MLS# 24618193 – 1823 Se Morrison St, Portland, OR 97214 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of John L. Scott Portland Central.

Property Description

Description

4 Units

Status: Pending

Year Built: 1905

Neighborhood: Buckman

Days on Website: 164

This fully remodeled Victorian 4-plex in the Buckman neighborhood is an exceptional investment opportunity - with an outstanding cap rate over 6.5. Every unit has been fully updated with newer kitchens, bathrooms, paint, and flooring. Fresh new external paint just completed. Full building repipe in 2019. Sizable unfinished attic with good head height, and unfinished basement with separate entry, storage units and community laundry facilities. Floor plans vary. Common area backyard with fire pit, and off-street parking for two vehicles. Fully tenanted, and rents at market rate. Well located close to Belmont, Hawthorne and Public transit. Motivated seller - this is exceptional value in a perfect location. Walk Score 94 Bike Score 96.

Property Details and Features

Property Access

Road Surface Type:

Paved

Basement

Basement:

ExteriorEntry,FullBasement,Unfinished

Building

Building Area Total:

2896

Built in 1905

Storage:

Basement,IndividualStorageUnits

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4

Community

Community Features:

Commons,Laundry

Cooling

Cooling Equipped

Cooling:

MiniSplit,WallUnit

Expenses

Operating Expense:

$20,978

Exterior Features

Exterior Description:

WoodSiding

Foundation

Foundation Details:

ConcretePerimeter

Heating

Heating Available

Heating:

Ductless

Income

CAP Rate:

6.91

Gross Income:

$83,139

Gross Rent Multiplier:

10.81

Net Operating Income:

$62,161

Listing

Contract Status Change Date:

2024-11-06

Cumulative Days On Market:

150

Days On Market:

150

Last Transaction Date:

2024-11-13 13:00:57

List Price:

$899,000

Listing Contract Date:

2024-06-09

Listing Id:

24618193

Mls Status:

Pending

Modification Timestamp:

2024-11-13 14:47:56

Off Market Date:

2024-11-06

On Market Date:

2024-06-09

Previous List Price:

$925,000

Purchase Contract Date:

2024-11-06

Rent Includes:

Sewer,TrashCollection,Water

Standard Status:

Pending

Location

MLS Area Major:

_143

Subdivision Name:

BUCKMAN

County Or Parish:

Multnomah

Lot

Features:

Level,PublicRoad,Trees

Size Acres:

0.12

Size Range:

SqFt5000to6999

Size Square Feet:

5,227

Size:

5,000 to 6,999 SqFt

Miscellaneous

Investor Information:

AnnualPropertyOperationData,Leases,ProfitLossStatement,RentRecords

Parking

Features:

Paved

2 total parking spots

Possession

Possession:

SubjectToTenantRights

Property

Number Of Units Total:

Property Condition:

UpdatedRemodeled

Zoning:

RM2

Roof

Roof:

Composition

Schools

High School:

Cleveland

Middle Or Junior School:

Hosford

Elementary School:

Buckman

Security Features

Features:

Entry

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$9,751

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$1,844

Area:

670

Features:

HardwoodFloors,Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Unit Two

Actual Rent:

$1,599

Area:

570

Features:

HardwoodFloors,Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Unit Three

Actual Rent:

$1,740

Area:

810

Features:

HardwoodFloors,Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Unit Four

Actual Rent:

$1,680

Area:

810

Features:

HardwoodFloors,Range,Refrigerator,WindowCoverings

Units Total:

1 total bathroom

1 total bedroom

Utilities

Fuel Description:

Electricity

Hot Water Description:

Gas

Internet Service Type:

Cable

Water Source:

PublicWater

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Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$899,000 -

1823 Se Morrison St Portland , OR 97214

MLS Area Major: _143

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.