MLS# 24024292 – 4318 Se Milwaukie Ave, Portland, OR 97202 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of JMA Properties LLC.

Property Description

Description

10 Units

Status: Active

Year Built: 1907

Neighborhood: Brooklyn

Days on Website: 105

Studs-Out remodel with exceptional craftsman touches and thoughtful upgrades throughout. This building is a 10! Perfect for owner occupants looking for a premium stand-alone artist/workshop/studio! Welcome home to the iconic Brooklyn Apartments! 8 Residential units in total (plus shop, office and basement). The original 1907 building has been lovingly cared for and completely updated with new systems all while keeping the vintage charm of the Arts & Crafts era intact. The original building includes a mix of (2) 2-bedroom, (4) 1-bedroom units and (1) studio apartment with a separate office space in the basement. All the units feature stylish finishes, creative use of space and vintage flair! The building's basement is very spacious and open area for future storage / extra unit potential. The detached ADU (garage/shop with 2-bedroom owner's unit) was built in 2013 and is perfect for the woodworker, artist or craft maker looking for their own detached and free-standing 873sf shop! The unit features amazing views to the east off their own private deck. The unit itself is dialed-in with gorgeous crown molding and built-ins throughout. The shop is fully functional with all the electrical upgrades one would expect. The building is currently fully occupied with projected income of $162,180 annually and projected NOI of $110,410. All units have been given rent increase notices to be effective 4/1/25 making this an attractive truly turn-key investment. The seller is a carpenter and a craftsman - the pride of ownership will amaze you.

Property Details and Features

Property Access

Road Surface Type:

Paved

Basement

Basement:

ExteriorEntry,FullBasement,StorageSpace

Building

Building Area Total:

10147

Built in 1907

Storage:

Attic,Basement

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType10,UnitTypeType2,UnitTypeType3,UnitTypeType4,UnitTypeType5,UnitTypeType6,UnitTypeType7,UnitTypeType8,UnitTypeType9

Community

Community Features:

Laundry

Cooling

Cooling Equipped

Cooling:

MiniSplit

Expenses

Operating Expense Scheduled:

51770

Operating Expense:

$51,770

Exterior Features

Exterior Description:

Cedar,ShingleSiding

Foundation

Foundation Details:

ConcretePerimeter

Heating

Heating Available

Heating:

Zoned

Income

CAP Rate:

5.97

Gross Income:

$162,180

Gross Rent Multiplier:

11.41

Gross Scheduled Income:

$162,180

Net Operating Income:

$110,410

Net Scheduled Income:

110410

Listing

Contract Status Change Date:

2024-08-06

Days On Market:

105

Last Transaction Date:

2024-11-05 15:35:05

List Price:

$1,850,000

Listing Contract Date:

2024-08-06

Listing Id:

24024292

Mls Status:

Active

Modification Timestamp:

2024-11-05 15:35:05

On Market Date:

2024-08-06

Previous List Price:

$1,950,000

Rent Includes:

MaintenanceGrounds,Sewer,TrashCollection,Water

Standard Status:

Active

Location

MLS Area Major:

_143

Subdivision Name:

Brooklyn

County Or Parish:

Multnomah

Lot

Features:

CornerLot,OnBusline

Size Acres:

0.19

Size Range:

SqFt7000to9999

Size Square Feet:

8,276

Size:

7,000 to 9,999 SqFt

Parking

Features:

Assigned

3 total parking spots

Possession

Possession:

Negotiable

Property

Number Of Units Total:

Property Condition:

Existing

Property View

Zoning:

CM1

Roof

Roof:

Composition

Schools

High School:

Cleveland

Middle Or Junior School:

Hosford

Elementary School:

Grout

Security Features

Features:

Entry,FireSprinklerSystem,IntercomEntry

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$12,050

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$1,245

Area:

548

Features:

Dishwasher,Range,Refrigerator

Units Total:

1 total bathroom

1 total bedroom

Unit Two

Actual Rent:

$1,265

Area:

645

Features:

Dishwasher,Range,Refrigerator

Units Total:

1 total bathroom

1 total bedroom

Unit Three

Actual Rent:

$1,220

Area:

361

Features:

Range,Refrigerator

Units Total:

1 total bathroom

Unit Four

Actual Rent:

$1,290

Area:

558

Features:

Dishwasher,Range,Refrigerator,WasherDryer

Units Total:

1 total bathroom

1 total bedroom

Unit Five

Actual Rent:

$1,850

Area:

852

Features:

AirConditioning,Dishwasher,Range,WasherDryer

Units Total:

1 total bathroom

2 total bedroom

Unit Six

Actual Rent:

$1,740

Area:

1137

Features:

AirConditioning,Dishwasher,Range,WasherDryer

Units Total:

2 total bathrooms

2 total bedroom

Unit Seven

Actual Rent:

$1,395

Area:

935

Features:

AirConditioning,Dishwasher,Range,WasherDryer

Units Total:

2 total bathrooms

1 total bedroom

Unit Eight

Actual Rent:

$510

Area:

217

Units Total:

1 total bathroom

Unit Nine

Actual Rent:

$2,000

Area:

886

Features:

AirConditioning,Dishwasher,Range,WasherDryer

Units Total:

1 total bathroom

2 total bedroom

Unit Ten

Actual Rent:

$1,000

Area:

873

1 total bathroom

Utilities

Fuel Description:

Electricity

Hot Water Description:

Electricity,Tank

Water Source:

PublicWater

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Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$1,850,000 -

4318 Se Milwaukie Ave Portland , OR 97202

MLS Area Major: _143

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on November 20, 2024 12:46PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.