22920 NE HALSEY ST

Property Description

Built in 1975, The Tristy Ann Apartments are a turn-key 9-unit complex consisting of all 2-bedroom 1-bathroom apartments flats, located within three (3) one-level triplex style buildings. The property sits on approximately 0.8 acres with a mix of NC (Neighborhood Commercial) and MR-2 (Multi Residential 2,000) zoning. Located in the City of Wood Village, an eastern suburb only 20 minutes from Downtown Portland, the property benefits from its convenient access to Interstate 84, Mt. Hood Community College, and its proximity to major retailers, employers, entertainment options, city parks, and regional destinations. The unit mix is comprised entirely of 2-bedroom apartments roughly 784 square feet in size. Units are arranged such that there are no residents above or below other tenants, maximizing privacy and minimizing noise from neighbors. The flag lot and courtyard setting provides ample privacy and parking for residents. Current ownership has invested significant capital into improving the condition of the property and resident experience over the course of ownership. Recent interior improvements include new cabinetry, LVP flooring, paint, carpet, countertops, and hardware & fixtures. Each unit contains washer/dryer hookups. Current ownership has successfully renovated a majority of the units, proving out a market rent that is more than $200/month higher than the current average rent. Additionally, management has implemented a resident utility bill-back program that has effectively passed-through more than 98% of the utility expenses, from owner to the occupant(s). A new owner may renovate the remaining units to capture the 14%+ loss to lease, or elect to continue operating the property in its current condition and benefit from the steady and reliable cash flow. The subject property presents an ideal opportunity for an investor looking to acquire an already stabilized asset with proven upside, that is located in a growing submarket outside the City of Portland.