2815 Southeast 87th Avenue
Portland, OR 97266
$950,000
Price
—
Beds
4,992 Sq. Ft.
$190 / Sq. Ft.
4,992
Sq. Ft.
$190
per Sq. Ft.
Description
Prime SE 4-Plex - Income-Generating or Owner-Occupant OpportunityBuilt in 2000 and family-owned since construction, presents a unique investment opportunity in the highly desirable Montavilla neighborhood. Whether you’re a seasoned investor looking for a reliable income-producing property or a potential owner-occupant seeking to live in one unit while generating rental income from the others, this property offers significant potential. Situated between Division St and Powell Blvd., in the Powellhurst-Gilbert,...Prime SE 4-Plex - Income-Generating or Owner-Occupant OpportunityBuilt in 2000 and family-owned since construction, presents a unique investment opportunity in the highly desirable Montavilla neighborhood. Whether you’re a seasoned investor looking for a reliable income-producing property or a potential owner-occupant seeking to live in one unit while generating rental income from the others, this property offers significant potential. Situated between Division St and Powell Blvd., in the Powellhurst-Gilbert, this property is ideally located near shops,restaurants, and public transportation, ensuring high tenant demand and consistent occupancy. Each unit features a spacious 3-bd, 2.5-bath townhome-style floor plan. The property generates a gross annual income of $95,040, with net income potential of $73,510 after operating expenses, including property taxes, insurance, and estimated costs for water, sewer, and garbage services. Each unit is approximately 1,200 square feet, offering modern layouts, garages, and additional parking to meet tenants' needs. Recent improvements, including a roof less than 10 years old, HW floor, and kitchen and furnace update minimize future maintenance costs, preserving long-term value. With reliable tenants and stable rental income, this 4-plex produces $7,920 in monthly rental income, making it an excellent turnkey investment in a busy close in neighborhood. For investors, this property offers an approx. Cap Rate of 6.39%, making it a favorable opportunity in a high-demand market. For owner-occupants, the ability to live in one unit while generating rental income from the other three presents an appealing option to significantly offset mortgage payments. We invite serious buyers to request a detailed financing sheet for more in-depth financials. Offers should be made subject to interior inspection. This is a rare chance to acquire an income-generating property with a favorable Cap Rate.
- Listed by Debbie Gaudry • eXp Realty, LLC • 503-289-0733
- Listed by Joelle Lewis • eXp Realty, LLC
Property Details for 2815 Southeast 87th Avenue
Subdivision
POWELLHURST-GILBERT
Parking FeaturesGarage, Off Street
ZoningRM1
Garage Spaces4.00
LISTING UPDATED: 11/24/2024 12:35 AM
Property Details for 2815 Southeast 87th Avenue
| Status | Active |
|---|---|
| MLS # | 24364029 |
| Days on Market | 69 |
| Taxes | $14,231 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Multi Family |
| Year Built | 2000 |
| Lot Size | 0.29 AC / 12,632 SF |
| County | Multnomah County |
Building Information for 2815 Southeast 87th Avenue
Stories2Residences4Year Built2000Building Size-Lot Size0.29 AC / 12,632 SF
Property Information for 2815 Southeast 87th Avenue
Summary
Location and General Information
- Country: US
- Directions: Division, South on 87th Avenue
- Road Surface: Paved
School Information
- Elementary School: Clark
- High School: Leodis Mc Daniel
- Middle Or Junior School: Harrison Park
Taxes and HOA
- Tax Year: 2023
- Tax Annual Amount: $14,230.60
- Parcel Number: R240033
- Tax Legal Description: PARTITION PLAT 1998-35, LOT 2
Property
Lot Information
- Acres: 0.29
- Lot Description: Flag Lot, Level
- Lot Size Square Feet: 12632.0
- Lot Size Range: Sq Ft10000to14999
- Lot Size: 10,000 to 14,999 Sq Ft
Property and Assessments
- Property Type: Multi Family
- Water Description: Public Water
- Property Condition: Existing
- Year Built: 2000
Utilities
- Fuel Description: Gas
- Heating Description: Forced Air
- Hot Water Description: Electricity
- Sewer Description: Public Sewer
- Rent Includes: Sewer, Trash Collection, Water
Interior and Exterior Features
Exterior Features
- Exterior Description: Other
- Roof Type: Composition
Interior Features
- Basement: None
- Stories: 2
Multi Family
Multi-Family Information
- Number Of Units Total: 4
- Gross Income Actual: $95,040.00
- Gross Rent Multiplier: $10.00
- Investor Information: According To Owner, Incomplete
- Net Income Actual: $73,510.00
- Operating Expense: $21,530.00
- Storage: Garage
- Unit Type Type: Unit Type Type1, Unit Type Type2, Unit Type Type3, Unit Type Type4
- SqFt Approximate Building Total: 4992
Unit 1 Information
- Unit Type 1 Baths Total: 3
- Unit Type 1 Baths Decimal: 2.10
- Unit Type 1 Beds Total: 3
- Unit Type 1 Features: Washer Dryer Hookup
- Unit Type 1 Rent: $1,970
- Unit Type 1 SqFt: 1200.0
- Unit Type 1 Units Total: 1
Unit 2 Information
- Unit Type 2 Baths Total: 3
- Unit Type 2 Baths Decimal: 2.10
- Unit Type 2 Beds Total: 3
- Unit Type 2 Features: Washer Dryer Hookup
- Unit Type 2 Rent: $2,000
- Unit Type 2 SqFt: 1200.0
- Unit Type 2 Units Total: 1
Unit 3 Information
- Unit Type 3 Baths Total: 3
- Unit Type 3 Baths Decimal: 2.10
- Unit Type 3 Beds Total: 3
- Unit Type 3 Features: Washer Dryer Hookup
- Unit Type 3 Rent: $2,100
- Unit Type 3 SqFt: 1200.0
- Unit Type 3 Units Total: 1
Unit 4 Information
- Unit Type 4 Baths Total: 3
- Unit Type 4 Baths Decimal: 2.10
- Unit Type 4 Beds Total: 3
- Unit Type 4 Features: Washer Dryer Hookup
- Unit Type 4 Rent: $1,850
- Unit Type 4 SqFt: 1200
- Unit Type 4 UnitsTotal: 1
Public Records for 2815 Southeast 87th Avenue
Taxable ValueLand-Additions-Total-
Tax Record2023$14,231 ($1,186 / month)
Home Facts
Baths10Total Finished SqFt4,992 SqFtAbove Grade Finished SqFt4,992 SqFtStories2Lot Size12,538 SqFtStyleQuadraplexYear Built2000ZoningR2CountyMULTNOMAHAPN1S2E09BB 08902
Schools near 2815 Southeast 87th Avenue
This home is within Portland School District 1j.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Harrison Park School PublicK to 8 | ||
Leodis V. McDaniel High School Public9 to 12 | ||
Renaissance Arts Academy Public9 to 12 | ||
Biztech High School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of eXp Realty, LLC
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