Eagle Rock Apartments 2275 NE Division St 18 Unit Apartment Building $2,695,000 ($149,722/Unit) 6.30% Cap Rate Gresham, OR 97030

Constructed in 1970, Eagle Rock features 18 well-maintained apartment units across three buildings on a 0.93-acre lot, backing up to a golf course. An existing loan with a 4.75% interest rate and +/- $1.7M balance is assumable through March of 2028 before adjusting.
The unit mix includes sixteen (16) two-bedroom/one-bath units averaging ±960 SF, and two (2) three-bedroom/one-and-a-half bath units averaging ±1,200 SF. Residents benefit from spacious floor plans with private decks or patios, all arranged around a charming courtyard that backs directly onto a beautiful golf course.
Three (3) of the eighteen (18) units feature in-unit washer and dryer hookups while the others share an on-site laundry facility. Tenants enjoy covered parking stalls and energy-efficient vinyl windows, all contributing to an attractive and comfortable living environment.
Over the past several years, the ownership has continued to invest back into the property; approximately $400,000 has been spent on capital improvements, enhancing both its functionality and tenant appeal. Upgrades include new roofs (2019), new plumbing and full unit renovations of six (6) units in 2024, landscaping improvements, and an upgraded site drainage system (2024).
Eagle Rock offers tenants an exceptionally convenient location along NE Division Street in Gresham, Oregon. The property is surrounded by key neighborhood amenities, including multiple parks, Legacy Mount Hood Medical Center, and Mt. Hood Community College. Positioned along one of Gresham’s primary east–west corridors, Division Street provides excellent visibility and accessibility for residents and visitors alike. The property sits just five blocks south of E Burnside Street, which features TriMet’s award-winning MAX Light Rail line, connecting Downtown Portland, Gresham, and the greater metro area. The Cleveland Avenue MAX Station, located approximately seven blocks away, offers a quick and convenient public transit option.