2010 SE Sherman St 10 Unit Apartment Building $1,795,000 ($179,500/Unit) 5.18% Cap Rate Portland, OR 97214

Sherman Court Apartments are a true pride of ownership multi-family asset in one of Portland’s premier close-in eastside neighborhoods. With its timeless architectural attributes and its warm and inviting courtyard creating a dynamic living environment inspired by Mediterranean living.
Built in 1927, the property is professionally managed and features a stucco exterior with newer vinyl windows and membrane roof with tile shingles accenting the apartment entryways. The property comprises eight (8) 1BR/1BA units and two (2) Studios with hardwood floors and tiled kitchens and baths.
The timeless, vintage courtyard is fronted by two elegant tall amber lights at the top of the entry stairs and features all new concrete walkways poured over steel rebar. This improvement has brought the courtyard back to its original glory. As you enter the courtyard there are two wings comprising six (6) units accessible directly from the courtyard and four (4) units anchor the building in the rear stacked on two levels, accessed by a common door and common staircase hallway from both the courtyard and the rear of the building.
There is a common basement with secure bicycle storage, coin-op laundry and individual unit storage lockers.
The apartments are all individually metered for electricity and tenants are billed back for water, sewer and trash in addition to their base rent.
Significant recent improvements include a new sewer line as well as a new safety railing along the east staircase. Combined with modest interior improvements on turnover, Sherman Court presents an outstanding opportunity to acquire a strong performing multi-family asset in a high-demand location. With enduring and timeless character and charm, Sherman Court presents a rare opportunity to acquire a true pride of ownership property in one of Portland’s best neighborhoods.