1025 Bellevue Ave
Gladstone, OR 97027
Bellevue Townhomes · Multifamily Property For Sale · 8 Units

The Bellevue Townhomes features eight fully renovated units in the heart of Gladstone, Oregon. The property offers two and three-bedroom floor plans between 900-1,000 square feet. Each unit has a full bathroom upstairs and a guest bathroom on the first floor. Completely renovated in 2018, these modern units feature beautiful luxury vinyl plank flooring, all new interior doors and fixtures, new cabinets with a soft-close feature, Whirlpool brand stainless-steel kitchen suite and granite countertops throughout. Thoughtful touches were employed throughout inclusive of upgraded paneled doors on all rooms and closets, brushed nickel fixtures, and fresh white baseboard molding and casements. Located in charming Gladstone, Oregon, a suburb of Portland. The Bellevue Townhomes represent an opportunity to acquire a truly turnkey asset positioned to attract and maintain highly desirable tenants. The asset is ideally and conveniently located in Gladstone, Clackamas County, Oregon, which is 10 miles south from downtown Portland and 17 miles south from Portland International Airport. The property sits one mile from the intersection of Clackamas River and the Willamette River, where boating, kayaking, swimming, tubing and stand-up paddleboarding are popular local activities. Within one mile tenants can enjoy plentiful amenities and recreation opportunities, including beautiful state parks, jogging/biking paths, sports fields, shopping, grocery stores, several restaurants, public schools, the Children's Golf Course, 24 Hour Fitness and Walgreens. Just a short car ride brings you to other great suburbs such as Milwaukie, West Linn, Lake Oswego and Oregon City where there is even more access to beautiful river locations and fun activities to do. Tenants enjoy these large sized units which are conveniently located near work, schools and family fun. The location and building features attract young professional couples with or without kids, and older tenants on fixed incomes who are not able to purchase a home. According to Zillow, the average single-family home value in this zip code has increased 11% in the past year and is currently $366,200, making the rents at Bellevue Townhomes very affordable in comparison. The investor who purchases the Bellevue Townhomes will benefit from a fully-stabilized turnkey asset in the Portland, Oregon market. At a six percent current capitalization rate, strong cash flow can be realized from day one, and the recent full renovations will provide peace of mind that no major expenses need to be anticipated in the near future. On the first level, each unit offers a large living room, modern kitchen, dinette space, pantry, half bath, and laundry room with washer/dryer hookups with additional storage. Bedrooms are located on the second floor with a full bathroom and more storage space. Access to a private fenced yard is accessible off the kitchen. In addition to the interior upgrades, the property was renovated with new vinyl windows, gutters and downspouts, new water and sewer mains, vinyl siding and paint and new water heaters. Landscaping is currently in progress.