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Driftwood Terrace 13455 SE Oatfield Rd 33 Unit Apartment Building $4,850,000 ($146,970/Unit) 6.52% Cap Rate Milwaukie, OR 97222
Executive Summary
Driftwood Terrace Apartments is a 33-unit multifamily community located in the desirable Oak Grove / Milwaukie Heights area of Clackamas County. Constructed in 1965, the property features a low-density garden-style courtyard setting with mature landscaping and attractive grounds. The property offers a diverse unit mix consisting of studio, one-bedroom, two-bedroom, and three-bedroom apartment homes, with the majority of units comprised of spacious two-bedroom and three-bedroom floor plans.
The property has benefited from significant capital investment during current ownership, including replacement of all roofs between 2016-2018, extensive deck reconstruction, stair and landing replacement, fencing improvements, and ongoing interior renovations. Ownership estimates that approximately 50% of the units have received varying levels of interior updates, creating an attractive balance between operational stability and future value-add potential through continued renovation and leasing of long-term residents upon turnover.
Driftwood Terrace continues to benefit from strong occupancy and a stable long-term tenant base. Numerous residents have occupied the property for many years and remain below current market rents, providing investors with a clear path to future rental growth through annual rent increases and natural turnover.
Located just minutes from the MAX Orange Line, Highway 99E, Downtown Milwaukie, and Downtown Portland, Driftwood Terrace offers investors the opportunity to acquire a well-maintained Clackamas County apartment community with durable physical improvements, strong transportation connectivity, and long-term rental upside.
The property has benefited from significant capital investment during current ownership, including replacement of all roofs between 2016-2018, extensive deck reconstruction, stair and landing replacement, fencing improvements, and ongoing interior renovations. Ownership estimates that approximately 50% of the units have received varying levels of interior updates, creating an attractive balance between operational stability and future value-add potential through continued renovation and leasing of long-term residents upon turnover.
Driftwood Terrace continues to benefit from strong occupancy and a stable long-term tenant base. Numerous residents have occupied the property for many years and remain below current market rents, providing investors with a clear path to future rental growth through annual rent increases and natural turnover.
Located just minutes from the MAX Orange Line, Highway 99E, Downtown Milwaukie, and Downtown Portland, Driftwood Terrace offers investors the opportunity to acquire a well-maintained Clackamas County apartment community with durable physical improvements, strong transportation connectivity, and long-term rental upside.
Property Facts
| Price | $4,850,000 | Building Class | C |
| Price Per Unit | $146,970 | Lot Size | 1.91 AC |
| Sale Type | Investment | Building Size | 27,650 SF |
| Cap Rate | 6.52% | Average Occupancy | 100% |
| No. Units | 33 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | Medium Density Residentia | ||
| Price | $4,850,000 |
| Price Per Unit | $146,970 |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.91 AC |
| Building Size | 27,650 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.48/1,000 SF |
| Zoning | Medium Density Residentia |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Heating
- Ceiling Fans
- Refrigerator
- Deck
- Patio
Site Amenities
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,095 | 249 |
| 1+1 | 10 | $1,287 | 650 |
| 2+1 | 18 | $1,392 | 800 |
| 3+1 | 4 | $1,683 | 950 - 1,200 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 00171192 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,141,055 |
Property Taxes
Parcel Number
00171192
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,141,055
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Driftwood Terrace | 13455 SE Oatfield Rd