Forestry Court Apartments 2737 NW Upshur St 47 Unit Apartment Building $5,950,000 ($126,596/Unit) 5.95% Cap Rate Portland, OR 97210

The Forestry Court Apartments present a rare opportunity to acquire a 47-unit trophy asset in the prestigious Nob Hill neighborhood of Northwest Portland. Built in 1926, this property showcases authentic vintage charm that has been thoughtfully maintained by long-term ownership.
The community consists of 40 studios, 6 one-bedrooms, and 1 two-bedroom unit. Residences feature functional layouts ideal for urban living, enhanced by abundant natural light, hardwood floors, original cast iron tubs/showers, large walk-in closets, extensive kitchen storage, ceramic tile countertops, ceiling fans, and forced-air gas heat. The property’s updates have remained true to its period character while meaningfully improving livability. Major upgrades include energy-efficient windows throughout, new roofing (2011), exterior paint (2018), upgraded electrical system (2018), new water heater (2019), and extensive replacement of gas piping at the building & significant furnace work (2025).
Common area amenities include secure building access, well-maintained hallways with unique murals, on-site laundry facilities, bike parking, resident storage, and historic architectural details throughout.
This asset offers significant value-add potential with attainable rent growth and continued strong demand in a supply-constrained location. Current rents remain below market, presenting a clear path for revenue enhancement. Additional opportunities include monetizing existing amenities (such as bike storage and additional storage areas) and implementing a utility bill-back system, which is not currently yet in place.

Forestry Court represents a truly unique offering in one of Portland’s historically strongest and most desirable submarkets, providing both stable performance and future upside for an incoming investor as we continue to see the housing supply in the Portland market dwindle.