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11939 NE Davis Street

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Address: 11939 NE Davis St, Portland, OR 97220, USA

Seattle & Northwest + Apartment Buildings

Created date: February 7, 2024

Date last updated: October 9, 2024

- Approximately 20% of units are market rate, remainder on restrictions through OHCS and/or PHB
- Loan is assumable with agency consent
- Formerly "congregate senior housing," new owner has many other options
- Recently updated elevator, Flood detection system installed, recent roof moss removal, gate and parking garage repairs,
- Second Floor laundry, with recently installed card operated units
- Adjacent to new library, close to county services, on the MAX Blue Line
- Approximately +/-4,000 square feet for kitchen and dining room could be converted to other uses or meal services could be resumed
- When ownership acquired in 2019, 68% occupancy. Despite Covid, occupancy now at 98%
- Vast recent improvement to NOI after congregate (meal and cleaning) services dropped, leaving buyer with better financial position and significant rent upside.

Property Description

Opportunity to acquire a 1998-built apartment building at the attractive basis of $90,000 per door. Previously congregate senior housing, management recently decommissioned dining and meal service as well as cleaning service for unit interiors. A mix of 120 units and sprawling common areas, units boast significant rent upside potential. The current kitchen and dining area could resume service under new operator, or could be converted to a number of other uses, such as additional units. Assumable debt at 118 bps below cap rate on actuals.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$10,800,000
No. of Units:	120
Year Built:	1998
Lot Size:	0.81 Sq ft
Opportunity Zone:	No
Price per unit:	$90,000
Property Website	Click Here