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Westshores Apartments 222 SW Pine St 113 Unit Apartment Building $3,999,000 ($35,389/Unit) Portland, OR 97204
INVESTMENT HIGHLIGHTS
- Mix of studios and 1 bedrooms at 50-60% AMI
- 1997 vintage & Two blocks from MAX light rail
- Soft debt of ~ $1.66 million, due to PHB, payable through 50% of excess cash flow at year end.
- Restriction through 2067, possible renegotiation with agencies
- Portland CX - Central Commercial
- OZ and QCT (In Westside TIF district - resources available for market rate, commercial, and Affordable and middle income housing)
EXECUTIVE SUMMARY
Rare acquisition rehab and development opportunity in the heart of Portland. In addition to 113 LIHTC units, buyer has the opportunity to assemble nearly 3/4ths of a city block. In the 2026 Qualifying Census Tract (QCT) and an Opportunity Zone, buyer of the apartments may have the opportunity to purchase the three story parking deck underneath, which presents an opportunity to convert two floors to as many as 57 additional multi-family units. The adjoining vacant lot (approximately 0.23 acres) is also available. Contact listing broker for more details.
PROPERTY FACTS
| Price | $3,999,000 | Building Class | C |
| Price Per Unit | $35,389 | Lot Size | 0.45 AC |
| Sale Type | Investment | Building Size | 74,740 SF |
| No. Units | 113 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1997 |
| Property Subtype | Apartment | Parking Ratio | 2.68/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | CX | ||
| Price | $3,999,000 |
| Price Per Unit | $35,389 |
| Sale Type | Investment |
| No. Units | 113 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 74,740 SF |
| No. Stories | 5 |
| Year Built | 1997 |
| Parking Ratio | 2.68/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | CX |
AMENITIES
UNIT AMENITIES
- Balcony
- Kitchen
- Range
- Patio
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Waterfront
- Car Wash Area
- Smoke Free
- Walking/Biking Trails
- Elevator
- Public Transportation
- Key Fob Entry
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 105 | - | 330 - 440 |
| 1+1 | 8 | - | 470 - 638 |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (94)
Bike Score®
Biker's Paradise (99)
PROPERTY TAXES
| Parcel Number | R246031 | Improvements Assessment | $9,200 |
| Land Assessment | $1,130,000 | Total Assessment | $1,139,200 |
PROPERTY TAXES
Parcel Number
R246031
Land Assessment
$1,130,000
Improvements Assessment
$9,200
Total Assessment
$1,139,200
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Westshores Apartments | 222 SW Pine St
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