The Aspen Apartments 2651 NW Thurman St 14 Unit Apartment Building $3,700,000 ($264,286/Unit) 5% Cap Rate Portland, OR 97210

The Aspen Apartments is a modern, mixed-use apartment community
located in the highly sought-after Northwest Portland submarket,
offering 14 contemporary residential units and a ground-floor commercial
suite. Built in 2015 with reinforced concrete construction, the four-story
property delivers durable construction, efficient unit layouts, and strong
long-term operating fundamentals.
The residential unit mix consists entirely of spacious one-bedroom, onebathroom
apartments averaging approximately 700 square feet. Units
feature in-unit laundry, modern kitchens with stainless steel appliances,
vinyl windows, and private balconies in select units appealing to
Portland’s renter-by-choice demographic. The building’s design and
amenities position the asset favorably against both newer developments
and aging competitive inventory.
The property also includes a stabilized commercial tenant, providing
diversified income and enhanced cash flow stability. With scheduled
residential rents averaging $1,882 per unit and demonstrated rent
upside to $2,000 per unit, The Aspen offers immediate income with
embedded growth potential. Additionally, RUBS implementation
recovers a meaningful portion of utility expenses, further strengthening
net operating performance.
Located near major employment nodes, transit corridors, and
neighborhood amenities, The Aspen Apartments benefits from
sustained renter demand in a market characterized by limited new
supply and rising barriers to homeownership. The asset presents
investors with an opportunity to acquire a well-located, newer-vintage
apartment property with strong in-place cash flow, operational upside,
and long-term appreciation potential.