$925,000
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.
364546423
MLS
2626 NE 16TH AVE, Portland
