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The Drake Apartments 2308-2326 SW Osage St 12 Unit Apartment Building $1,639,000 ($136,583/Unit) 8.06% Cap Rate Portland, OR 97205
Investment Highlights
- 12-unit multifamily community
- Diverse mix of studio, 1-, 2-, and 3-bedroom apartments
- Select units feature private decks with downtown views
- Two historic apartment buildings built in 1904
- Walk Score® of 95 ("Walker's Paradise")
- 8.06% in-place cap rate with 9.16% pro forma cap rate
Executive Summary
The Drake presents the opportunity to acquire a 12-unit multifamily community comprised of two historic apartment buildings in Portland's highly desirable Kings Hill/Goose Hollow neighborhood. Originally constructed in 1904, the property offers approximately 9,823 square feet of rentable area on a 0.23-acre site and features a diverse mix of studio, one-, two-, and three-bedroom apartments.
Many residences retain their classic architectural character while offering modern updates, including hardwood flooring, updated kitchens, oversized windows, abundant natural light, and select private decks with downtown Portland views. Dedicated off-street parking is available for select residents.
Situated just west of Downtown Portland, The Drake enjoys a Walk Score of 95 ("Walker's Paradise") with immediate access to Washington Park, Providence Park, the MAX Light Rail, bus lines, neighborhood restaurants, shopping, and major employment centers. The property's premier location and strong in-place performance provide investors with the opportunity to acquire a stabilized vintage asset in one of Portland's most established urban neighborhoods.
Many residences retain their classic architectural character while offering modern updates, including hardwood flooring, updated kitchens, oversized windows, abundant natural light, and select private decks with downtown Portland views. Dedicated off-street parking is available for select residents.
Situated just west of Downtown Portland, The Drake enjoys a Walk Score of 95 ("Walker's Paradise") with immediate access to Washington Park, Providence Park, the MAX Light Rail, bus lines, neighborhood restaurants, shopping, and major employment centers. The property's premier location and strong in-place performance provide investors with the opportunity to acquire a stabilized vintage asset in one of Portland's most established urban neighborhoods.
Property Facts
| Price | $1,639,000 | Apartment Style | Low-Rise |
| Price Per Unit | $136,583 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 8.06% | Building Size | 9,823 SF |
| Gross Rent Multiplier | 7.59 | No. Stories | 4 |
| No. Units | 12 | Year Built | 1904 |
| Property Type | Multifamily | Cross Streets | green ave |
| Property Subtype | Apartment | ||
| Zoning | R1 | ||
| Price | $1,639,000 |
| Price Per Unit | $136,583 |
| Sale Type | Investment |
| Cap Rate | 8.06% |
| Gross Rent Multiplier | 7.59 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 9,823 SF |
| No. Stories | 4 |
| Year Built | 1904 |
| Cross Streets | green ave |
| Zoning | R1 |
Amenities
Unit Amenities
- Balcony
- Deck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | 400 |
| 1+1 | 4 | - | 762 |
| 2+1 | 3 | - | 975 |
| 3+1 | 2 | - | 1,225 |
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Exceptionally walkable
90/100
Fairly drivable
50/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | R130373 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $726,040 |
Property Taxes
Parcel Number
R130373
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$726,040
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The Drake Apartments | 2308-2326 SW Osage St
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