8212 N Denver Ave 8212 N Denver Ave 11 Unit Apartment Building $3,500,000 ($318,182/Unit) 5.85% Cap Rate Portland, OR 97217

Welcome to 8212 N Denver Ave, presenting a fantastic investment opportunity in the vibrant Kenton neighborhood of North Portland! This well-positioned property has been extensively remodeled and upgraded following the current owners' acquisition in 2018 from top to bottom, and now offers a versatile combination of retail and residential units with strong income potential and modern appeal.
The main level features three fully-leased (NNN) commercial spaces, currently occupied by a diverse mix of tenants: a neighborhood-favorite restaurant, an established salon, and a local record shop. These mostly street-facing storefronts benefit from high visibility and steady foot traffic along N Denver Ave, making this a desirable hub for retail and service-oriented businesses. Retail spaces are individually metered.
Upstairs, the second floor houses 11 residential units designed to meet the evolving needs of urban dwellers. The unit mix includes (2) one-bedroom apartments, each equipped with full bathrooms and efficient kitchenettes—ideal for tenants seeking a bit more space and privacy. The remaining 9 units are thoughtfully designed micro units comprised of 1 double sized micro unit with in-unit kitchenette including cabinets, shelving, sinks and mini fridges, 7 standard micro units also with in-unit kitchenettes, cabinets, shelving, sinks, and mini fridges offering just enough function for light meal prep while maintaining a minimalist lifestyle. The 9th micro unit is designed as a pure sleeping/living space and does not have a kitchenette, offering an affordable and streamlined living solution.
Tenants benefit from an impressive array of shared amenities that elevate the overall living experience. A spacious common kitchen with dining space encourages community interaction, while the enclosed grilling area—complete with built-in barbecue, seating, and a gas fire pit—serves as a welcoming retreat for entertaining or relaxation. Additional shared features include a washer/dryer closet, two powder rooms, and two dedicated shower rooms, all designed and maintained for resident convenience. A rear deck provides yet another comfortable gathering spot, offering elevated views and additional seating in a tranquil setting.
The building also includes a large basement, mostly open and flexible in its use. Currently, it houses three secured storage units, with ample room to construct additional units or repurpose the space for added functionality or additional income. Whether you're an investor seeking turnkey income or an owner-user looking for a dynamic live/work option, this property offers exceptional flexibility and potential.
Located in a walkable, bike-friendly area with easy access to public transit, parks, and local businesses, 8212 N Denver Ave stands as a solid investment in one of Portland’s most desirable up-and-coming corridors. Whether you're looking to continue utilizing the building as-is to capitalize on the strong rental market, or envision repurposing the second floor of the building for other uses, this building checks all the boxes and represents a great value in a fun, trendy and highly coveted neighborhood.