Active
11145 NE WEIDLER ST
Portland OR, 97220
$7,745,000
$226.42 per sqft
Active
6 Beds
5 Baths
34,207 sqft
Multi-family
Built in 1973
Courtesy of Joseph Bernard LLC 503-593-9707
POTENTIAL LOAN ASSUMPTION of 3.25% fixed until December 2028, for qualified buyers. The Weidler 111 Apartments represents a rare opportunity to invest in a high-quality stabilized apartment community in one of the strongest submarkets within the Portland Metro, The Gateway District of Northeast Portland. The asset is comprised of 32 spacious units, with a mix of large 2BR and 3BR floor plans. The vacancy average has been historically low, and the unit mix has proven to meet the demands of today?s renters, and will continue to be a unique housing option in the market, given the limitations and financial challenges of developing large floor plans in today?s market and moving forward. The community has benefited from major interior & exterior improvements in recent years. Exterior renovations include re-branding & signage, new paint, new outdoor BBQ/Picnic area, new basketball court, renovated leasing office, new fencing, new decking (select units), and upgraded landscaping. The majority of the interior units have been renovated (approx. 90%) with flooring, paint, appliances, cabinets (new or refinished), resurfaced countertops (select units with quartz), new fixtures, lighting, ceiling fans, and various bathroom updates. A proven model of success has been established for a new investor to finish the remaining units, and also reap the benefits of less turnover work for future lease ups. The community has experienced strong rent growth in recent years, with impressive lease up rents in 2022/2023 as tenants seek more suburban amenity rich communities and large floorplans. The average in place rents still trail the highest level in the building by approximately 10%, allowing a new investor the opportunity to step in and execute a realistic and obtainable value add model by simply getting all of the existing units up to the highest achieved level in the building.
23074914
MLSⓇ ID
December 6, 2023
Listed
May 9, 2024
Updated
Map
11145 NE WEIDLER ST
Portland OR, 97220
Interior Features
Total Stories
2
Bedrooms
6
Total Bathrooms
5
Full Bathrooms
5
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Baseboard
Exterior/Building Features
Lot Features
Level
Roof
Composition
Sewer
Public Sewer
School Information
High School
Parkrose
Elementary School
Sacramento
Other Property Details
Area Name
_142
Taxes
$51,077
Tax Frequency
Annually
Days on Market
54
Garage
No
Parking
Assigned
View
No
County
Multnomah
Water Source
Public Water
Pool
No
Zoning
RM2
Buyer Agency Compensation
1.25%
Courtesy of Joseph Bernard LLC, Phillip Barry
Listing Contact: 503-593-9707
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