10 E Ave
Lake Oswego, OR 97034
Georgia Manor · Multifamily Property For Sale · 6 Units

Located in heart of Portland' s most affluent suburb, Lake Oswego ("LO"), Georgia Manor has long benefited from its great location in a quiet residential neighborhood and desirable unit sizes with covered parking. Built in 1958, the property consists of 6 units on two tax lots totaling 20,553 SF of land in a courtyard style setting. There are two 2 bedroom/1 bath units at 960 square feet, three 2 bedroom/1 bath units at 893 square feet, and one 1 bedroom/1 bath unit at 547 SF. An on-site laundry facility provides additional income. Over the years the property has undergone several improvements, including a newer roof, new electrical panels and upgrades to interiors in five of the six units. The two end units have full sized washer/dryer hookups and fireplaces. The average in-place rents are approximately 10% below market. In a submarket with approximately 4% vacancy rate, increase rents to market rates will create instant increased cash-flow and equity for a new ownership group. Situated on nearly a half-acre, the two tax lots are zoned high-density residential and would allow for up to 12 units for developers looking to maximize the potential future highest and best use. Georgia Manor is located in the First Addition neighborhood of Lake Oswego, one of the premier historic neighborhoods in all of Portland. Although it' s just eight miles south of downtown Portland, LO is not your typical bedroom community. The thriving city of almost 37,000 is centered around the lake of the same name and bordered by the Willamette River, offering wonderful views and great walks. LO is one of Portland' s premiere and most affluent suburbs. Just blocks from the property, LO' s downtown is a beautiful, walkable lakefront business and shopping district. LO's School District ranks among the best in the state and the nation. The two local high schools were ranked the top large public high schools in U.S. News & World Report' s 2016 list of Oregon' s best high schools. They also were among 6,218 high schools to receive national recognition just as they were last year and the year before. There are 539 acres of parks and open spaces in LO. In addition to the city' s parks, the 645-acre Tyron Creek State Park is Oregon' s only state park within walking distance. The median price of homes listed in LO over the last 90 days is over $1 million.