1925 NE 19th Ave
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1925 NE 19th Ave
17 Unit Apartment Building $3,500,000 ($205,882/Unit) 5.45% Cap Rate Portland, OR 97212
Investment Highlights
- Value Add Opportunity, with significant upside in the rents.
- Established Irvington neighborhood of Northeast Portland.
- Garages on-site (11)
- Historically low vacancy, with strong 2024 collections.
- Spacious units with significant demand, and stable tenant base.
- Meticulously maintained court-yard setting.
Executive Summary
The Park Irving Apartments provide a unique investment opportunity to acquire a 17 unit trophy asset within the prestigious Irvington neighborhood of Northeast Portland. The Irvington neighborhood provides a blend of historic charm in a residential setting, all while providing convenient access to urban amenities – with local shops, cafes, and restaurants just a few blocks away. The area immediately around Park Irving is predominantly residential, featuring quiet, tree-lined streets that foster a strong sense of community and quality of living for residents that want the best of both worlds. Historically, Irvington offers very limited investment opportunities available to the market due to the strength and stability, and trend of long-term owners in this area.
The Park Irving Apartments, built in 1964, provides a unique housing option in the market that features mid-century modern architecture, and picturesque landscaped grounds that are meticulously maintained. The community is comprised of spacious units and feature 1- one bedroom, 14 – two-bedrooms, and 2 – three bedrooms. In addition, there are 11 garages on-site for rent, laundry facilities, and additional storage options for residents. The units are spacious in size, and provide tenants with functional floor plans and modern conveniences. The long-term ownership has taken pride in managing and maintaining the property with many improvements over the years. Recent capital improvements include all new decks & railings (2021), all new gutters (2024), and continuous interior improvements over the years.
The investment provides a realistic and attainable path to add value for an investor. The rents have significant and proven upside, and offer a stable unit mix of large in-demand units. Current ownership has operated the property with minimal vacancy. Other additional value-add opportunities include the ability to improve efficiencies and maximize the fee income through parking, storage, and utility bill backs (not currently in place). A truly unique offering in the well-established Irvington neighborhood of Northeast Portland.
The Park Irving Apartments, built in 1964, provides a unique housing option in the market that features mid-century modern architecture, and picturesque landscaped grounds that are meticulously maintained. The community is comprised of spacious units and feature 1- one bedroom, 14 – two-bedrooms, and 2 – three bedrooms. In addition, there are 11 garages on-site for rent, laundry facilities, and additional storage options for residents. The units are spacious in size, and provide tenants with functional floor plans and modern conveniences. The long-term ownership has taken pride in managing and maintaining the property with many improvements over the years. Recent capital improvements include all new decks & railings (2021), all new gutters (2024), and continuous interior improvements over the years.
The investment provides a realistic and attainable path to add value for an investor. The rents have significant and proven upside, and offer a stable unit mix of large in-demand units. Current ownership has operated the property with minimal vacancy. Other additional value-add opportunities include the ability to improve efficiencies and maximize the fee income through parking, storage, and utility bill backs (not currently in place). A truly unique offering in the well-established Irvington neighborhood of Northeast Portland.
Property Facts Under Contract
| Price | $3,500,000 | Apartment Style | Low Rise |
| Price Per Unit | $205,882 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Cap Rate | 5.45% | Building Size | 17,746 SF |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 1.35/1,000 SF |
| Price | $3,500,000 |
| Price Per Unit | $205,882 |
| Sale Type | Investment |
| Cap Rate | 5.45% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.43 AC |
| Building Size | 17,746 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.35/1,000 SF |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Storage Space
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,345 | 525 |
| 2+1 | 14 | $1,609 | 726 - 840 |
| 3+2 | 2 | $2,020 | 1,100 |
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Walk Score ®
Walker's Paradise (93)
Bike Score ®
Biker's Paradise (100)
PROPERTY TAXES
| Parcel Number | R193176 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,748,220 |
PROPERTY TAXES
Parcel Number
R193176
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,748,220
zoning
| Zoning Code | RM2 |
| RM2 |
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1925 NE 19th Ave
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