Marion Court Apartments and Commercial Garage 2062 NW Marshall St 25 Unit Apartment Building $3,600,000 ($144,000/Unit) 6.34% Cap Rate Portland, OR 97209

Marion Court is a classic 25-unit vintage apartment community + a substantial commercial garage (approx. 4,200 sq. ft) located in the heart of Northwest Portland at 2062 NW Marshall Street. Built in 1927, the property combines classic Portland architecture with established residential operations and a rare commercial component within the offering.
The apartments retain much of the original character associated with Portland's classic vintage apartment housing, including hardwood floors, original built-in cabinetry, crown molding, tiled bathrooms and large windows. The courtyard setting and expansive outdoor common area create a quiet residential environment within one of Portland's most established urban neighborhoods.
The property features a diverse and appealing unit mix of 18 studios, six one-bedroom apartments and one two-bedroom apartment, offering efficient and functional floor plans particularly well suited to urban living. The concentration of studios and one-bedroom residences align well with the Northwest Portland renter profile, while the broader mix provides additional variety and appeal.
Current ownership has maintained the property with a pride-of-ownership approach while making significant long-term capital investments throughout its ownership period.
Existing residential rents remain below projected market levels, providing future ownership with rental upside through organic turnover. Additionally, the property does not currently utilize a utility reimbursement program (RUBS), creating an opportunity to implement a commonly accepted utility bill-back structure and further enhance operating income.
The commercial garage adds a unique dimension to the investment, providing a separate commercial component with income potential and future flexibility rarely available with a conventional apartment building in Northwest Portland.
Located just off NW 21st Avenue, Marion Court offers immediate access to the restaurants, cafés, shopping and neighborhood amenities that define Northwest Portland.
Marion Court combines a premier Northwest Portland location, stabilized operations with strong occupancy, a well-maintained asset and meaningful value-add potential.
The Property is available for purchase individually or in conjunction with the neighboring Burgess Apartments (15 units), located at 2051 NW Lovejoy Street, Portland, Oregon 97209. Call broker for additional details.