13455 SE OATFIELD RD, Milwaukie, OR 97222
- $4,850,000
- 27,650
- SqFt
- List Price
- $4,850,000
- Days on Market
- 38
- MLS#
- 660527886
- Property Type
- Multifamily
- Sqft. of Residence
- 27,650
- Lot Size
- 1 to 2.99 Acres
- Region
- Milwaukie, Gladstone, Happy Valley, Clckmas, Dmscus, Estacada
- Status
- ACTIVE
Property Description
Driftwood Terrace Apartments is a 33-unit multifamily community located in the desirable Oak Grove / Milwaukie Heights area of Clackamas County. Constructed in 1965, the property features a low-density garden-style courtyard setting with mature landscaping and attractive grounds. The property offers a diverse unit mix consisting of studio, one-bedroom, two-bedroom, and three-bedroom apartment homes, with the majority of units comprised of spacious two-bedroom and three-bedroom floor plans.The property has benefited from significant capital investment during current ownership, including replacement of all roofs between 2016-2018, extensive deck reconstruction, stair and landing replacement, fencing improvements, and ongoing interior renovations. Ownership estimates that approximately 50% of the units have received varying levels of interior updates, creating an attractive balance between operational stability and future value-add potential through continued renovation and leasing of long-term residents upon turnover.Driftwood Terrace continues to benefit from strong occupancy and a stable long-term tenant base. Numerous residents have occupied the property for many years and remain below current market rents, providing investors with a clear path to future rental growth through annual rent increases and natural turnover.Located just minutes from the MAX Orange Line, Highway 99E, Downtown Milwaukie, and Downtown Portland, Driftwood Terrace offers investors the opportunity to acquire a well-maintained Clackamas County apartment community with durable physical improvements, strong transportation connectivity, and long-term rental upside.
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Additional Information
- Tax Amount
- $40,412
- Year Built
- 1965
- High School
- Putnam
- Elementary School
- Oak Grove
- Middle School
- Rowe
- Acres
- 2.10
- Living Area
- 27,650
- Stories
- 2
- Terms
- Call Listing Agent, Cash, Conventional
- Cooling Description
- None
- Fuel Description
- Electricity
- Heating Description
- Wall Heater
- Hoa Rent Includes
- Maintenance Grounds
- Hot Water Description
- Electricity
- Exterior Description
- Spray Foam Insulation
- Roof Type
- Flat
- Sewer Description
- Public Sewer
- Parking
- Off Street
- Parking Description
- Off Street
- Road Surface
- Paved
- Number Of Units Total
- 33
- Unit Type One Baths Total
- 1
- Unit Type One Rent
- 1095
- Unit Type One Sq Ft
- 249
- Unit Type One Units Total
- 1
- Unit Type Two Baths Total
- 1
- Unit Type Two Beds Total
- 1
- Unit Type Two Units Total
- 10
- Unit Type Three Baths Total
- 1
- Unit Type Three Beds Total
- 2
- Unit Type Three Rent
- 1392
- Unit Type Three Sq Ft
- 800
- Unit Type Three Units Total
- 18
- Unit Type Four Baths Total
- 1
- Unit Type Four Beds Total
- 3
- Unit Type Four Rent
- 1683
- Unit Type Four Sq Ft
- 950
- Unit Type Four Units Total
- 4
Mortgage Calculator
Listing courtesy of Barry Investment Real Estate.
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