SALE FOR OVERLOOK FLATS - NEW 26 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
Overlook Flats 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.
Overlook Flats is 100% leased one and two bedroom units, with modern design and luxury floorplans.
The property is exempt from inclusionary zoning affordability requirements.
Please contact broker for more details.
Address: 5780-5790 N Greeley Avenue Portland OR 97217
Building Size: ± 16,244 Gross Building Area SF
Units: 26
Unit Mix: 1 bedroom (24) 2 bedroom (2)
Average Unit Size: 1 bedroom ± 562 SF 2 bedroom ± 912 SF
No. of Buildings: 2
Stories: 3
Year Built: 2022
Occupancy: 100%
Land Size: ± 0.22 AC / 9,800 SF
For Sale Overlook Flats Amenities
Located in North Portland’s Overlook neighborhood
Gated 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 stainless 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 Patio Kitchen Bedroom Bath Living Area Bedroom Bedroom Kitchen Living Area Bath Patio
Overlook Flats Financials
Property: Overlook Flats # of Units: Offering Price: Rent Roll Income Data Unit Mix # of Units Avg. Monthly Rent/Unit Total Monthly Rent Annual Rental Income: 483,948 $ 1 Bed / 1 Bath 24 $1,497 35,931 $ Less: Vacancy & Reserves (5%) (24,197) $ 2 Bed / 1 Bath 2 $2,199 4,398 $ RUBS / Other Income 28,330 $ 40,329 $ Effective Gross Income: 488,080 $ Expense Data Property Expenses Returns Amount (Annual) Net Operating Income: 357,034 $ 59,500 $ Annual Debt Service 270,558 $ 4,368 $ Cash Flow Before Taxes: 86,476 $ On & Off Site Management (6%) 29,037 $ CAP Rate: 5.10% Repairs, Maintenance, & Supplies 3,900 $ Gross Rent Multiplier: 14.46 Common Area Electricity 2,167 $ Expense Ratio 27.08% Landscaping 1,820 $ Price/Unit: 269,231 $ Garbage 4,898 $ Water & Sewer 11,575 $ Financing Reserves 6,500 $ Admin Expenses 4,680 $ Loan Information Turnover 2,600 $ Sales Price: 7,000,000 $ Total Operating Expenses: 131,046 $ Down Payment (40%): 2,800,000 $ Loan Amount: 4,200,000 $ Net Operating Income: Interest Rate: 5.00% Effective Gross Income: 488,080 $ Term (Years): 30 Operating Expenses: (131,046) $ Monthly Payment: 22,547 $ Net Operating Income: 357,034 $ Annual Payment: 270,558 $ Debt Coverage Ratio: 1.32 Property Summary 26 $7,000,000 Operating Data Expense Real Estate Taxes Property Insurance Total Monthly Rent
Excellent Location
Overlook Flats 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.
Overlook Flats 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!
Overlook Flats
NE
Popular retail corridor
Mac Wine Cellars
Madrona Hill Cafe
Neighborhood bakery & cafe
Dog Bowl
190 acre dog park
Offers small-production wines that are affordable and tasty
Blend coffee
Greeley Avenue Bar & Grill
Sport’s Bar with weekly events special for the neighborhood with karaoke nights and MAD poker.
N SUMNER STREET
WEBSTER STREET
NKILLINGSWORTH STREET NWILLAMETTE BLVD
N
NJESSUP STREET NAINSWORTH STREET
NHOLMANSTREET NGREELEYAVENUE NDEKUMAVENUE
Killingsworth St
TriMet Bus TriMet Stop
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 Overlook Flats 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.
Great Portland Metro
Overlook Flats
Trends - 3 Mile Radius
2023 Population 141,918 2027 Projected Population 143,353 2010-2027 Growth 22.5% 2023 Households 64,958 2027 Projected Households 65,624 2010-2027 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 DAIMLER North America HQ Swan Island Industrial Park Downtown Portland