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- LoopNet Team
5235 SE Lambert St
Portland, OR 97206
Pacific Crest · Multifamily Property For Sale
·
16 Units
INVESTMENT HIGHLIGHTS
- Excellent location neighboring the hot Woodstock Strip, near Reed College, with close proximity to Downtown Portland
- Property comprised of eight (8) 825 sqft. 2bed 1bath, seven (7) large 725 sqft. 1bed 1bath, and one (1) 625 sqft. 1bed 1bath units
- Upside on turnover and through utility reimbursement. Dual CM1/R2 zoning may allow for mixed use redevelopment
- New roof, newer exterior paint, vinyl windows, copper plumbing, onsite laundry facilities, sealed/striped parking lot, sturdy CMU Block construction
- 15 Units feature upgraded interiors which include new appliances, flooring, some cabinets, counter tops, and fixtures
PROPERTY FACTS
| No. Units | 16 | Building Size | 12,300 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1966/2020 |
| Building Class | C | Parking Ratio | 2.11/1,000 SF |
| Lot Size | 0.49 AC | ||
| Zoning | R2, CM1, Portland | ||
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.49 AC |
| Building Size | 12,300 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2020 |
| Parking Ratio | 2.11/1,000 SF |
| Zoning | R2, CM1, Portland |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
- Picnic Area
- Security System
- Bicycle Storage
ABOUT 5235 SE LAMBERT ST , PORTLAND, OR 97206
Originally built in 1966; extensive recent capital improvements include new sealcoat and striping on the parking lot, new roof under warranty, vinyl windows, new appliances, new counter tops, new flooring, and new fixtures. The exterior has been recently painted and is in excellent condition. The subject property consists of a desirable mix of eight (8) One Bed One Bath and eight (8) Two Bed One Bath units.There is ample parking and residents have secure access to laundry facilities available onsite. Residents also have access to an outdoor barbecue and picnic area and bicycle storage. The property presents an opportunity for significant upside on unit turnover through setting new rents and through implementing a utility reimbursement program, and should experience continued growth and stability as the submarket continues to develop. With the properties R2/CM1 dual zoning; there may be a possible long term mixed use redevelopment opportunity. See Offering Memorandum for details.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $1,063 | 625 - 725 |
| 2+1 | 8 | $1,305 | 825 |
PROPERTY TAXES
| Parcel Number | R144746 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $853,290 |
PROPERTY TAXES
