The Oregon City 6plex is located at 516 13th St and is a three-story historical craftsman style property. Exact year of construction is unknown but is estimated in the early 1900s. The six units are comprised of two studios and four one-bedroom/one-bath units along with four rentable garages for a diversity in income. Select units offer outdoor space, via rooftop decks, and there is an additional shared yard area in the back of the property. This charming property boasts pitched composite shingle roofs, vinyl windows and shingle siding. The asset has seen consistent historical rental revenue and features updated 200 AMP electrical service as well as new plumbing throughout, newer windows, roof, exterior paint and furnace. The property was recently painted, has a newer water heater and offers seven total parking spaces, in addition to the four garages. The units are master-metered for all utilities, providing ease of tenancy for the residents. The basement houses the shared on-site laundry, and has ample unused space that could potentially be repurposed as tenant personal storage or bicycle storage.
There is an opportunity to convert laundry to coin-operated to generate additional income and to capitalize on the income potential of all four garages, one of which is currently given free to a tenant. While the asset is well-maintained and the units have been partially updated, there is further upside through upgrading the finishes to take advantage of the increased rental demand in this growing submarket of Portland. Potential updates include upgraded flooring and counter tops to higher-end materials, positioning the asset to attract tenants seeking modern finishes and willing to pay premium rents for the combined charm of the property and walkability of the location.
