A true “Pride of Ownership” offering!
The three generation owned vintage property has been impeccably maintained, featuring beautiful hardwood floors and original vintage charm throughout the property. The income from the seven garages essentially creates the income of another entire unit, making the property unique in generating the income of a nine unit property with the expenses of an eight unit property.
The plumbing has been inspected and given a clean bill of health by Apollo Drain, and the electric was updated by Westside Electric in 2008. This vintage property even has upgraded double pane vinyl windows! Tenants also have access to a storage unit and laundry in the basement.
The basement also has an additional room that could be utilized as a common area community space, more storage or possibly an artist studio for more potential income. The heat is provided by a forced air gas furnace unit, installed by Pyramid Heating and Cooling.
The occupancy has been stellar over the long history of family ownership, typically the seller experiences less than 2% economic vacancy annually. The property is in great condition, with quality tenants and a very strong operational history, the seller even has a hand written book of all unit by unit improvements completed on the building for many years! This is quite possibly the perfect close-in, “turn key” property.
- Province / State: Oregon
- City / Town: Portland
- Postal code / ZIP: 97214