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Orlo Apartments 740 NE 53rd Ave 38 Unit Apartment Building $5,930,000 ($156,053/Unit) 5.50% Cap Rate Portland, OR 97213
EXECUTIVE SUMMARY
*Assumable Financing: Fannie loan at 5.52% interest/only through Nov. 2026 (see Proforma for more info)
*~60% of the units left to renovate w/ “classic” finishes offering future upside/reposition potential for a new owner
*$684,000 of capital improvements in 2023 including new roof, exterior paint/repairs, & interior renovations
*Walkable to Hollywood District, home to the Historic Hollywood Theater and offering a wide array of shopping/dining options
*Nearby to a major NE Portland Employer: Providence Portland Medical Center
*~60% of the units left to renovate w/ “classic” finishes offering future upside/reposition potential for a new owner
*$684,000 of capital improvements in 2023 including new roof, exterior paint/repairs, & interior renovations
*Walkable to Hollywood District, home to the Historic Hollywood Theater and offering a wide array of shopping/dining options
*Nearby to a major NE Portland Employer: Providence Portland Medical Center
PROPERTY FACTS
| Price | $5,930,000 | Building Class | C |
| Price Per Unit | $156,053 | Lot Size | 0.95 AC |
| Sale Type | Investment | Building Size | 24,826 SF |
| Cap Rate | 5.50% | Average Occupancy | 5% |
| No. Units | 38 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1961/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.09/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R1 - Residential | ||
| Price | $5,930,000 |
| Price Per Unit | $156,053 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.95 AC |
| Building Size | 24,826 SF |
| Average Occupancy | 5% |
| No. Stories | 2 |
| Year Built/Renovated | 1961/2024 |
| Parking Ratio | 1.09/1,000 SF |
| Zoning | R1 - Residential |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Refrigerator
- Oven
- Range
- Patio
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | 302 |
| 1+1 | 25 | - | 557 - 658 |
| 2+1 | 9 | - | 823 |
1 1
Walk Score®
Very Walkable (73)
Transit Score®
Excellent Transit (71)
Bike Score®
Biker's Paradise (93)
PROPERTY TAXES
| Parcel Number | R192781 | Improvements Assessment | $0 |
| Land Assessment | $584,610 | Total Assessment | $584,610 |
PROPERTY TAXES
Parcel Number
R192781
Land Assessment
$584,610
Improvements Assessment
$0
Total Assessment
$584,610
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Orlo Apartments | 740 NE 53rd Ave
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