3080 SE Ankeny St 9 Unit Apartment Building $1,650,000 ($183,333/Unit) 6.45% Cap Rate Portland, OR 97214

New to market! 6.45% cap rate on in-place and 7.37% cap on pro-form income!
The Alpine is among the most architecturally intact streetcar-era apartment buildings in Portland. The building contains nine exceptionally large corner studio apartment units with natural light streaming into every room from eight windows each. The floor plans include separate rooms that some small single-family homes lack, such as a separate kitchen, dining room, main room, and dressing room with built-in vanity table. In four apartments, there is also an entry vestibule with a coat closet.
In addition to the nine apartments, a large bright room off the entry is rented as an art studio, and the five garages are rented as storage spaces. Each apartment has a large lockable storage closet on the ground floor, and the spacious laundry room includes indoor bike parking. Multiple lockable spaces are available on-site for owner/manager use, including an office/shop space with a private side entrance.
Over the last century, the architectural detail of the Alpine has been preserved at a level rare among vintage buildings. All apartments have true-divided-light French doors, original cabinetry and hardware, and most of the original light fixtures. High coved ceilings with picture molding, hardwood floors, and even most of the wooden latch-door Frigidaire iceboxes are intact.
The property has been owner-operated for the last 18 years by career vintage apartment building landlords who have made significant upgrades while preserving original features. Painted wood windows have been replaced throughout with energy-efficient double-pane vinyl windows with mullions to match the original style. New electrical panels were installed and the building was wired for high-speed internet. Hallways, staircases, and landings have recently been painted, floors refinished, and new carpet installed. The exterior stucco has been recently repainted.
The property is located on the Ankeny Street Greenway, a historic Portland bike boulevard with only local motor vehicle traffic. This location is ranked as both Biker's Paradise and Walker's Paradise by Walkscore. com. Within a 5-10 minute walk in Kerns is vibrant indoor and outdoor dining, nightlife, live music, coffee shops, street plazas, food carts, shops, boutiques, breweries, and a historic movie theater. The adjacent Olmsted-designed Laurelhurst neighborhood provides a striking counterbalance to bustling Kerns, with winding, tree-lined streets and large historic homes. The forested 32-acre Laurelhurst Park with its winding paved paths, spring-fed lake, soccer field, playground, and basketball, tennis, and pickleball courts serves as a respite from the city and as a community gathering place.