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