SALE FOR GREELEY COURT - NEW 24 UNIT MULTIFAMILY PROPERTY 100% LEASED! Jordan Fezler, Broker 503.595.2844 Jordan@apexcre.com Apex Real Estate Partners 415 NW 11th Ave, Portland, OR 97209 503.595.2840 / www.apexcre.com
Offering Highlights
Greeley Court offers a modern design, convenience and community. This newly constructed multi-family property is ideally situated in North Portland’s Overlook neighborhood, just minutes away from Adidas North American headquarters, Daimler, St Johns, University of Portland, retail corridors, public transit and downtown Portland. Ideally situated for long-term hold and continued rent growth.
Greeley Court is 100% leased one bedroom units, with modern design and luxury floorplans.
The property is exempt from inclusionary zoning affordability requirements.
Please contact broker for more details.
Address: 5531-5541 N Greeley Avenue Portland OR 97217
Building Size: ± 14,548 Gross Building Area SF
Units: 24
Unit Mix: 1 bedroom (24)
Average Unit Size: ± 564 SF
No. of Buildings: 2
Stories: 3
Year Built: 2022
Occupancy: 100%
Land Size: ± 0.23 AC / ± 10,000 SF
Parcel: R306745
For GreeleySale Court
Amenities
Located in North Portland’s Overlook neighborhood
Secure community with courtyard style private entry
Luxury floor plans with efficient layouts
Wood-framed construction with Hardie siding, fully sprinklered, pex plumbing, copper electrical and TPO roof
Modern finishes
Cadet heaters & A/C ready
Vinyl windows & abundant natural light
High efficiency stainles steel appliances
Quartz countertops
Wood tone plank vinyl flooring
Private patios/balconies in select units
Washer and dryer in-unit
Pet-friendly community
Walking distance to Adidas World Headquarters, local restaurants, cafes and retailers
TriMet bus just steps away and MAX lightrail close-by creating easy access to all over the Portland Metro
Sample Floor Plans
Please note floor plans are not to scale
Bedroom Living Area Kitchen Bath Kitchen Patio Bedroom Bath Living Area
Greeley Court Financials
Property: Greeley Court # of Units: Offering Price: Rent Roll Income Data Unit Mix # of Units Avg. Monthly Rent/Unit Total Monthly Rent Annual Rental Income: 431,628 $ 1 Bed / 1 Bath 24 $1,498.71 35,969 $ Less: Vacancy & Reserves (5%) (21,581) $ RUBS / Other Income 26,150 $ 35,969 $ Effective Gross Income: 436,197 $ Expense Data Property Expenses Returns Amount (Annual) Net Operating Income: 317,060 $ 54,000 $ Annual Debt Service 243,502 $ 4,032 $ Cash Flow Before Taxes: 73,558 $ On & Off Site Management (6%) 25,898 $ CAP Rate: 5.03% Repairs, Maintenance, & Supplies 3,600 $ Gross Rent Multiplier: 14.60 Electricity 2,001 $ Expense Ratio 27.60% Landscaping 1,680 $ Price/Unit: 262,500 $ Garbage 4,522 $ Water & Sewer 10,685 $ Financing Reserves 6,000 $ Marketing / Admin 4,320 $ Loan Information Turnover 2,400 $ Sales Price: 6,300,000 $ Total Operating Expenses: 119,137 $ Down Payment (40%): 2,520,000 $ Loan Amount: 3,780,000 $ Net Operating Income: Interest Rate: 5.00% Effective Gross Income: 436,197 $ Term (Years): 30 Operating Expenses: (119,137) $ Monthly Payment: 20,292 $ Net Operating Income: 317,060 $ Annual Payment: 243,502 $ Debt Coverage Ratio: 1.30 Expense Real Estate Taxes Property Insurance Total Monthly Rent Property Summary 24 $6,300,000 Operating Data
Excellent Location
Greeley Court is just a five-minute walk to Adidas Village, the brand’s North American headquarters and third largest athletic and outdoor retail employer in the city. A few blocks west, corporate center and manufacturing hub Swan Island Industrial Park houses other major employers including UPS and FedEx ship centers. An 8-minute commute south, Legacy Emanuel Medical Center is the second largest hospital in city limits and fifth largest employer in the Portland metro region.
Greeley Court is a short walk to shops and eateries along Killingsworth Street and Interstate Avenue. Nearby is also the historic Mississippi neighborhood, famed for its arts and cultural scene.
Apartment residents have easy access to river views at Mock Crest and Overlook Park, and to the east, the manicured rose garden Peninsula Park lends Portland its reputation as the City of Roses.
Neighboring schools Portland Community College and University of Portland keep the neighborhood buzzing with academic residents. Home to a comfortable, residential feel, the neighborhood is dotted with community gardens and dog parks, and down the road from local grocer New Season Market and coffee shop/lending library The Stacks, which hosts regular author talks and creative writing soirées.
Overlook Park - photo Embrace Someplace
Mississippi neighborhood University of Portland - photo UP
Peninsular Park - photo Hotels.com
Great Walkability
Bottles & Cans
Retail bottle shop with beer garden, rotating food carts and seasonal family game & movie nights!
NE Killingsworth St
Popular retail corridor
Mac Wine Cellars
Madrona Hill Cafe
Neighborhood bakery & cafe
Dog Bowl
Greeley Court
Blend coffee
Offers small-production wines that are affordable and tasty
Greeley Avenue Bar & Grill
190 acre dog park TriMet Bus TriMet Stop
Sport’s Bar with weekly events special for the neighborhood with karaoke nights and MAD poker.
SUMNER STREET
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NKILLINGSWORTH STREET NWILLAMETTE BLVD N
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STREET NJESSUP STREET NAINSWORTH STREET NHOLMANSTREET NGREELEYAVENUE
Great
Access 10 14 14 43 43 120 127 210 213 213 141 212 8 30B BYP 30B BYP Washington Portland 8 Minutes 10 Minutes 17 Minutes 18 Minutes 22 Minutes Downtown Downtown Vancouver Camas Tigard Beaverton Lake Oswego Milwaukie Happy Valley Gresham Oregon Greeley Court No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing condition imposed by our principals.
Portland Metro
Trends - 3 Mile Radius
2023 Population 141,918 2028 Projected Population 143,353 2010-2028 Growth 22.5% 2023 Households 64,958 2028 Projected Households 65,624 2010-2028 Growth 24.0% Avg Household Size 2.1 Owner Occupied 46.6% Renter Occupied 54.4% Total Employees 108,386 Total Businesses 12,220 Adidas HQ Employees 59,258 Daimler HQ Employees 34,015 Avg Household Income $112,608 Median Household Income $89,763 Total Consumber Spending $2.2B s N GREELEY AVENUE World HQ Greeley Court DAIMLER North America HQ Swan Island Industrial Park Downtown Portland