgate Station is a 61-home family community built in 2010, in Portland's Hazelwood neighborhood and now in its LIHTC extended use period. One- to four-bedroom homes sit a short walk from the E 122nd Ave MAX station on the Blue Line (about 0.1 mile, straight line). Actual rents average $1,087 a month on occupied homes (September 2026 rent roll), against $1,288 at Max Allowable Program Rents and $1,374 at Max LIHTC rents, leaving room to grow income inside the existing AMI limits. The sale is structured around two assumable loans, from NOAH and the Portland Housing Bureau, with $700,000 of cash needed to close.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,936,580 |
| No. of Units: | 61 |
| Year Built: | 2010 |
| Lot Size: | 1.02 Acres |
| Opportunity Zone: | No |
| Price per unit: | $64,534 |
| Property Website | Click Here |
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