Tigardville Apartments | 11255 SW Greenburg Rd
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Tigardville Apartments 11255 SW Greenburg Rd
36 Unit Apartment Building For Sale Tigard, OR 97223
Executive Summary
https://www.marcusmillichap.com/properties/167339/tigardville-apartments
Tigardville Apartments presents a compelling value-add investment opportunity in the vibrant community of Tigard, Oregon. This well-positioned property offers investors the chance to benefit from the steady rental demand in this appealing suburban market, characterized by a blend of urban convenience and small-town charm.
THE PROPERTY
Tigardville Apartments is a 36-unit complex located in the desirable Tigard community. Built in 1972, the property comprises thirty-five (35) two- bedroom, one-bathroom units averaging 877 square feet, with an average achieved rent of $1,537 per month. This is below the market average for similar units, which is $1,750. The property also includes one three-bedroom, two-bathroom unit, currently renting for $1,895, compared to a market rate of $2,250.
The current average rent for the two-bedroom units at Tigardville Apartments is approximately 12% below the market rate, highlighting a significant opportunity for rental growth. This gap indicates potential for investors to increase revenue by aligning rents with market averages, especially considering the property’s recent renovations and desirable amenities.
Each unit features modern upgrades, including luxury vinyl plank (LVP) flooring, custom interior paint, SmartLock keyless entry, stainless steel appliances, new cabinets, and updated lighting packages. Property amenities enhance tenant experience with a pool, fitness center, laundry facilities, and a pet play area. Apartments are equipped with air conditioning, dishwashers, and private fenced yards, adding to their appeal in this competitive rental market.
This difference in rental rates, coupled with the attractive amenities and recent upgrades, positions Tigardville Apartments as a strong investment opportunity to capture additional income by achieving market-aligned rents.
THE NEIGHBORHOOD
Tigardville Apartments offers residents convenient access to transportation options, including the Beaverton Transit Center (Blue and Red Lines) just 4.4 miles away, and is located 21.2 miles, or a 34-minute drive, from Portland International Airport. The property is nestled near Downtown Tigard, a charming shopping district lined with brick-paved walkways, historic lighting, and a mix of art galleries, cafes, and unique local attractions. The area is highly walkable and bicycle-friendly, making it easy for residents to explore and enjoy the immediate area.
Tigard’s rich history is reflected in landmarks such as the John Tigard House Museum, a National Register of Historic Places site located south of Downtown Tigard. For shopping enthusiasts, two popular tax-free shopping centers, Washington Square and Bridgeport Village, are also nearby. Downtown Tigard and its surrounding areas provide an attractive blend of history, culture, and modern convenience, establishing the city as a desirable commuter suburb within the Portland metropolitan area.
Tigardville Apartments presents a compelling value-add investment opportunity in the vibrant community of Tigard, Oregon. This well-positioned property offers investors the chance to benefit from the steady rental demand in this appealing suburban market, characterized by a blend of urban convenience and small-town charm.
THE PROPERTY
Tigardville Apartments is a 36-unit complex located in the desirable Tigard community. Built in 1972, the property comprises thirty-five (35) two- bedroom, one-bathroom units averaging 877 square feet, with an average achieved rent of $1,537 per month. This is below the market average for similar units, which is $1,750. The property also includes one three-bedroom, two-bathroom unit, currently renting for $1,895, compared to a market rate of $2,250.
The current average rent for the two-bedroom units at Tigardville Apartments is approximately 12% below the market rate, highlighting a significant opportunity for rental growth. This gap indicates potential for investors to increase revenue by aligning rents with market averages, especially considering the property’s recent renovations and desirable amenities.
Each unit features modern upgrades, including luxury vinyl plank (LVP) flooring, custom interior paint, SmartLock keyless entry, stainless steel appliances, new cabinets, and updated lighting packages. Property amenities enhance tenant experience with a pool, fitness center, laundry facilities, and a pet play area. Apartments are equipped with air conditioning, dishwashers, and private fenced yards, adding to their appeal in this competitive rental market.
This difference in rental rates, coupled with the attractive amenities and recent upgrades, positions Tigardville Apartments as a strong investment opportunity to capture additional income by achieving market-aligned rents.
THE NEIGHBORHOOD
Tigardville Apartments offers residents convenient access to transportation options, including the Beaverton Transit Center (Blue and Red Lines) just 4.4 miles away, and is located 21.2 miles, or a 34-minute drive, from Portland International Airport. The property is nestled near Downtown Tigard, a charming shopping district lined with brick-paved walkways, historic lighting, and a mix of art galleries, cafes, and unique local attractions. The area is highly walkable and bicycle-friendly, making it easy for residents to explore and enjoy the immediate area.
Tigard’s rich history is reflected in landmarks such as the John Tigard House Museum, a National Register of Historic Places site located south of Downtown Tigard. For shopping enthusiasts, two popular tax-free shopping centers, Washington Square and Bridgeport Village, are also nearby. Downtown Tigard and its surrounding areas provide an attractive blend of history, culture, and modern convenience, establishing the city as a desirable commuter suburb within the Portland metropolitan area.
Property Facts
| Sale Type | Investment | Lot Size | 1.60 AC |
| No. Units | 36 | Building Size | 32,195 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1971 |
| Apartment Style | Garden | Parking Ratio | 1.53/1,000 SF |
| Building Class | B | Opportunity Zone |
Yes
|
| Sale Type | Investment |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.60 AC |
| Building Size | 32,195 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 1.53/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Dishwasher
- Disposal
- Kitchen
- Stainless Steel Appliances
- Tub/Shower
- Yard
- Deck
- Patio
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 36 | - | 877 |
Bike Score ®
Very Bikeable (73)
PROPERTY TAXES
| Parcel Number | R0274090 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,126,050 |
PROPERTY TAXES
Parcel Number
R0274090
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,126,050
zoning
| Zoning Code | R-12 |
| R-12 |
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Tigardville Apartments | 11255 SW Greenburg Rd
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