Cloverleaf Apartments 1410-1420 SW Bertha Blvd 40 Unit Apartment Building $6,500,000 ($162,500/Unit) 4.75% Cap Rate Portland, OR 97219
INVESTMENT HIGHLIGHTS
- Value-add opportunity for new owner to upgrade units and increase rents while controlling expenses.
- Desirable unit mix of one and two bed units.
- Strong rental submarket with low vacancy and high rent growth.
- Current average rents are approximately 15% below market rates.
- Potential to partition off extra land and sell as a development site.
- Turn-key opportunity as Cloverleaf is 95% leased with solid historical occupancy.
EXECUTIVE SUMMARY
Cloverleaf consists of 40 units with significant value-add potential upside in one of Portland’s most desirable rental sub-markets. Rents are far below market.
Cloverleaf, offered for sale for the first time in 50 years, is a 40 unit garden style community located in desirable SW Portland. Built in 1965, the low density layout consists of four buildings on over 2 acres of land in a park-like setting. The unit mix is comprised of 9 one-bed/one-bath units and 31 two bed/one bath units, ranging from approximately 730 SF to 874 SF.
Tenants enjoy the abundant green space with garden area, off-street parking, dedicated management office, and on-site laundry with storage units. The current in-place rents are 15% below market. Additionally, no utility reimbursements are in place. With cosmetic upgrades and management efficiencies, Cloverleaf is primed for significant upside.
Cloverleaf is located in SW Portland, between SW Custer and SW Bertha Blvd, providing easy access to key corridors across the city. The I-5 freeway is only one minute away, making downtown Portland reachable within a five minute drive, and Beaverton is just 10 minutes west via Capital Highway. Several bus stops are situated near Cloverleaf and tenants can walk to Hillsdale’s quaint commercial center (0.5 miles away), as well as the Burlingame Fred Meyer (0.3 miles away). The immediate location has schools, parks, retail amenities nearby and is proximate to the region’s largest employment centers, including OHSU, PSU, and the downtown Portland CBD. Hillsdale City Park and George Himes City Park are just blocks from Cloverleaf.
Cloverleaf, offered for sale for the first time in 50 years, is a 40 unit garden style community located in desirable SW Portland. Built in 1965, the low density layout consists of four buildings on over 2 acres of land in a park-like setting. The unit mix is comprised of 9 one-bed/one-bath units and 31 two bed/one bath units, ranging from approximately 730 SF to 874 SF.
Tenants enjoy the abundant green space with garden area, off-street parking, dedicated management office, and on-site laundry with storage units. The current in-place rents are 15% below market. Additionally, no utility reimbursements are in place. With cosmetic upgrades and management efficiencies, Cloverleaf is primed for significant upside.
Cloverleaf is located in SW Portland, between SW Custer and SW Bertha Blvd, providing easy access to key corridors across the city. The I-5 freeway is only one minute away, making downtown Portland reachable within a five minute drive, and Beaverton is just 10 minutes west via Capital Highway. Several bus stops are situated near Cloverleaf and tenants can walk to Hillsdale’s quaint commercial center (0.5 miles away), as well as the Burlingame Fred Meyer (0.3 miles away). The immediate location has schools, parks, retail amenities nearby and is proximate to the region’s largest employment centers, including OHSU, PSU, and the downtown Portland CBD. Hillsdale City Park and George Himes City Park are just blocks from Cloverleaf.
PROPERTY FACTS
| Price | $6,500,000 |
| Price Per Unit | $162,500 |
| Sale Type | Investment |
| Cap Rate | 4.75% |
| Gross Rent Multiplier | 10.44 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.26 AC |
| Building Size | 37,780 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1965 |
| Zoning | R2 |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Balcony
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Garden
SITE AMENITIES
- 24 Hour Access
- Controlled Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | $1,275 | 675 |
| 2+1 | 31 | $1,413 | 715 |
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Walk Score®
Very Walkable (80)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $2,211,720 |
