3807 – 3811 S Water Avenue

• SW Portland Location
• Refreshed On-Site Laundry & Storage
• Value-Add Opportunity
• Easy access to transportation, work centers, downtown Portland, OHSU, and recreational opportunities
• Off-Street Parking

Property Description

Water Avenue Apartments is a well-maintained multifamily asset strategically located in the desirable Southwest Portland Metro. Built in 1976, this property comprises 23 units, including 22 studio apartments and one two bedroom unit. Amenities such as off-street parking, coin-operated laundry facilities, and ample storage space enhance the overall appeal, value-add potential, and functionality of the property. Situated on the quaint neighborhood street of Water Avenue, residents benefit from excellent walkability and convenient access to major transportation routes, including I-5, facilitating easy commutes to Downtown Portland, the Southwest Waterfront, and surrounding areas. The property’s proximity to several universities, including OHSU, makes it particularly appealing to students, health care employees, and young professionals seeking housing options near their academic and professional pursuits. Moreover, the property’s proximity to the Willamette River ensures stunning views and recreational opportunities. With a reduced price of $3,420,000 reflecting a current cap rate of 5.89%, along with a highest achieved rental cap rate of 7.60%, this investment presents a compelling opportunity to acquire a well-positioned value-add property in a prime location.