11145 NE Weidler St, Portland, OR 97220
Local realty services provided by:Knipe Realty ERA Powered
11145 NE Weidler St,Portland, OR 97220
$7,745,000
- - Beds
- - Baths
- 34,207 sq. ft.
- Multi-family
- Active
Listed by:phillip barry
Office:joseph bernard llc.
MLS#:23074914
Source:PORTLAND
Price summary
- Price:$7,745,000
- Price per sq. ft.:$226.42
About this home
POTENTIAL LOAN ASSUMPTION of 3.25% fixed until December 2028, for qualified buyers. The Weidler 111 Apartments represents a rare opportunity to invest in a high-quality stabilized apartment community in one of the strongest submarkets within the Portland Metro, The Gateway District of Northeast Portland. The asset is comprised of 32 spacious units, with a mix of large 2BR and 3BR floor plans. The vacancy average has been historically low, and the unit mix has proven to meet the demands of today?s renters, and will continue to be a unique housing option in the market, given the limitations and financial challenges of developing large floor plans in today?s market and moving forward. The community has benefited from major interior & exterior improvements in recent years. Exterior renovations include re-branding & signage, new paint, new outdoor BBQ/Picnic area, new basketball court, renovated leasing office, new fencing, new decking (select units), and upgraded landscaping. The majority of the interior units have been renovated (approx. 90%) with flooring, paint, appliances, cabinets (new or refinished), resurfaced countertops (select units with quartz), new fixtures, lighting, ceiling fans, and various bathroom updates. A proven model of success has been established for a new investor to finish the remaining units, and also reap the benefits of less turnover work for future lease ups. The community has experienced strong rent growth in recent years, with impressive lease up rents in 2022/2023 as tenants seek more suburban amenity rich communities and large floorplans. The average in place rents still trail the highest level in the building by approximately 10%, allowing a new investor the opportunity to step in and execute a realistic and obtainable value add model by simply getting all of the existing units up to the highest achieved level in the building.
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Home facts
- Year built:1973
- Listing ID #:23074914
- Added:658 day(s) ago
- Updated:January 24, 2024 at 06:29 AM
Rooms and interior
- Living area:34,207 sq. ft.
Heating and cooling
- Heating:Baseboard
Structure and exterior
- Roof:Composition
- Year built:1973
- Building area:34,207 sq. ft.
Schools
- High school:Parkrose
- Middle school:Parkrose
- Elementary school:Sacramento
Utilities
- Water:Public Water
- Sewer:Public Sewer
Finances and disclosures
- Price:$7,745,000
- Price per sq. ft.:$226.42
- Tax amount:$51,077 (2023)
All information provided is deemed reliable but is not guaranteed and should be independently verified. The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland Oregon. Real estate listings held by brokerage firms other than Knipe Realty ERA Powered are marked with the RMLS logo and detailed information about these properties includes the names of the listing brokers. Copyright 2025 RMLS, Portland, Oregon. Last updated: January 24, 2024New listings near 11145 NE Weidler St
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