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Listed by SMI Commercial Real Estate LLC
$2,750,000
Est. payment /mo
20,000 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 20,000 sqft
Price per Sqft $137
MLS Listing ID 746285608
Year Built 2009
Annual Tax Amount $31,229
Tax Year 2025
Lot Size 0.410 Acres
Property Description
12231 SE Bush Street, The Shire II, presents the opportunity to acquire a 2009 vintage apartment complex in Southeast Portland at the low cost basis of $137,500 per unit, or $138 per square foot. The property is a 20-unit apartment complex built in 2009, offering a uniform unit mix of large 2 Bed / 2 Bath apartments averaging approximately 1,000 square feet. The spacious floor plans, second bathrooms, and on-site parking provide a highly livable tenant experience and help support resident retention. Additionally, each unit includes a deck or patio space, storage, and in-unit washer and dryer. From a physical standpoint, the 2009 construction and copper plumbing materially reduce near-term capital exposure compared to older vintage assets.The asset offers investors a clear and straightforward value-add strategy to achieve over a 8.15% stabilized market cap rate and real value creation. With current rents well below market, natural rent increases and modest utility billbacks can meaningfully improve NOI without heavy CapEx. Located in Southeast Portland, the property benefits from access to nearby commercial corridors, neighborhood amenities, and major transportation routes connecting tenants throughout the eastside and broader Portland metro.The combination of newer construction, desirable unit layouts, practical on-site amenities, extremelyattractive cost basis, and clear value-add upside makes The Shire II a highly compelling Portlandmultifamily offering.
Location
State OR
County Multnomah
Area _143
Zoning CM2
Rooms
Basement None
Interior
Heating Other
Cooling None
Exterior
Garage No
Building
Story 4
Sewer Public Sewer
Water Public Water
Level or Stories 4
Schools
Elementary Schools Gilbert Hts
Middle Schools Alice Ott
High Schools David Douglas
Others
Acceptable Financing CallListingAgent
Listing Terms CallListingAgent
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