MLS# 24553472 – 704 Nw Joy Ave, Portland, OR 97229 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of ELEETE Real Estate.

Property Description

Description

3 Units

Status: Active

Year Built: 1959

Neighborhood: Cedar Mill

Days on Website: 43

Excellent investment opportunity in amazing location in sought-after Cedar Mill. Ranch-style Triplex with 2 Bedrooms, 1 Bathroom per unit. Recent capital improvements include NEW tear-off roof in 2021 (10-year transferrable warranty), NEW electrical panels in each unit in 2022. Unit 700 updates in 2024 include carpet, vinyl, interior paint, bathroom fixtures/hardware + NEW washer/dryer & refrigerator. Assigned parking + additional parking spaces. Easy access to shopping & dining! 0.2 mile to bus stop & 2.7 miles to MAX Light Rail Station. Walk Score 83. Development potential - Zoned TO:RC - Transit Oriented Retail Commercial District. Property to be sold in tandem with additional Triplex across the courtyard, see MLS# 24444756. Combined tax lots total 14,880 square feet. Fantastic opportunity! Please do not disturb tenants.

Property Details and Features

Property Access

Road Surface Type:

Paved

Basement

Basement:

CrawlSpace

Building

Building Area Total:

2592

Built in 1959

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3

Community

Community Features:

FrontYardLandscaping

Expenses

Operating Expense:

$14,580

Exterior Features

Exterior Description:

Cedar

Foundation

Foundation Details:

ConcretePerimeter

Heating

Heating Available

Heating:

Ceiling,Zoned

Income

CAP Rate:

4.91

Gross Income:

$53,820

Gross Rent Multiplier:

14.85

Net Operating Income:

$39,240

Listing

Contract Status Change Date:

2024-10-08

Days On Market:

Last Transaction Date:

2024-10-14 15:24:13

List Price:

$799,000

Listing Contract Date:

2024-10-08

Listing Id:

24553472

Mls Status:

Active

Modification Timestamp:

2024-10-14 15:24:13

On Market Date:

2024-10-08

Rent Includes:

MaintenanceGrounds,Sewer,TrashCollection,Water

Standard Status:

Active

Location

MLS Area Major:

_149

Subdivision Name:

CEDAR MILL

County Or Parish:

Washington

Lot

Features:

Level

Size Range:

SqFt7000to9999

Size:

7,000 to 9,999 SqFt

Miscellaneous

Investor Information:

AccordingToOwner,Incomplete,ProfitLossStatement

Parking

Features:

Assigned,OffStreet

5 total parking spots

Property

Number Of Units Total:

Property Condition:

Existing

Zoning:

TO:RC

Roof

Roof:

Composition

Schools

High School:

Sunset

Middle Or Junior School:

Tumwater

Elementary School:

Terra Linda

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$4,579

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$1,495

Area:

864

Features:

Range,Refrigerator,WasherDryer

Units Total:

1 total bathroom

2 total bedroom

Unit Two

Actual Rent:

$1,159

Area:

864

Features:

Range,Refrigerator,WasherDryer

Units Total:

1 total bathroom

2 total bedroom

Unit Three

Actual Rent:

$990

Area:

864

Features:

Range,Refrigerator,WasherDryer

Units Total:

1 total bathroom

2 total bedroom

Utilities

Fuel Description:

Electricity

Hot Water Description:

Tank

Water Source:

PublicWater

[+] Read More

Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$799,000 -

704 Nw Joy Ave Portland , OR 97229

MLS Area Major: _149

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on November 21, 2024 12:08AM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.