Author Archives: SaraJaneSjol

2934 SE Morrison – $2,200,000

SOLD! Close-In SE Beauty | $2,200,000

8 UNIT MULTI-FAMILY INVESTMENT
5222 SE Holgate Boulevard | Portland, Oregon 97206

This close-in gem closed for $2,200,000.  Our investors successfully completed a 1031 exchange.

Chuck Brazer represented the buyer in the transaction.

Holgate 4-PLEX – $580,000

SOLD! Holgate 4-Plex | $5,800,000

4 UNIT MULTI-FAMILY INVESTMENT
5222 SE Holgate Boulevard | Portland, Oregon 97206

Equity Pacific is pleased to announce the sale of the Holgate 4-Plex located at 5222 SE Holgate Boulevard between the popular Woodstock & Foster/Powell neighborhoods, which has sold for $580,000 ($145,000 per unit and $251 per SF).

Built in 2000 this 4-plex investment property comprises four 1BR/1BA units of approximately 575 SF.  The apartments are individually metered for electricity and all feature dishwashers and washer/dryers. There are four off-street parking spaces located behind the building.

A mixed-use building named The Lennox Apartments is currently under construction in the empty lot located diagonally from the subject property. When completed, it will comprise 64 apartment units and approximately 3,500 square feet on the ground floor which is slated to be a restaurant space and a coffee shop.

Jason Waxberg represented the buyer in the transaction.

Santa Lucia Apartments – $2,100,000

SOLD! Santa Lucia Apartments | $2,100,000

8 UNIT MULTI-FAMILY INVESTMENT
2934 SE Morrison St. | Portland, Oregon, 97214

Equity Pacific is pleased to announce the sale of the Santa Lucia Apartments located at 2934 SE Morrison Street in Portland, OR. The property sold for $2,100,000 ($262,500 per unit and $258.33 per SF).

The Santa Lucia Apartments were meticulously remodeled in 2014 with the help of a prominent local architect. Many period features were kept or improved while modern amenities and details added to appeal to the current renter demographic in the area. The property is incredibly well-located within the Belmont sub-market making the investment a rare and outstanding long-term opportunity. Rents were in need of stabilizing but all other aspects of the property financially and physically were virtually turn-key. 

Equity Pacific recognized the opportunity and acted fast to match the property to an existing client’s acquisition parameters. The buyer was in a 1031 exchange and the property matched perfectly and their offer was accepted. The buyer was guided through due diligence swiftly and thoroughly and the transaction was successfully closed and recorded on-time.

 

Chuck Brazer represented the buyer in the transaction.

Mt. Tabor View Apartments – $2,825,000

SOLD! Mt. Tabor View Apartments | $2,825,000

23 UNIT MULTI-FAMILY INVESTMENT
22-48 SE 80th Ave. | Portland, Oregon, 97215

Equity Pacific is pleased to announce the sale of the Mt. Tabor View Apartments located at 22-48 SE 80th Ave. in Portland, OR. The property sold for $2,825,000 ($122,826 per unit and $170.30 per SF). The subject property had significant upside through increasing rents, maximizing income from underutilized garage space and through physical rehabilitation. The immediate closer-in SE location near Mt. Tabor and Montavilla neighborhoods further strengthened the overall investment outlook of the property.

Equity Pacific quickly sourced the opportunity within hours of the property being listed for sale and shared the property with an established client looking for additional units in the area. Equity Pacific then successfully guided the buyer thorough a competitive offer process, gained control of the listing and closed the transaction at terms and conditions the buyer was seeking.

Chuck Brazer represented the buyer in the transaction.

Hoyt Street Four Apartments – $850,000

SOLD! Hoyt Street Four Apartments| $850,000

4 UNIT MULTI-FAMILY INVESTMENT
5516 NE Hoyt St. | Portland, Oregon

Equity Pacific is pleased to announce the sale of the Hoyt Street Four Apartments located at 5516 NE Hoyt St. in Portland, OR. The property sold for $850,000 ($212,500 per unit and $257.11 per SF). The Hoyt Street Four Apartments were built in 1966 and completely remodeled in 2015. Interior upgrades included new wood-look vinyl plank flooring, two-tone paint, painted cabinets, quartz countertops, stainless appliances, plumbing fixtures, lighting, tub surrounds and installation of stackable washer/dryers. Exterior upgrades include hardi-siding, exterior doors, paint, parking lot surface and the addition of rear concrete patios and fenced private yard space.

Unit mix includes three – 2bd/1ba units at approximately 768 square feet and one – 1bd/1ba unit at approximately 769 square feet. Current rents average $1,332 for the 2bd/1ba units and $1,095 for the 1bd/1ba unit. Rent levels are near current market levels but opportunity remains to stabilize rents $150-$200 per unit higher upon lease expiration. Hoyt Street Four is situated near Portland’s Hollywood and Laurelhurst neighborhoods and is bordered by some of Portland’s most desirable residential areas including Alameda, Beaumont, Irvington and Sullivan’s Gulch. All feature unique historic homes and businesses, popular eclectic restaurants, shops and parks.

Equity Pacific Real Estate was retained by the seller to broadly and aggressively market the property to achieve a sale within 30 days. The seller was completing a 1031 exchange and needed to close the subject property quickly in order to complete the purchase of his upleg property. The property was widely exposed through direct investor contact, email campaigns and the utilization of all available online media including social media. An all cash buyer was located within a week of listing the property, the buyer successfully closed two weeks thereafter. Equity Pacific Real Estate was able to satisfy the seller’s objective within his 30 day closing deadline.

Chuck Brazer represented the seller in the transaction

PSU 5 PLEX – $890,000

SOLD! PSU 5-Plex | $890,000

5 UNIT MULTI-FAMILY INVESTMENT
2047 SW 10th Ave. | Portland, Oregon

Equity Pacific is pleased to announce the sale of the PSU 5-Plex Apartments located at 2047 SW 10th Ave. in Portland, OR. The property sold for $890,000 ($178,000 per unit and $229.85 per SF).

Located directly at the base of Downtown Portland’s historic West Hills, the PSU 5-Plex offers four traditional apartment units with a fifth rented but non-conforming unit in the basement. Built in 1912 as a large house and later converted to a multi-family property, this historic building resides within blocks of Portland State University, popular retail shops, gourmet restaurants, Downtown Portland’s Central Business District, and Waterfront Park. Tenants enjoy spectacular views of Downtown Portland and the property is surrounded by both historic and contemporary luxury houses, condos, and apartments.

With rental upside and significant appreciation in this sought after location, this property provides an investor the unique opportunity to obtain an income producing property in a historic close-in downtown Portland location.

Equity Pacific was retained by the seller to quickly market and sell the property as the seller had already identified their 1031 Exchange property to purchase. A qualified cash buyer was found almost immediately upon listing the property who closed within 30 days.

Chuck Brazer represented the seller in the transaction

The Lovejoy Apartments – $1,340,000

SOLD! The Lovejoy Apartments | $1,340,000

6 UNIT MULTI-FAMILY INVESTMENT
1002 NW 18th Ave. | Portland, Oregon, 97209 

Equity Pacific is pleased to announce the sale of the Lovejoy Apartments located at 1002 NW 18th Ave. in Portland, OR. The property sold for $1,340,000 ($223,333 per unit and $175.18 per SF).

The Lovejoy Apartments were built in 1911 per public record and comprise of six total units. Two of the six units are non-conforming but fully finished and occupied. As the property is a legal 4-plex, residential financing was available. The subject property is located at the intersection of NW 18th Avenue and NW Lovejoy Street. This is an incredible location nestled directly between both the Pearl District and NW 21st/ 23rd neighborhoods. The property is currently 100% occupied with huge upside opportunity in bringing rents to market levels.

Operationally the property has been an outstanding performer as its location is within the heart of the historical NW Portland Alphabet District and just 3 blocks from Portland’s Pearl District. There is significant rental upside as average rents at the subject property fall $0.75/SF below market. Matching current market rent levels will generate nearly 8.0% cash flow or more for a new investor depending on down payment amount.

Equity Pacific was retained by the seller to quickly market and sell the property as the seller was planning their 1031 Exchange into a larger property with more rental units. A well-qualified cash buyer was found almost immediately upon listing the property who successfully closed the transaction.

Chuck Brazer represented the seller in the transaction

Raleigh Hills Townhomes – $1,225,000

SOLD! Raleigh Hills Townhomes| $1,225,000

5 INDIVIDUALLY DEEDED UNITS

Equity Pacific is pleased to announce the sale of the Raleigh Hills Townhomes located at 3336-3388 SW 90th Ave. in Portland, OR. The property sold for $1,255,000 which was $5,000 over the list price ($251,000 per unit and $115.56 per SF). The Raleigh Hills Townhomes were built in 2000 and are comprised of very large 1,500 SF 3bd/2.5ba townhouse style units. All units included tandem two-car garages, private balconies and patios and full size washers & dryers. The units were primed to have rents stabilized at market levels which will generate an 8% increase of annual cash flow. These units in particular offered a very unique opportunity as all units were separately deeded and owned by the same seller. This rare case allows for units to easily be sold off individually in the future or they can continue to be operated as a “5-plex”.

Equity Pacific aggressively marketed the property and targeted buyers who understood both the residential and multifamily components of the property.  After generating several interested parties, a final buyer was chosen who presented an over list price offer that was all-cash. The buyer swiftly completed their due diligence and the property was successfully closed.

Chuck Brazer represented the seller to the transaction.

Country Club Apartments – $1,960,000

SOLD! Country Club Apartments | $1,960,000

43 UNIT MULTI-FAMILY INVESTMENT

Equity Pacific is pleased to announce the sale of the 43-Unit Country Club Manor Apartments located at 605 Umatilla Avenue in Umatilla, OR. The property sold for $1,960,000 ($43,581 per unit and $60.51 per SF). Country Club Manor was built in 1977 with extensive remodel in 2013-14. The property offered over 10% immediate cash flow based on the in-place income and expenses and over 17% cash flow after stabilizing at market levels.

Marketing Country Club Manor presented particular challenges as Umatilla is a much smaller, more tertiary sub-market. Equity Pacific welcomed the challenges and were able to locate and identify several qualified investors. The most qualified buyer submitted the strongest offer and swiftly completed their due diligence ultimately resulting in a successful close of escrow.

Chuck Brazer represented the seller to the transaction.

Ash Street Apartments – $1,365,000

SOLD! Ash Street Apartments | $1,365,000

12 UNIT MULTI-FAMILY INVESTMENT

Equity Pacific is pleased to announce the sale of the 12-Unit Ash Street Apartments located at 11940 SE Ash Street in Portland, OR. The property sold for $1,365,000 ($113,750 per unit and $132 per SF). The Ash Street Apartments were constructed in 2009. The building is three-story wood-frame with hardiplank siding and double paned vinyl windows.

The property comprises all 2BR/1BA apartments of approximately 860 SF and presents solid rent upside for a new investor. All units offer spacious floor plans with large kitchens, breakfast bar, ample storage and full size washer/dryer hookups. All units feature electric hot water and electric forced-air cadet style heating systems and are separately metered for electricity. In addition, all units on all floors including exterior entryways are equipped with a sprinkler system.

Chuck Brazer represented the seller to the transaction.