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Savona Apartments 4620 N Maryland Ave 24 Unit Apartment Building $4,350,000 ($181,250/Unit) 5.56% Cap Rate Portland, OR 97217
INVESTMENT HIGHLIGHTS
- Assumable loan at 3.37% interest only until 2030
- 24 1 Bed/1 Bath Units
- Immediate access to I-5, MAX Light Rail, and Mississippi Ave
- Built in 2018
- Laundry in Each Unit
EXECUTIVE SUMMARY
Savona Apartments, a 24-unit community built in 2018 at 4620 N Maryland Ave, offers a compelling value-add opportunity in one of Portland’s most vibrant neighborhoods. This modern property features tenant friendly 1-bed/1-bath units, in-unit laundry, and immediate access to the lively Mississippi Avenue district. A highlight for investors is an assumable loan with a favorable 3.370% interest-only rate until June 2030. The current monthly monthly payment for interest, taxes, and insurance escrow totals just under $12,900.
With significant room for growth in rents, and new management leaning out expenses, Savona Apartments presents an opportunity for strong cash flows for the next five years while the rents continue to stabilize. The property is fully occupied, please do not disturb tenants.
With significant room for growth in rents, and new management leaning out expenses, Savona Apartments presents an opportunity for strong cash flows for the next five years while the rents continue to stabilize. The property is fully occupied, please do not disturb tenants.
PROPERTY FACTS
| Price | $4,350,000 | Property Subtype | Apartment |
| Price Per Unit | $181,250 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 5.56% | Lot Size | 0.11 AC |
| Sale Condition | 1031 Exchange | Building Size | 12,477 SF |
| Gross Rent Multiplier | 9.74 | No. Stories | 4 |
| No. Units | 24 | Year Built | 2018 |
| Property Type | Multifamily | ||
| Zoning | CM3 | ||
| Price | $4,350,000 |
| Price Per Unit | $181,250 |
| Sale Type | Investment |
| Cap Rate | 5.56% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 9.74 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 12,477 SF |
| No. Stories | 4 |
| Year Built | 2018 |
| Zoning | CM3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Vinyl Flooring
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 24 | - | 390 - 489 |
Walk Score®
Very Walkable (77)
Bike Score®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | R210471 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,905,110 |
PROPERTY TAXES
Parcel Number
R210471
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,905,110
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Presented by
CHJ Development
Savona Apartments | 4620 N Maryland Ave
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