Wygant Flats 1375 N Wygant ST 8 Unit Apartment Building $2,850,000 ($356,250/Unit) 6.82% Cap Rate Portland, OR 97217

PRICE REDUCED!
Located in the heart of Portland’s popular Overlook neighborhood, Wygant Flats is an eight-unit condo project leased as multifamily rentals upon completion during Covid. Featuring a unit mix of two one-bedroom units and six two-bedroom/two-bathroom units averaging over 1,100 SF, the project was designed by award winning architect, Ben Waechter. These large units feature high-end modern finishes, cooks kitchen open design, 11-foot-high ceilings, fireplaces, Fisher & Paykel gas ranges, and private covered balconies. Tenants enjoy the large units with an open concept design while the large floor-to-ceiling windows provide natural light to accent the high ceilings. High-end condo finishes are featured throughout, including custom cabinets, real wood floors, stainless-steel appliances, quartz countertops, full sized washer/dryers, and air conditioning. A partial basement has bike storage and the trash room.

Just one block from N. Interstate Ave and the MAX light rail, the location offers exceptional transit access and walkability, with a Bike Score of 91 and Walk Score of 81. Trendy corridors like Mississippi, N. Williams, and the Pearl District are minutes away. Nearby amenities include New Seasons Market, Legacy Emanuel Medical Center, and nine parks within a mile.
The current owner has successfully rented three units in the building as fully furnished short-term 30-day rentals. An investor could continue to operate some units as short-term rentals or rent all of the units on a traditional long-term basis. Additionally, an investor could vacate the condo plat turning the property into apartments on one tax parcel, which would save approximately $10,000 per-year in property taxes. Conversely, maintaining the condo-plat provides an exit to sell each condo individually as interest rates begin to settle back down. These units originally were selling between $550,000-$600,000 before the rising interest rate environment slowed down home sales, especially for first-time buyers. The property features a condo wrap policy insurance policy.