11145 NE Weidler St, Portland, OR 97220
Local realty services provided by:Columbia River 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, bernard gehret
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.
Contact an agent
Home facts
- Year built:1973
- Listing ID #:23074914
- Added:743 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)
New listings near 11145 NE Weidler St
- Open Sun, 12 to 3pmNew
$1,725,000Active4 beds 4 baths4,765 sq. ft.2416 NE Regents Dr, Portland, OR 97212
MLS# 217793914Listed by: CASCADE HASSON SOTHEBY'S INTERNATIONAL REALTY - New
$250,000Active1 beds 1 baths818 sq. ft.1255 NW 9th Ave #217, Portland, OR 97209
MLS# 473138357Listed by: MATIN REAL ESTATE - Open Sat, 1 to 3pmNew
$335,000Active2 beds 2 baths1,180 sq. ft.4880 SW Scholls Ferry Rd #32, Portland, OR 97225
MLS# 212210843Listed by: KELLER WILLIAMS SUNSET CORRIDOR - New
$490,000Active3 beds 2 baths1,544 sq. ft.1334 NE 155th Ave, Portland, OR 97230
MLS# 283488475Listed by: REDFIN - New
$574,900Active3 beds 2 baths1,872 sq. ft.110 NE 130th Pl, Portland, OR 97230
MLS# 767793088Listed by: RE/MAX EQUITY GROUP - New
$299,900Active2 beds 3 baths910 sq. ft.6673 N Fessenden St #3, Portland, OR 97203
MLS# 166955759Listed by: KELLER WILLIAMS REALTY PORTLAND PREMIERE - Open Sat, 11am to 1pmNew
$699,900Active-- beds -- baths9311/9315 SE Grant St, Portland, OR 97216
MLS# 258287803Listed by: RE/MAX EQUITY GROUP - Open Sat, 1 to 3pmNew
$645,000Active5 beds 2 baths1,824 sq. ft.12300 SW 127th Ave, Portland, OR 97223
MLS# 293082658Listed by: KELLER WILLIAMS SUNSET CORRIDOR - New
$335,000Active1 beds 1 baths865 sq. ft.1221 SW 10th Ave #809, Portland, OR 97205
MLS# 449097922Listed by: KELLER WILLIAMS PDX CENTRAL - New
$425,000Active3 beds 1 baths984 sq. ft.15133 SE Woodward St, Portland, OR 97236
MLS# 558297412Listed by: HOMESTAR BROKERS