- ADDRESS:
- 2626 NE 16TH AVE Portland, OR 97212
- Price:
- $925,000
- Units:
- 8
- Acres:
- 0.11
- Unit 1:
-
1.0 Bath
Features: Fireplace, Furnished - Unit 2:
-
1.0 Bath
Features: Furnished - Unit 3:
- 1 Bed 1.0 Bath $1,400/mo
- Unit 4:
-
Features: Furnished - Unit 5:
- 1 Bed
- Unit 6:
- 1.0 Bath
- Unit 7:
-
Features: Furnished - Unit 8:
-
$900/mo
Features: Furnished - MLS#:
- 364546423
- Lot Size:
- 5,000 to 6,999 SqFt
- Type:
- Multi
- Zone:
- R5
- Yr Built:
- 1910
- Taxe/yr:
- $11,989.67
- County:
- Multnomah
- Status:
- Active
- Levels:
- 3
- Heat:
- Forced Air
- Nhood/Bldg:
- Irvington Eight
- Elem:
- Irvington
- Middle:
- Harriet Tubman
- High:
- Jefferson
- Lot Desc:
- Level, Public Road, Trees
- Area:
- Portland Northeast
- Courtesy of:
- Roffman Real Estate Investments, LLC
- Remarks:
- Irvington Eight offers eight rental units in a 1910 building in Portland's Irvington Historic District. Very walkable and exceptionally bike-friendly, with a Walk Score of 71 and Bike Score of 99. Updated pictures and floorplan are pending. The three-story property combines six studio layouts and two one-bedroom layouts, with a mix of private and shared bathrooms. Unit interiors range from approximately 200 to 570 square feet. The building totals approximately 5,494 square feet, including 1,410 square feet of unfinished basement; approximately 4,084 square feet are above grade. Set on an approximately 5,000-square-foot lot with established landscaping, the property includes a detached one-car garage, driveway parking, shared laundry, basement storage units and common areas. Limited-access entry and a fire sprinkler system are additional features. Public water and sewer serve the property. The property has been operated with furnished B&B/Airbnb stays and longer-term rentals. The stabilized apartment pro forma projects $9,600 in monthly base rent plus $460 in monthly utility contributions. Annual gross potential income is $124,720, including $4,000 in projected parking, pet and net paid-laundry income. After a $6,036 vacancy/collection allowance and $50,869.72 in operating expenses, projected annual NOI is $67,814.28, a 7.33% pro forma cap rate at the $925,000 asking price. This assumes all eight units are available for rental, including currently manager-occupied Units 5 and 5A. Laundry is currently free. Detailed unit, income and expense information is available upon request. The building is identified as contributing to the Irvington Historic District.