Burgess Apts 2051 NW Lovejoy St 15 Unit Apartment Building $1,700,000 ($113,333/Unit) 6.34% Cap Rate Portland, OR 97209

The Burgess is a classic 15-unit apartment community located at 2051 NW Lovejoy Street in the heart of Northwest Portland’s historic Alphabet District. Built in 1927, the property combines distinctive period architecture, an efficient urban unit mix and an irreplaceable location within one of Portland’s most established residential neighborhoods.
The three-story property features nine studio apartments, five one-bedroom apartments and one two-bedroom apartment. Residences showcase many of the characteristics that differentiate Portland’s best vintage apartment buildings, including hardwood flooring, crown molding, built-in cabinetry, arched ceilings, tiled bathrooms, dining nooks and generous closet space. Resident amenities include secure exterior entry, bicycle storage and common-area laundry.
Current ownership has invested substantially in the property and its major building systems while maintaining its historic identity. Improvements have included replacement windows throughout the building, upgraded in-unit electrical panels, roof and masonry work, exterior painting, boiler improvements, and recent sewer repairs.
The Burgess also benefits from strong in-place operations. All 15 residences are currently occupied, supported by consistent rent collections and an established tenant base. Despite this stability, existing rents remain below projected market levels, creating an opportunity for continued income growth over time.
Additionally, no utility reimbursement program (RUBS) is currently in place. Subject to applicable laws and lease requirements, future ownership may have the opportunity to recover a portion of property utility expenses.
The Burgess is a stabilized vintage apartment community with significant capital improvements already completed and identifiable opportunities for future revenue growth.
The Property is available for purchase individually or in conjunction with the neighboring Marion Court (25 apartment units + commercial garage), located at 2062 NW Marshall St, Portland, Oregon 97209. Call broker for additional details.