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Topanga Apartments 2157 W Burnside St 35 Unit Apartment Building $3,680,000 ($105,143/Unit) 6.99% Cap Rate Portland, OR 97210
Executive Summary
Long-Term Ownership - significant Capital Expenditures in the recent term including elevator upgrades, security gate, high efficiency gas hot water system, and updated electrical/wiring
7% cap on current rents - recent lease trade-outs achieving 9.3% increases
Significant Ancillary Commercial Income - billboard lease through 2030 with base rent of $2k/month + 50% of advertising revenue
A+ Location / Walkability - Located next door to the iconic Ringside Steak House and blocks from NW 23rd Avenue, the heart of Portland’s NW Alphabet District
Potentially Assumable Financing - for qualified Buyers, 4.55% fixed through October, 2029.
Surrounded by some of Portland’s Most Iconic Amenities - walking distance to Powell’s Books, Providence Park, Multnomah Athletic Club, Washington Park, & NW 23rd Avenue shopping/dining.
Studio and 1-Bedroom Units - provide an affordable price point for urban renters.
7% cap on current rents - recent lease trade-outs achieving 9.3% increases
Significant Ancillary Commercial Income - billboard lease through 2030 with base rent of $2k/month + 50% of advertising revenue
A+ Location / Walkability - Located next door to the iconic Ringside Steak House and blocks from NW 23rd Avenue, the heart of Portland’s NW Alphabet District
Potentially Assumable Financing - for qualified Buyers, 4.55% fixed through October, 2029.
Surrounded by some of Portland’s Most Iconic Amenities - walking distance to Powell’s Books, Providence Park, Multnomah Athletic Club, Washington Park, & NW 23rd Avenue shopping/dining.
Studio and 1-Bedroom Units - provide an affordable price point for urban renters.
Property Facts
| Price | $3,680,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $105,143 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 6.99% | Building Size | 20,716 SF |
| No. Units | 35 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1909 |
| Zoning | CXD | ||
| Price | $3,680,000 |
| Price Per Unit | $105,143 |
| Sale Type | Investment |
| Cap Rate | 6.99% |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 20,716 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1909 |
| Zoning | CXD |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Window Coverings
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Recycling
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 17 | - | 380 - 440 |
| 1+1 | 18 | - | 600 |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Excellent Transit (75)
Bike Score®
Very Bikeable (81)
Property Taxes
| Parcel Number | R143136 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,242,320 |
Property Taxes
Parcel Number
R143136
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,242,320
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Topanga Apartments | 2157 W Burnside St
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