Listings

 

Under Contract: Tuscany Villa – 32 units, Historic Oregon City

Presented at $4,900,000

581 Holmes Ln. Oregon City, OR 97045 Clackamas County

Contact Lindsey Zehel at lindsey@imgnorthwest.com or (971) 888-4010 ext. 102.

Investment Highlights

Tuscany Villa offers an investor the rare opportunity to own a well maintained, value-add asset located in an emerging Portland suburb. The property includes extra-large 1-bedroom flats and 2-bedroom townhome floor plans to satisfy demand from professionals and families moving out of Portland’s inner core. Interior features include full-sized washer/dryers and private patios. Private garage parking allows for growth in monthly income.

Tuscany Villa is located in the Barclay Hills neighborhood less than two miles from Main Street Oregon City, an area that has gained popularity for its quaint coffee shops, craft breweries, and local shops. Residents enjoy a short commute to Clackamas Community College (2 miles from Tuscany Villa), and easy access to Portland’s Core Business District via both Highway 99 and I-205/I-5.

Construction on the Willamette Falls Legacy Project’s first phase is anticipated to begin in 2020 (1.5 miles from Tuscany Villa). Long-term plans for the 22-acre riverfront site include creating a public riverwalk alongside the Willamette River and a new, vibrant downtown commercial/residential development. As the project progresses, it will transform Oregon City’s downtown into a national-level attraction, boosting submarket apartment demand. 

Download the Tuscany Villa Offering Flyer

SOLID INVESTMENT BENCHMARKS

Apartments For Sale Oregon City

Tuscany Villa is strategically positioned to sustain cash flow. It has been a reliable asset despite few upgrades to unit interiors, producing consistent income through high occupancy and the adjustment of rents to near- or at-market with organic turnover. An investor can immediately benefit from this continuation of market rate practices.

SIGNIFICANT UPSIDE OPPORTUNITY

As natural turnover occurs, an investor can execute capital improvements upgrading unit interiors with modern finishes. Renovations present the opportunity to elevate performance in a market poised for growth and continued development. Upside potential includes creating new branding and marketing, new exterior paint and refreshed signage/curb appeal. Income growth potential is also possible through monthly garage rentals and utility bill back.

ATTENTIVELY OWNED & MANAGED 

This asset has been actively owned and maintained by a local family for 13 years. Recent cap-ex projects include a parking lot upgrade (2020). New windows, garage doors and full exterior paint were completed in 2008. Attentive ownership has helped maintained a high occupancy rate at the property.

ATTRACTIVE UNIT MIX

Tuscany Villa is comprised of 1-bedroom flats and 2-bedroom townhomes averaging 944 sq. ft. per unit. Recent new construction in the Portland metro has delivered an increasing number of relatively smaller studio and one-bedroom product, fueling a demand for larger, two-level town homes. In addition to spacious floor plans, all Tuscany Villa units offer a full-sized washer/dryer, dishwasher and private deck/patio comprising a competitive amenity set among existing Oregon City product.

PROJECTED POPULATION GROWTH

A 5% population increase within 1-mile of the property is projected through 2024 (CoStar). The city of Portland, consistently ranked as one of the nation’s “#1 moving destinations”, forecasts a population growth of 725,000 people by 2035. A U.S. News & World 2019 report ranked Portland among the top places to live in the nation based on its healthy job market (ease of finding employment and earning potential) and desirable quality of life. Rental demand in this submarket is fueled by Southeast Portland’s various employment hubs (36,000+ employees within 3 miles of Tuscany Villa) and Clackamas Community College (25,000 total students).

Contact Lindsey Zehel at lindsey@imgnorthwest.com or (971) 888-4010 ext. 102.


Under Contract: Maddy’s Depot – Northeast Portland

5 Units – Presented at $750,000

4620 NE Portland Hwy, Portland OR 97218

Contact Lindsey Zehel at lindsey@imgnorthwest.com or (971) 888-4010 ext. 102.

Maddy’s Depot is a garden-style multifamily property comprised of two buildings; one threeplex (flat) and one duplex (townhomes). All units feature washer/dryer hookups (two including W/D), private patios and 10x20SF yards. The Seller has completed upgrades, thus offering a nearly turnkey property to the market; three unit interiors were substantially renovated in 2018.

Located in the desirable Cully neighborhood in Central Northeast Portland. Residents enjoy easy access to local restaurants, coffee shops, and employment centers including Downtown Portland’s Central Business District and the Portland Airport. Stable occupancy. Positioned to capitalize on Northeast Portland’s continued redevelopment. Traffic count (NE Lombard at NE 47th Ave): 31K+. 327K+ employees within a 5-mile radius.

Download the Maddy’s Depot Offering Flyer

Seller / LLC member is a Licensed Principal Broker.


Under Contract: Cully Fourplex – Northeast Portland

4 Units – Presented at $799,000

4324 NE Portland Hwy, Portland OR 97218

Contact Lindsey Zehel at lindsey@imgnorthwest.com or (971) 888-4010 ext. 102.

Classic, well-maintained 60’s fourplex with large 2- and 3-bedroom units averaging 1,378 SF. Four attached garages plus one detached garage included. All units have W/D hookups, refrigerator, range, and window coverings. Three units include dishwasher. Located in the desirable Cully neighborhood in Northeast Portland offering quick access to NE Lombard (BYP 30B), public transportation, retail, and PDX airport. Stable occupancy. Positioned to capitalize on Northeast Portland’s continued redevelopment. Traffic count (NE Lombard at NE 45th Ave): 15,766. 335,000+ employees within a 5-mile radius.

Download the Cully Fourplex Offering Flyer

Seller / LLC member is a Licensed Principal Broker.