7928-7936 N Fessenden St
Portland, OR 97203
Fessenden Court Apartments · Multifamily Property For Sale · 9 Units

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.