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Green Cactus; Architect Designed Plexes 2 Multifamily Properties Offered at $1,745,000 in Portland, OR
INVESTMENT HIGHLIGHTS
- Historic and architect designed multi-family buildings
- First time on the market in almost 50 years
- Highly desirable location to live and very walkable
- City and mountain views
EXECUTIVE SUMMARY
This portfolio consists of two properties: 839 SW Green Ave and 2324 SW Cactus Dr. There is a total 7 units between the two buildings. List price reflects BOTH properties. The 2 properties have historically been owned as a package and seller doesn't want to sell them separately due to shared water & sewer line & some of the leases for SW Green also use the parking lot adjacent to the SW Cactus property. The Income/expenses shown reflect totals of both properties combined. First time presented to the public market in 50 years. Fantastic rental history with long-term tenants. Showings available on Thursdays between 11-3 with 24 hours notice, otherwise viewing of interiors subject to accepted offer. For additional interior photos, details, floor plans, income/expenses please email listing broker. Fabulous urban location: Located 650 feet away from Starbucks, Zupan's and Uptown Shopping. NW 23rd Ave is .25 of a mile and Providence Park is less that half of a mile away from the front doors. PLEASE DO NOT DISTURB TENANTS.
2324 SW Green Ave: Cedar Hill Apartments, one of Portland's first reinforced concrete buildings. Designed by Architect Henry Hefty in the American Renaissance style in 1910. The Cedar Hill Apartments has 5 generously sized studio apartments, with oak hardwood floors, built-ins in the dining room, and remodeled kitchens & bathrooms respecting the 1910 era, between 2006-2008. Additionally during 2006-2008 the building received a new roof, updated electrical - including 5 meters, interior water lines plus 18 plumbing fixtures. The oil tank was just decommissioned to DEQ Standards by Soil Solutions. Owner pays garbage, water, sewer and gas for common hot water heater. Electrical is metered separately, heat is by radiant floors in kitchen and bath, plus zonal electrical heat. Laundry is common, coin-op machines owned by seller. Photos in listing are of apartment #3 are represent the interiors and layout of the other apartments. Detailed brochure with additional photos and floor plans available upon request, via email. The total square footage of 839 SW Green Ave is approximately 3,321 SF.
2324 SW Cactus Dr: Wonderful Craftsman built in 1910 and designed by Architect Earnest Boyd MacNaughton. Converted to a duplex in 1956, while retaining original architectural elements and details. The result is a craftsman duplex with spacious apartments full of old-world charm, panoramic views from large picture windows and decks.
2324 SW Green Ave: Cedar Hill Apartments, one of Portland's first reinforced concrete buildings. Designed by Architect Henry Hefty in the American Renaissance style in 1910. The Cedar Hill Apartments has 5 generously sized studio apartments, with oak hardwood floors, built-ins in the dining room, and remodeled kitchens & bathrooms respecting the 1910 era, between 2006-2008. Additionally during 2006-2008 the building received a new roof, updated electrical - including 5 meters, interior water lines plus 18 plumbing fixtures. The oil tank was just decommissioned to DEQ Standards by Soil Solutions. Owner pays garbage, water, sewer and gas for common hot water heater. Electrical is metered separately, heat is by radiant floors in kitchen and bath, plus zonal electrical heat. Laundry is common, coin-op machines owned by seller. Photos in listing are of apartment #3 are represent the interiors and layout of the other apartments. Detailed brochure with additional photos and floor plans available upon request, via email. The total square footage of 839 SW Green Ave is approximately 3,321 SF.
2324 SW Cactus Dr: Wonderful Craftsman built in 1910 and designed by Architect Earnest Boyd MacNaughton. Converted to a duplex in 1956, while retaining original architectural elements and details. The result is a craftsman duplex with spacious apartments full of old-world charm, panoramic views from large picture windows and decks.
TAXES & OPERATING EXPENSES (ACTUAL - 2024) |
ANNUAL |
|---|---|
| Gross Rental Income |
$109,740
|
| Other Income |
-
|
| Vacancy Loss |
-
|
| Effective Gross Income |
$109,740
|
| Taxes |
$28,589
|
| Operating Expenses |
$25,960
|
| Total Expenses |
$54,549
|
| Net Operating Income |
$55,191
|
TAXES & OPERATING EXPENSES (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $109,740 |
| Other Income | |
|---|---|
| Annual | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Effective Gross Income | |
|---|---|
| Annual | $109,740 |
| Taxes | |
|---|---|
| Annual | $28,589 |
| Operating Expenses | |
|---|---|
| Annual | $25,960 |
| Total Expenses | |
|---|---|
| Annual | $54,549 |
| Net Operating Income | |
|---|---|
| Annual | $55,191 |
PROPERTY FACTS
| Price | $1,745,000 | Number of Properties | 2 |
| Price / SF | $249.14 / SF | Individually For Sale | 0 |
| Cap Rate | 3.16% | Total Building Size | 7,004 SF |
| Sale Type | Investment or Owner User | Total Land Area | 0.19 AC |
| Status | Active |
| Price | $1,745,000 |
| Price / SF | $249.14 / SF |
| Cap Rate | 3.16% |
| Sale Type | Investment or Owner User |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 7,004 SF |
| Total Land Area | 0.19 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 2324 SW Cactus Dr, Portland, OR 97205 | Multifamily | 4,595 SF | 1910 | - |
|
The Cedar Hill
839 SW Green Ave, Portland, OR 97205 |
Multifamily | 2,409 SF | 1910 | - |
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Presented by
Windermere Realty Trust
Green Cactus; Architect Designed Plexes
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