Quarry Commons | 15948 Quarry Rd
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Quarry Commons 15948 Quarry Rd
13 Unit Apartment Building $4,950,000 ($380,769/Unit) 5.26% Cap Rate Lake Oswego, OR 97035
Investment Highlights
- Best-in-class Construction
- Diverse Unit Mix
- Premiere location in Lake Oswego
- Potential to increase NOI by operating short-term rentals
Executive Summary
Quarry Commons is a best-in-class luxury apartment complex located in Lake Oswego, the premiere and most affluent residential submarket in the Portland MSA. The property is located within walking distance to popular retailers and restaurants along Boones Ferry Road.
Quarry Commons was completed in 2023 and offers a mix of studio, one-, and two-bedroom floor plans. Upscale interior finishes include high-end luxury vinyl plank floors, wood cabinets with soft close doors, slab quartz counters and tile backsplashes in kitchens and bathrooms, floor-to-ceiling showers with glass doors, upgraded millwork casing for all windows and doors, mini-split units providing heat and air conditioning in all living areas and bedrooms, and in-unit laundry. The buildings have a mix of cedar board and batten, lap, and cedar shake siding, and also have 40-year composition shingle roofs. The property includes a mix of open and covered parking.
Three of the units are approved as short-term rentals. While CBRE has underwritten these units at current in-place rents (without short-term rental income), an owner who elects to operate the short-term rentals will improve NOI by approximately $25,000 per year.
Please contact listing brokers Matt Dodd or Sean Milligan for additional information and to schedule tours.
Quarry Commons was completed in 2023 and offers a mix of studio, one-, and two-bedroom floor plans. Upscale interior finishes include high-end luxury vinyl plank floors, wood cabinets with soft close doors, slab quartz counters and tile backsplashes in kitchens and bathrooms, floor-to-ceiling showers with glass doors, upgraded millwork casing for all windows and doors, mini-split units providing heat and air conditioning in all living areas and bedrooms, and in-unit laundry. The buildings have a mix of cedar board and batten, lap, and cedar shake siding, and also have 40-year composition shingle roofs. The property includes a mix of open and covered parking.
Three of the units are approved as short-term rentals. While CBRE has underwritten these units at current in-place rents (without short-term rental income), an owner who elects to operate the short-term rentals will improve NOI by approximately $25,000 per year.
Please contact listing brokers Matt Dodd or Sean Milligan for additional information and to schedule tours.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,950,000 | Building Class | B |
| Price Per Unit | $380,769 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 9,959 SF |
| Cap Rate | 5.26% | Average Occupancy | 92% |
| No. Units | 13 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2023 |
| Property Subtype | Apartment | Parking Ratio | 1.31/1,000 SF |
| Apartment Style | Low Rise |
| Price | $4,950,000 |
| Price Per Unit | $380,769 |
| Sale Type | Investment |
| Cap Rate | 5.26% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.32 AC |
| Building Size | 9,959 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built | 2023 |
| Parking Ratio | 1.31/1,000 SF |
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Tub/Shower
- Walk-In Closets
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | $1,750 | 362 - 510 |
| Studios | 1 | $1,749 | 565 |
| 1+1 | 2 | $1,900 | 565 |
| 2+1 | 3 | $2,525 | 696 - 906 |
| 2+1.5 | 4 | $2,650 | 1,096 - 1,166 |
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Walk Score ®
Very Walkable (75)
Bike Score ®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 00242277 | Total Assessment | $898,424 (2023) |
| Land Assessment | $0 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
00242277
Land Assessment
$0 (2023)
Improvements Assessment
$0 (2023)
Total Assessment
$898,424 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | GC |
| GC |
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Quarry Commons | 15948 Quarry Rd
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