Melissa Anne Apartments 7606-7720 E Burnside St 22 Unit Apartment Building $2,850,000 ($129,545/Unit) 5.32% Cap Rate Portland, OR 97215

» Significant Below-Market Rents Drive Immediate Loss-to-Lease Upside
In-place rents at Melissa Anne are well below directly comparable rents in the
immediate Mt. Tabor / Montavilla submarket. Comparable 1961-1976 vintage
assets within a 1-mile radius are achieving 1BR rents in the $1,050–$1,400 range
and 2BR rents in the $1,185–$1,600 range, representing meaningful organic rent
growth available at natural turnover.
» Established Mt. Tabor / Montavilla Location with Strong Tenant Demand
Positioned at the foot of Mt. Tabor in one of inner SE Portland’s most enduringly
desirable neighborhoods, Melissa Anne offers residents immediate access to
Mt. Tabor Park’s 190+ acres of trails, reservoirs, and panoramic city views. The
walkable Montavilla retail district along SE Stark anchored by independent
eateries, cafés, the Montavilla Farmers Market, and the Academy Theater is
just blocks away, providing the neighborhood-scale lifestyle amenities that
consistently drive tenant retention in this submarket.
» Direct Connectivity to Downtown Portland via Frequent-Service Transit
The property fronts East Burnside, served by TriMet Line 20 (Burnside/Stark) a
designated Frequent Service line running every 15 minutes or better throughout
the day, seven days a week, with direct connections to downtown Portland to the
west and Gresham to the east. Combined with easy vehicle access to I-205 and
I-84, residents have multi-modal commuter options that broaden the property’s
tenant appeal.
» Stable, Well-Maintained Asset with Functional Amenity Set
Built in 1961 and consisting of 22 units across a 1BR/2BR unit mix, Melissa Anne
offers a community amenity package uncommon at this price point, including
a seasonal swimming pool, on-site laundry facility, off-street parking, on-site
management, and a pet-friendly environment. The property has maintained
strong historical occupancy and currently sits at approximately 91% occupied.
» Ideal Scale for Private Capital and 1031 Exchange Buyers
At 22 units, Melissa Anne offers the rare combination of meaningful scale,
manageable size, and a clear, executable business plan that appeals equally
to private local investors and 1031 exchange buyers seeking a stable Portland
multifamily asset. A new owner inherits a well-leased rent roll with substantial
embedded growth no capital-intensive renovation program required to capture
upside.
» Strong Surrounding Infill and Limited New Supply at this Price Point
The Montavilla / Mt. Tabor submarket is characterized by low-density singlefamily
housing, a stable owner-occupied base, and minimal new multifamily
construction particularly at the workforce-rental price point Melissa Anne
occupies. The combination of established neighborhood demand and
constrained competing supply supports durable occupancy and continued rent
growth as in-place rents move toward market.