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1120 NE 17th Ave
Hillsboro, OR 97124
Cornell Place · Multifamily Property For Sale
·
12 Units
Investment Highlights
- HEART OF THE SILICON FOREST - Home to major employers including Intel, Nike, and other Hillsboro Technology Firms Supporting Consistent Rental Demand
- RECENT CAPITAL IMPROVEMENTS - Newer Roofs Reduce Near-Term Capital Expenditures and Enhance Long-Term Ownership Stability
- VALUE-ADD POTENTIAL - Continued Interior Renovations Provide Opportunity to Increase Rents Through Proven Upgrade Strategy
- 1973 VINTAGE ASSET - Twelve Unit Hillsboro Community Featuring Four One-Bedroom and Eight Two-Bedroom Apartments
- STRONG IN-PLACE CASH FLOW - Stabilized Income Supported by RUBS Program Enhancing Expense Recovery and Efficiency
- ATTRACTIVE SUBMARKET LOCATION - Positioned in Supply-Constrained Area With Strong Demographics and Population Growth
Executive Summary
The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Cornell Place Apartments, a 12-unit multifamily community located at 1120 NE 17th Ave in Hillsboro, Oregon.? Built in 1973, the property features a highly desirable unit mix of four one-bedroom and eight two-bedroom apartments, appealing to a wide range of tenant demographics in one of the Portland metro’s most established rental markets.?
Cornell Place Apartments offers strong in-place cash flow supported by an existing RUBS program, providing immediate operational efficiency and expense recovery.? The asset presents a clear value-add opportunity through continued interior renovations.? Select units have been upgraded with luxury vinyl plank flooring and faux granite countertops, establishing a proven pathway to achieving rental premiums and improving overall performance.? Recent capital improvements, including newer roofs, reduce near-term capital expenditure requirements and enhance ownership stability.?
The property features mature landscaping, open greenspaces, and private patios or decks, contributing to an attractive living environment and strong tenant retention.? Additional amenities include approximately 25 off-street parking spaces and a common laundry facility.? Strategically positioned near major employers such as Intel, Nike, and the broader Silicon Forest technology corridor, the property benefits from a deep and stable employment base that continues to drive population growth and rental demand.? Cornell Place Apartments represents a compelling opportunity combining stable income, operational efficiencies, and meaningful long-term upside potential.?
Cornell Place Apartments offers strong in-place cash flow supported by an existing RUBS program, providing immediate operational efficiency and expense recovery.? The asset presents a clear value-add opportunity through continued interior renovations.? Select units have been upgraded with luxury vinyl plank flooring and faux granite countertops, establishing a proven pathway to achieving rental premiums and improving overall performance.? Recent capital improvements, including newer roofs, reduce near-term capital expenditure requirements and enhance ownership stability.?
The property features mature landscaping, open greenspaces, and private patios or decks, contributing to an attractive living environment and strong tenant retention.? Additional amenities include approximately 25 off-street parking spaces and a common laundry facility.? Strategically positioned near major employers such as Intel, Nike, and the broader Silicon Forest technology corridor, the property benefits from a deep and stable employment base that continues to drive population growth and rental demand.? Cornell Place Apartments represents a compelling opportunity combining stable income, operational efficiencies, and meaningful long-term upside potential.?
Property Facts
| Price Per Unit | $166,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.63 AC |
| Cap Rate | 6.29% | Building Size | 9,800 SF |
| No. Units | 12 | Average Occupancy | 92% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1973 |
| Apartment Style | Low-Rise | Parking Ratio | 2.45/1,000 SF |
| Zoning | PUD R-7, Hillsboro | ||
| Price Per Unit | $166,667 |
| Sale Type | Investment |
| Cap Rate | 6.29% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 9,800 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1973 |
| Parking Ratio | 2.45/1,000 SF |
| Zoning | PUD R-7, Hillsboro |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 8 | - | - |
Property Taxes
| Parcel Number | R0711867 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $968,350 |
Property Taxes
Parcel Number
R0711867
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$968,350
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