9512-9524 N Oswego Ave
Portland, OR 97203
Oswego Apartments · Multifamily Property For Sale · 9 Units

Marcus & Millichap is pleased to present the Oswego Apartments, which are comprised of two wood frame buildings housing nine units total. Both buildings have vinyl siding and composite shingle roofs. One building is a single-story duplex with two two-bedroom/one-bath units. The other building is two stories and houses six two-bedroom/one-bathroom units, and a single one-bedroom/one-bathroom unit. With the exception of the one bedroom unit, which is original, all units have received some level of upgrade. Seven of the units have granite counter tops and solid wood cabinets. Units have carpet in bedrooms and living rooms and either tile or vinyl flooring in kitchens and baths. Units have baseboard heating and white appliances. Recent capital upgrades in 2016 include two new water heaters, new windows in one unit, a new sliding door and a new tear-off roof on the duplex. The roof on the seven unit building received an overlay second layer of 30-year architectural shingles in 2008, and the other sliding door was replaced in 2014. Four of the units have newer closet doors. The Oswego Apartment is a nine unit property in the St. John's area of Portland, Oregon. Portland has experienced rapid rent growth over recent years, including a 10% increase in 2016. Despite the Metropolitan Statistical Area delivering approximately 6,500 new apartment units, Portland's vacancy remains very tight at 3.4%, and year-over-year employment continues to rise, creating jobs to support economic growth in the area. St. John's, like most of Portland, has seen rapid recent growth and development as indicated by the nearly 600 apartment units that have been constructed since 2013 within just a mile of the subject property. Additional recent construction also includes ample retail, most notably a New Seasons Market grocery store a 1.5 mile drive from the Oswego Apartments. New Seasons Market is known for targeting emerging submarkets, and the local chain's expansion to St. Johns is very indicative of the positive-trending demographics in the area.