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Listed by RealtyNET, LLC
Bought with Non Rmls Broker
Bought with Non Rmls Broker
$ 1,400,000
$ 1,550,000 9.7%
Est. payment | /mo
7,272 SqFt
$ 1,400,000
$ 1,550,000 9.7%
Est. payment | /mo
7,272 SqFt
Key Details
Sold Price $1,400,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 7,272 sqft
Price per Sqft $192
Subdivision Greenburg
MLS Listing ID 24177213
Year Built 1967
Annual Tax Amount $12,112
Tax Year 2023
Lot Size 0.430 Acres
Property Description
The Greenburg Townhomes are located in the strong sub-market of Tigard, Oregon and are comprised of 8 large townhome style units. Each apartment features 2 bedrooms and 1.5 baths, spacious floor plans, off-street parking, and private back patios. Tenants benefit from a unique oversized lot of nearly half an acre, with ample green space and is located nearby.The property has operated at a historically low vacancy, which is in line with the latest average vacancy rate reported for the Tigard submarket 2BR townhome style units at 2.55% (Multi-Family NW, Fall 2023). This opportunity provides a new owner with a significant and realistic path to organically increase the revenue at lease renewals or turnovers (the average in place is approx. 10-15% below market). There is also a value-add component by implementing a RUBS system in the future, as there is not one currently in place.Excellent access to transportation, via 217, I-5, and 99W ? and along the path of progress as Tigard continues to make improvements in the surrounding areas. The property has been well maintained and provides a stable home for an investor, with a proven path to grow and get up to market rents.
Location
State OR
County Washington
Area _151
Zoning Multi
Interior
Heating Baseboard
Cooling None
Exterior
Roof Type Shingle
Building
Lot Description Level, Secluded, Trees
Story 2
Foundation Concrete Perimeter
Sewer Public Sewer
Water Public Water
Schools
Elementary Schools Metzger
Middle Schools Conestoga
High Schools Southridge
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
