1659-1665 SE Rex St 5 Unit Apartment Building $950,000 ($190,000/Unit) 6.07% Cap Rate Portland, OR 97202

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of 1659–1665 SE Rex Street, a five-unit apartment building located in the heart of Portland’s vibrant and highly sought-after Sellwood-Moreland neighborhood. This offering presents a rare opportunity to acquire an asset with very stable rental history, low-density, single story with a diverse unit mix of one-, two-, and three-bedroom floorplans. The property has been professionally managed and well maintained, with recent capital upgrades including a new torch-down roof (2023), new vinyl windows, and updated kitchens and bathrooms in select units. With very stabilized rents and exceptionally low turnover, Rex Street represents a turnkey investment in one of the metro’s most consistently performing submarkets.
The property sits on a prominent corner lot at SE Rex and SE Milwaukie Avenue, providing excellent visibility and immediate access to the very best of Sellwood. Originally incorporated as its own city in the late 1800s, Sellwood has maintained its small-town charm while evolving into one of Portland’s most connected and livable neighborhoods. Just five miles from Downtown Portland, the area is easily accessible by car, bus, bike, light rail, or even a walk along the scenic Springwater Corridor Trail. The neighborhood offers a balanced blend of historic homes, modern infill, lush parks, and a true sense of community — attracting long-term residents and renters alike who value walkability, bikeability, safety, and access to both urban and natural amenities.
Portland’s multifamily fundamentals continue to stabilize and improve, with the metro vacancy rate declining to 5.6% in 2024, and average rent growth reaching 2.5% — a trend expected to accelerate into 2025. The broader Portland MSA is forecast to outpace national household and population growth rates, supported by a diverse employment base and high quality of life. In this context, Rex Street stands out as a low-maintenance, income-producing asset in an irreplaceable location, appealing to investors seeking long-term stability, appreciation, and consistent demand in a premier Portland submarket.