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12231 SE BUSH ST, Portland
$2,750,000
746285608 MLS
12231 SE Bush Street, The Shire II, presents the opportunity to acquire a 2009 vintage apartment complex in Southeast Portland at the low cost basis of $137,500 per unit, or $138 per square foot. The property is a 20-unit apartment complex built in 2009, offering a uniform unit mix of large 2 Bed / 2 Bath apartments averaging approximately 1,000 square feet. The spacious floor plans, second bathrooms, and on-site parking provide a highly livable tenant experience and help support resident retention. Additionally, each unit includes a deck or patio space, storage, and in-unit washer and dryer. From a physical standpoint, the 2009 construction and copper plumbing materially reduce near-term capital exposure compared to older vintage assets.The asset offers investors a clear and straightforward value-add strategy to achieve over a 8.15% stabilized market cap rate and real value creation. With current rents well below market, natural rent increases and modest utility billbacks can meaningfully improve NOI without heavy CapEx. Located in Southeast Portland, the property benefits from access to nearby commercial corridors, neighborhood amenities, and major transportation routes connecting tenants throughout the eastside and broader Portland metro.The combination of newer construction, desirable unit layouts, practical on-site amenities, extremelyattractive cost basis, and clear value-add upside makes The Shire II a highly compelling Portlandmultifamily offering.

12231 SE BUSH ST, Portland
6729 SE 162ND AVE, Portland
$2,200,000
504792602 MLS
Unique approximately 5-acre property within Portland city limits offering over 35,000 SF of existing building space, extensive parking, and significant potential for redevelopment or continued commercial/industrial use. Marketed strictly AS-IS, this property provides a rare opportunity for investors, developers, or owner-users looking for substantial land and improvements in an established SE Portland location near Foster Road and SE 162nd Avenue.The property was originally used as a riding area and horse stable and reportedly includes an approximately 22,000 SF outbuilding, arena, horse stalls, barn, and additional structures. Existing improvements reportedly include two to three apartments with updated kitchens, living areas, bedrooms and laundry, along with office space. Natural spring water is also reportedly present on the property.The approximately 5-acre parcel is currently zoned R10 residential, offering potential for future redevelopment subject to buyer due diligence and applicable zoning, land-use, environmental, access, utility, and development requirements. Previous listing information indicated the property could potentially be divided into approximately 25 lots, presenting a potentially significant development opportunity for a qualified buyer. Buyer to independently verify all zoning, building square footage, apartment count, lot division potential, development feasibility, utilities, water source, permits, and all other property information with the appropriate authorities.A rare combination of substantial existing improvements, acreage, parking, and redevelopment potential in SE Portland. Property is being offered AS-IS.

6729 SE 162ND AVE, Portland
The content relating to real estate for sale on this site comes in part from the IDX program of the RMLS of Portland, Oregon. Real Estate listings held by brokerage firms other than this firm are marked with the RMLS logo, and detailed information about these properties include the name of the listing's broker. Listing content is copyright © 2026 RMLS of Portland, Oregon. All information provided is deemed reliable but is not guaranteed and should be independently verified. This content last updated on . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.

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