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Beranger Condominiums 287 NE 3rd St 24 Unit Apartment Building $8,500,000 ($354,167/Unit) Gresham, OR 97030
Investment Highlights
- High-Quality Condominium Development Offered as Premier Rental Housing
- Exceptional Walkability with Amenities at Your Doorstep
- Proximity to Employment Hubs and Outdoor Recreation
- Enhanced Livability and Quiet Comfort
- Fully Occupied, High-Demand Retail Component
Executive Summary
Condominium Opportunity | Beranger Condominiums offers two distinct pathways to enhance long-term value: 1. Individual Unit Sales – Originally developed and mapped as for-sale condominiums, the property retains its condominium map structure, providing the future opportunity to sell individual residential and commercial units. This flexibility
allows for a phased exit strategy or a retail sales approach to maximize returns. 2. Condominium Map Collapse – Alternatively, the existing condominium map can be collapsed into a single legal parcel. This action would trigger a reassessment of the property, resulting in a significantly reduced property tax liability, offering immediate operational cost savings and increased net operating income. These options provide investors with multiple strategic approaches to unlock additional value from this well-located, high-quality asset.
allows for a phased exit strategy or a retail sales approach to maximize returns. 2. Condominium Map Collapse – Alternatively, the existing condominium map can be collapsed into a single legal parcel. This action would trigger a reassessment of the property, resulting in a significantly reduced property tax liability, offering immediate operational cost savings and increased net operating income. These options provide investors with multiple strategic approaches to unlock additional value from this well-located, high-quality asset.
Property Facts
| Price | $8,500,000 | Building Class | B |
| Price Per Unit | $354,167 | Lot Size | 0.52 AC |
| Sale Type | Investment | Building Size | 37,825 SF |
| No. Units | 24 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2007 |
| Property Subtype | Apartment | Parking Ratio | 4.91/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | DCC | ||
| Price | $8,500,000 |
| Price Per Unit | $354,167 |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.52 AC |
| Building Size | 37,825 SF |
| No. Stories | 4 |
| Year Built | 2007 |
| Parking Ratio | 4.91/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | DCC |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Fireplace
- Microwave
- Washer/Dryer
- Kitchen
- Granite Countertops
- Hardwood Floors
- Vaulted Ceiling
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Quartz Countertops
- Floor to Ceiling Windows
Site Amenities
- 24 Hour Access
- Controlled Access
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 650 |
| 1+2 | 2 | - | 970 |
| 2+2 | 11 | - | 1,131 - 1,395 |
| 3+3 | 1 | - | 1,920 |
Walk Score®
Walker's Paradise (96)
Bike Score®
Very Bikeable (80)
Property Taxes
| Parcel Number | R612945 | Improvements Assessment | $137,650 |
| Land Assessment | $0 | Total Assessment | $137,650 |
Property Taxes
Parcel Number
R612945
Land Assessment
$0
Improvements Assessment
$137,650
Total Assessment
$137,650
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Beranger Condominiums | 287 NE 3rd St
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