11145 NE Weidler St, Portland, OR 97220
Local realty services provided by:ERA Freeman & Associates, Realtors
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.503-546-9390
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:1039 day(s) ago
- Updated:January 24, 2024 at 06:29 AM
Rooms and interior
- Basement Description:Crawl Space
- 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.
- Lot Features:Level
- Levels:2 Stories
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)
Parking
- Parking description:Assigned
New listings near 11145 NE Weidler St
- New
$669,500Active3 beds 2 baths1,877 sq. ft.2956 NE 34th Ave, Portland, OR 97212
MLS# 399311542Listed by: CHRIS BALMES PROPERTIES LLC - New
$469,000Active4 beds 3 baths1,485 sq. ft.17543 SE Sherman Ct, Portland, OR 97233
MLS# 377684967Listed by: MORE REALTY - New
$399,000Active2 beds 1 baths810 sq. ft.9206 N Van Houten Ave, Portland, OR 97203
MLS# 724965356Listed by: DEBBIE THOMAS REAL ESTATE, INC - New
$455,000Active3 beds 2 baths1,868 sq. ft.311 SE 155th Pl, Portland, OR 97233
MLS# 440122144Listed by: RE/MAX ADVANTAGE GROUP - New
$529,900Active4 beds 3 baths2,134 sq. ft.3638 NE 150th Ave, Portland, OR 97230
MLS# 644870067Listed by: KELLER WILLIAMS PDX CENTRAL - Open Sun, 12 to 2pmNew
$880,800Active3 beds 3 baths2,461 sq. ft.10051 SW Balmer Cir, Portland, OR 97219
MLS# 113462803Listed by: WINDERMERE HERITAGE - Open Sun, 12 to 3pmNew
$1,070,000Active3 beds 3 baths2,025 sq. ft.4305 SW Altadena Ave, Portland, OR 97239
MLS# 337441389Listed by: KELLER WILLIAMS REALTY PROFESSIONALS - New
$724,876Active3 beds 3 baths1,784 sq. ft.14022 SW Chehalem Ct, Portland, OR 97223
MLS# 448284156Listed by: EPIQUE REALTY - Open Sun, 12 to 5pmNew
$1,165,000Active5 beds 4 baths3,260 sq. ft.18100 NW Anastasia Dr, Portland, OR 97229
MLS# 469706020Listed by: JOHN L. SCOTT - New
$549,900Active4 beds 2 baths1,677 sq. ft.25 NE 192nd Ave, Portland, OR 97230
MLS# 156909486Listed by: HILDEBRAND REALTY