$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 offering package presents a conventional-rental pro forma, providing a basis for evaluating the property's income potential. Scheduled annual gross income is projected at $118,600, with operating expenses of $50,404.60 and net operating income of $62,465.40 after a $5,730 vacancy allowance. At the $925,000 asking price, projected NOI represents a 6.75% pro forma capitalization rate. 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
