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7002-7140 N Alta Ave, Portland, OR 97203

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For Sale

$6,295,000

28,200 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • Newly Listed
    Time on Century 21

  • $223.23
    Price per square foot

  • Over 50 Years Old
    Age

Explore this Property

**Potential Contract Sale Opportunity, for highly qualified investors.** The Bridgecrest Apartments represents a unique pride of ownership asset in the St. Johns Neighborhood of North Portland. The community is comprised of 35 units with a variety of unique and functional floorplans and has been meticulously maintained by the current ownership over the past 20 years. The property has undergone a complete transformation during that time, with a variety of major capital improvements to the exterior, along with a thoughtful approach to the renovation of the interior units to meet the demands of today's renter. This has resulted in historically low vacancy and strong performance. Additional value-add opportunity remains for a new owner, through operational improvements, and a more aggressive management approach to capitalize on revenue growth opportunities. The community has a mix of Studio, 1-bedroom, and 2-bedroom floorplans, many of which provide unique living spaces with sizeable square footages. Most units have been upgraded (34 out of 35), and the community offers a variety of floor plans (flats, townhomes, loft style, etc.) which appeal to a broad scope of residents. The current rents in place trail the market by approximately 10%, providing a new owner a strong base to step into, but also allowing for additional & attainable runway to grow the income during the first few years of ownership. In addition to the rental upside, the current ownership does not have a utility bill back system in place (which has become a widely acceptable charge in the market) and the property has a sizable parking lot (32 spaces + 3 garages) & Storage Lockers (17) that are currently being rented below market and could be utilized further. A truly rare opportunity to step into a well-cared for asset, with true operational upside day one. The Bridgecrest has undergone extensive capital improvements in recent years, providing an ease of transition for a new owner to step into and focus their efforts on the operations. Capital Improvements include major exterior & building items: Roofs/Gutters (various years), Vinyl Windows, Exterior Paint, Siding (partial), New Stairs/Railings & Landings, Lighting, New Water Main, Parking Lot, Retaining Wall, Walkways, Landscape refresh, Laundry Room renovation, Fencing, Replacement of horizontal galvanized piping, and extensive interior Apartment Renovations. Reap the benefits of a well-cared for community.
MLS# 11503764

Courtesy Of Joseph Bernard Investment Real Estate

(503) 546-9390

Property Features

  • Age
    Over 50 Years Old
  • Architecture Style
    Other
  • Lot Size
    0.86 Acres

Map and Directions

Directions to 7002-7140 N Alta Ave, Portland, OR 97203

Home seller CENTURY 21 North Homes Realty

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 North Homes Realty

(503) 652-2260
Learn More About Us

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This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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