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7928-7936 N Fessenden St
Portland, OR 97203
Fessenden Court Apartments · Multifamily Property For Sale
·
9 Units
INVESTMENT HIGHLIGHTS
- Low turnover property
- Three bedroom, one bath units
- Income restricted units until the year 2058
- Off-street parking
PROPERTY FACTS
| No. Units | 9 | Lot Size | 0.21 AC |
| Property Type | Multifamily | Building Size | 8,532 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1998 |
| Building Class | C | Cross Streets | N Mohawk Ave |
| Zoning | R1 | ||
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 8,532 SF |
| No. Stories | 3 |
| Year Built | 1998 |
| Cross Streets | N Mohawk Ave |
| Zoning | R1 |
AMENITIES
SITE AMENITIES
- Laundry Facilities
ABOUT 7928-7936 N FESSENDEN ST , PORTLAND, OR 97203
The nine unit, Fessenden Court Apartments were built in 1998 as a low-income housing property, with five of the units rented to tenants earning less than 30% of the Median Family Income (MFI), and four of the units rented to tenants earning less than 60% of the MFI. The units are rent restricted, rents are designated and outlined on the Portland Housing Bureau's website. There is an exception for Section 8 tenants, qualified tenants can rent here at a higher rate. The units feature three bedrooms, one bath, high efficiency heaters, quality flooring and kitchens. There is a laundry room on-site. The buyer must assume the loan with the Portland Housing Bureau, the debt service is unusual: once a year, the owner tallies all income and expenses, and splits the remaining Net Operating Income (NOI) 50% with the Portland Housing Bureau. This NOI split is the debt service. This offering is a great property for buyers wanting consistent cash flow with potentially low turnover. Call broker Bernard Gehret for more details.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 9 | $839.00 | 948 |
PROPERTY TAXES
| Parcel Number | R245355 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $520,660 |
PROPERTY TAXES
