Multi-Family for Sale: 2815 87TH AVE, Portland, OR 97266

4,992 sqft
$950,000
$950,000
2815 87TH AVE, Portland, OR 97266
4,992 sqft
$950,000
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Price:
$950,000
$100,000 - 11/18/2024

Type Multi-Family
Square Feet 4,992 sqft
Garage Spaces 4
Lot Size 0.29 acres
Year Built 2000
Taxes Paid $14,230

City Portland
Area 143 - Portland Southeast
County Multnomah
School District Leodis Mc Daniel
Subdivision POWELLHURST-GILBERT

MLS 24364029
Status Active
DOM 65 days
Prime SE 4-Plex - Income-Generating or Owner-Occupant OpportunityBuilt in 2000 and family-owned since construction, presents a unique investment opportunity in the highly desirable Montavilla neighborhood. Whether you’re a seasoned investor looking for a reliable income-producing property or a potential owner-occupant seeking to live in one unit while generating rental income from the others, this property offers significant potential. Situated between Division St and Powell Blvd., in the Powellhurst-Gilbert, this property is ideally located near shops,restaurants, and public transportation, ensuring high tenant demand and consistent occupancy. Each unit features a spacious 3-bd, 2.5-bath townhome-style floor plan. The property generates a gross annual income of $95,040, with net income potential of $73,510 after operating expenses, including property taxes, insurance, and estimated costs for water, sewer, and garbage services. Each unit is approximately 1,200 square feet, offering modern layouts, garages, and additional parking to meet tenants' needs. Recent improvements, including a roof less than 10 years old, HW floor, and kitchen and furnace update minimize future maintenance costs, preserving long-term value. With reliable tenants and stable rental income, this 4-plex produces $7,920 in monthly rental income, making it an excellent turnkey investment in a busy close in neighborhood.For investors, this property offers an approx. Cap Rate of 6.39%, making it a favorable opportunity in a high-demand market. For owner-occupants, the ability to live in one unit while generating rental income from the other three presents an appealing option to significantly offset mortgage payments. We invite serious buyers to request a detailed financing sheet for more in-depth financials. Offers should be made subject to interior inspection. This is a rare chance to acquire an income-generating property with a favorable Cap Rate.

Room Features

Basement Description None

Lot & Building Features

Heating Forced Air
Parking Description Garage, Off Street
Sewer Public Sewer
Water Public Water
Water Heater Electricity

Community and Schools

Elementary School Clark
Junior High School Harrison Park
Senior High School Leodis Mc Daniel

Unit Features

Unit Type 1 Actual Rent 1970
Unit Type 1 Area 1200
Unit Type 1 Baths 2.100
Unit Type 1 Baths Total 3
Unit Type 1 Beds Total 3
Unit Type 1 Features Washer/Dryer Hookup
Unit Type 1 Units Total 1
Unit Type 2 Actual Rent 2000
Unit Type 2 Area 1200
Unit Type 2 Baths 2.100
Unit Type 2 Baths Total 3
Unit Type 2 Beds Total 3
Unit Type 2 Features Washer/Dryer Hookup
Unit Type 2 Units Total 1
Unit Type 3 Actual Rent 2100
Unit Type 3 Area 1200
Unit Type 3 Baths 2.100
Unit Type 3 Baths Total 3
Unit Type 3 Beds Total 3
Unit Type 3 Features Washer/Dryer Hookup
Unit Type 3 Units Total 1
Unit Type 4 Actual Rent 1850
Unit Type 4 Area 1200
Unit Type 4 Baths 2.100
Unit Type 4 Baths Total 3
Unit Type 4 Beds Total 3
Unit Type 4 Features Washer/Dryer Hookup
Unit Type 4 Units Total 1

Price History of 2815 87TH AVE, Portland, OR

Date Name Price Difference
11/18/2024 Price Adjustment $950,000 9.52%
10/15/2024 Price Adjustment $1,050,000 8.70%
09/20/2024 Listing Price $1,150,000 N/A
*Information provided by REWS for your reference only. The accuracy of this information cannot be verified and is not guaranteed.

Map of 2815 87TH AVE, Portland, OR

Location Map Street View
Photo of Don Nunamaker, Realtors
Direct: 541-386-4400
Office
2495 Cascade Ave.
Hood River, OR 97031
541-386-4400
Listed by eXp Realty, LLC, Debbie Gaudry & Joelle Lewis
$
20%
1.4979578947368%
6.75%
$
$
$
Monthly Payment
Principal & Interest
Monthly Taxes
Monthly HOA
Monthly Home Ins.
Monthly PMI

2815 87TH AVE (MLS #24364029) is a multi-family listing located in Portland, OR. This multi-family listing is 4,992 sqft and on a lot of 12,632 sqft (or 0.29 acres) and is 24 years old. This property was listed on 09/20/2024 and has been priced for sale at $950,000.

Nearby zip codes are 97206, 97213, 97215, 97216 and 97220.

RMLS

Listing Last updated . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. Walk Score map and data provided by Walk Score. Google map provided by Google. Bing map provided by Microsoft Corporation.

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Listing information courtesy of: eXp Realty, LLC

The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS. of Portland, Oregon. Real estate listings held by brokerage firms other than Don Nunamaker, Realtors are marked with the RMLS. logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2024 RMLS., Portland, Oregon.