Trymax Apartments 16405 E Burnside St 42 Unit Apartment Building $5,950,000 ($141,667/Unit) 6.80% Cap Rate Portland, OR 97233

The Trymax Apartments is a 42-unit multifamily community offering a turn-key investment opportunity in the strong Gresham, Oregon submarket.
Originally constructed in 1992 and recently renovated, the property features spacious two-bedroom, one-bathroom floor plans with in unit Washer/Dryer and functional living spaces. The community also includes 12 detached garages, providing an additional source of rental income.
The property consists of eight buildings situated across a 1.72-acre site, offering a classic Pacific Northwest setting with mature trees and landscaped grounds. The
quality of the asset and its location appeal to a stable tenant base, providing an investor with immediate operational stability. The asset has been meticulously maintained and extensively improved in recent years, with significant capital upgrades including new siding (2023), new windows (2023), new exterior paint (2023), and new roofing on all buildings and garages (2021).
Interior upgrades have been implemented consistently over the past decade, including proactive replacement of cabinets , countertops, flooring,
appliances, doors, and fixtures across a large sample of units. This ongoing commitment to maintenance and improvements has resulted in historically low
vacancy and strong tenant retention.
The Trymax Apartments represents a true pride-of-ownership asset aligned with the current market trend toward higher-quality multifamily investments. The property
offers a compelling operational value-add opportunity through improved management efficiencies and revenue optimization. Current average rents as of
March 2026 are approximately $1,458 per unit, with the potential for modest rental growth and additional revenue generation through garage monetization and the
future implementation of RUBS (not currently in place). These opportunities provide a realistic path for a new owner to increase revenue over time and achieve a projected cap rate exceeding 7.00%.