The Creek Apartments 8936-8998 SE 79th Pl 18 Unit Apartment Building $3,300,000 ($183,333/Unit) 5.64% Cap Rate Portland, OR 97206

The Creek is an 18-unit value-add community located in SE Portland & Clackamas County. Built in 1996, the property features all large two-bedroom units & is situated across the street from a Fred Meyer Shopping Center.

Built in 1996, The Creek Apartments consists of 18 apartment units with a SE Portland address but located within Clackamas County. Featuring all large 2-bed/1-bath units, The Creek provides residents with a convenient location, low density layout, and spacious units with large master bedrooms and full-sized washer/dryers in hall closets. Exterior features include 28 off-street parking spaces, as well as vinyl siding and windows. The plumbing is copper, roofs are approximately eight years old, and there is an additional storage shop that could potentially be converted into a smaller studio.
Rents at The Creek are below market, averaging $1,435/unit with the highest achieved rent at $1,600. Nearby rent comparables support pushing the rents north of $1,600, considering the property had a vacancy rate of under 5% in 2025. Utility reimbursements only average $52/unit/month, providing additional upside in recapturing more of that expense.
The Creek is located in close proximity to numerous major retail and entertainment destinations. Within one mile of the property you’ll find more than 100 retail stores and 600 businesses, totaling 1.4 million SF of space, including major retailers like Fred Meyer, Trader Joe’s, Home Depot, Walgreens, and Dick’s Sporting Goods. Residents have no shortage of shopping, dining, and entertainment options.
The Creek is ideally situated for an easy commute to virtually anywhere in the Portland- Metro area. Transportation options are abundant as the property is located right off of SE 82nd Ave and SE Johnson Creek Blvd and less than a half-mile to Interstate-205. Bus stops servicing the 71 and 72 bus lines are located minutes from the property, and the SE Fuller Rd Green Line MAX Station is less than a half-mile from the property.