723 SE 60TH AVE, Portland, OR 97215
- $7,500,000
- 36,693
- SqFt
- List Price
- $7,500,000
- Days on Market
- 76
- MLS#
- 185390634
- Property Type
- Multifamily
- Sqft. of Residence
- 36,693
- Lot Size
- 1 to 2.99 Acres
- Region
- Portland Northeast
- Status
- ACTIVE
Property Description
Wingsong Apartments offers the opportunity to acquire a high-quality 34-unit apartment community in one of Portland’s most desirable eastside neighborhoods, with attractive in-place financing (sub-3.5%) and clear rent growth potential.Built in 1993, the property consists of 34 large, open-layout units with a highly desirable unit mix. Apartments feature spacious floor plans, and a unit mix weighted toward large two-bedroom two bathroom layouts that support strong tenant demand and long-term retention. Full size in-unit washer dryers, private balconies and patios, and ample greenspace. Garages and off-street parking further, in a neighborhood where parking can be limited, support long-term tenant demand and operational stability.The property has been well maintained and does not require significant near-term capital investment, allowing a new owner to focus on operations. In-place rents trail comparable Mt. Tabor area assets when considering unit sizes, parking, and overall livability, creating a clear opportunity for income growth through a measured rent strategy. For buyers seeking additional upside, modest, high-ROIcosmetic improvements can be implemented over time to further support rent growth and long-term value.The offering is further enhanced by attractive assumable financing with a 3.43% fixed interest rate through 2031. This provides immediate positive leverage and protection against today’s higher interest rate environment, materially improving yield and cash flow. Located near Mt. Tabor Park and close-in East Portland amenities, Wingsong benefits from consistent renter demand and long-term neighborhood appeal. Assets of this quality and scale rarely trade with both operational upside and favorable in-place debt.
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Additional Information
- Tax Amount
- $79,991
- Year Built
- 1993
- High School
- Franklin
- Elementary School
- Glencoe
- Middle School
- Mt Tabor
- Acres
- 1.43
- Living Area
- 36,693
- Stories
- 3
- Terms
- Cash, Conventional
- Cooling Description
- Other
- Fuel Description
- Electricity
- Heating Description
- Other
- Hoa Rent Includes
- None
- Hot Water Description
- Other
- Exterior Description
- Other
- Sewer Description
- Public Sewer
- Number Of Units Total
- 34
- Unit Type One Baths Total
- 1
- Unit Type One Beds Total
- 1
- Unit Type One Sq Ft
- 705
- Unit Type One Units Total
- 14
- Unit Type Two Baths Total
- 2
- Unit Type Two Beds Total
- 2
- Unit Type Two Units Total
- 20
Mortgage Calculator
Listing courtesy of SMI Commercial Real Estate LLC.
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