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4484 SE Boardman Ave - Tam-O-Shanter Apartments 15 Unit Apartment Building Offered at $2,350,000 at a 6.69% Cap Rate Milwaukie, OR 97267
Investment Highlights
- 15-unit value-add multifamily with clear upside through unit renovation and rent growth
- Vacant units available for immediate renovation and lease-up at market rents
- Call listing brokers for more details
- Mix of eight loft-style 1-bed/1.5-bath units and seven 2-bed/1.5-bath townhouses with in-unit laundry
- Offered with an adjacent 6,055 SF commercially zoned lot, adding future development potential
Executive Summary
Tam-O-Shanter is a 15-unit value-add multifamily property in Milwaukie's Jennings Lodge neighborhood, offered together with an adjacent 6,055 SF commercially zoned lot. With a majority of units in original condition and below-market rents, there is a clear path to increased income through renovation, while the additional lot provides further
opportunity for future development or expansion.
The property is in the Jennings Lodge neighborhood of unincorporated Clackamas County, just off SE McLoughlin Boulevard, with quick access to I-205 and downtown Portland. Residents enjoy the adjacent Trolley Trail, the nearby Boardman Wetlands Nature Playground, and Meldrum Bar Park along the Willamette River. Everyday retail, including Fred Meyer and Walmart, is within walking distance, TriMet bus service runs along the corridor, and the SE Park Ave MAX Station provides a direct connection to the broader metro area.
opportunity for future development or expansion.
The property is in the Jennings Lodge neighborhood of unincorporated Clackamas County, just off SE McLoughlin Boulevard, with quick access to I-205 and downtown Portland. Residents enjoy the adjacent Trolley Trail, the nearby Boardman Wetlands Nature Playground, and Meldrum Bar Park along the Willamette River. Everyday retail, including Fred Meyer and Walmart, is within walking distance, TriMet bus service runs along the corridor, and the SE Park Ave MAX Station provides a direct connection to the broader metro area.
Property Facts
| Price | $2,350,000 | Property Type | Multifamily |
| Price Per Unit | $156,667 | Building Size | 14,500 SF |
| Sale Type | Investment | No. Stories | 2 |
| Cap Rate | 6.69% | Year Built | 1972 |
| No. Units | 15 |
| Price | $2,350,000 |
| Price Per Unit | $156,667 |
| Sale Type | Investment |
| Cap Rate | 6.69% |
| No. Units | 15 |
| Property Type | Multifamily |
| Building Size | 14,500 SF |
| No. Stories | 2 |
| Year Built | 1972 |
Amenities
Unit Amenities
- Washer/Dryer
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1.5 | 8 | - | 750 |
| 2+1.5 | 7 | - | 1,000 |
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 00514544 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,013,680 |
Property Taxes
Parcel Number
00514544
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,013,680
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4484 SE Boardman Ave - Tam-O-Shanter Apartments
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