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