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Listed by SMI Commercial Real Estate LLC
$1,600,000
Est. payment /mo
6,387 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,387 sqft
Price per Sqft $250
MLS Listing ID 513605984
Year Built 1974
Annual Tax Amount $16,605
Tax Year 2025
Lot Size 0.310 Acres
Property Description
512-9524 N Oswego Avenue presents the opportunity to acquire a nine-unit apartment and duplex asset in Portland's St. Johns neighborhood, a distinct North Portland submarket recognized for low vacancy, strong resident retention, and durable workforce housing demand.The property consists of a seven-unit apartment building and a duplex on a single tax lot. The unit mix is predominantly 2 Bed / 1 Bath units, which account for eight of the nine total units, with one additional 1 Bed / 1 Bath unit. The asset also features off-street parking for each unit, supporting tenant convenience and long-term retention.From a physical standpoint, all plumbing in the seven-unit building has been replaced with PEX, reducing deferred maintenance exposure at acquisition. The property offers a strong in-place yield with clear operational upside and a straightforward path to income growth. Utility reimbursements have already been partially implemented, establishing proof of concept for a full rollout across the asset. In-place rents also remain below market comparables, creating additional room for organic rent growth over time.St. Johns occupies a peninsula at the convergence of the Willamette and Columbia Rivers, a geography that reinforces the neighborhood's self-contained character and tight rental dynamics. The property is located at the corner of N Fessenden Street and N Oswego Avenue, one block from the N Lombard Street corridor, with access to downtown Portland approximately nine miles south.
Location
State OR
County Multnomah
Area _141
Zoning CM1
Interior
Heating Other
Cooling None
Exterior
Garage No
Building
Story 2
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Elementary Schools Sitton
Middle Schools George
High Schools Roosevelt
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Nearby School & Business
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