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, 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:786 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 Sat, 11am to 1pmNew
$799,900Active5 beds 4 baths2,688 sq. ft.5717 N Denver Ave, Portland, OR 97217
MLS# 268223426Listed by: KELLER WILLIAMS REALTY PROFESSIONALS - New
$999,000Active4 beds 3 baths2,581 sq. ft.11404 S Breyman Ct, Portland, OR 97219
MLS# 554193192Listed by: LUXE FORBES GLOBAL PROPERTIES - New
$949,900Active4 beds 3 baths2,572 sq. ft.3337 NE 23rd Ave, Portland, OR 97212
MLS# 765701242Listed by: WINDERMERE REALTY TRUST - New
$1,990,000Active5 beds 4 baths3,390 sq. ft.11511 S Riverwood Rd, Portland, OR 97219
MLS# 259759335Listed by: REAL BROKER - Open Sun, 1 to 3pmNew
$130,000Active1 beds 1 baths664 sq. ft.4418 SW Dickinson St #43, Portland, OR 97219
MLS# 271625400Listed by: WINDERMERE REALTY TRUST - Open Sat, 11am to 1pmNew
$1,799,900Active5 beds 4 baths2,888 sq. ft.302 NW Albemarle Ter, Portland, OR 97210
MLS# 734802735Listed by: KELLER WILLIAMS REALTY PORTLAND PREMIERE - New
$624,500Active4 beds 3 baths2,518 sq. ft.3200 NE 29th Ave, Portland, OR 97212
MLS# 771697290Listed by: SOLDERA PROPERTIES, INC - New
$1,195,000Active5 beds 4 baths3,286 sq. ft.5895 NW 132nd Ave #Lot 30, Portland, OR 97229
MLS# 309320296Listed by: JOHN L. SCOTT - New
$479,900Active4 beds 2 baths2,084 sq. ft.5721 N Willis Blvd, Portland, OR 97203
MLS# 143744748Listed by: PREMIERE PROPERTY GROUP, LLC - Open Sat, 12 to 2pmNew
$385,000Active3 beds 1 baths1,110 sq. ft.6113 SE 89th Ave, Portland, OR 97266
MLS# 187514998Listed by: WEICHERT, REALTORS ON MAIN STREET