Hazelwood Community Apartments

For Sale

11939 NE Davis Street, Portland, OR 97220

This Portland property for sale is located at 11939 NE Davis Street. The current listed sale price for Hazelwood Community Apartments is $10,800,000. Hazelwood Community Apartments is situated on a lot that is 0.81 acre in size.

Contacts

broker

Bjorn Beer

SVN | Imbrie Realty

(541) 745-4050

Property Details

  • Property Type Multi-Family
  • Property Size 139,479 SF
  • Units 120
  • Lot Size 0.81 Acre
  • Property Tenancy Multi-Tenant
  • Year Built 1998
  • Date Updated Feb 7, 2024
Situated between NE Glisan St and E Burnside St, immediately west of NE 122nd Ave. Above a retail center that is adjacent to a new municipal library and a county government training center.Opportunity to acquire a 1998-built apartment building at the attractive basis of $90,000 per door. Previously congregate senior housing, management recently decommissioned dining and meal service as well as cleaning service for unit interiors. A mix of 120 units and sprawling common areas, units boast significant rent upside potential. The current kitchen and dining area could resume service under new operator, or could be converted to a number of other uses, such as additional units. Assumable debt at 118 bps below cap rate on actuals.

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Highlights

  • - Approximately 20% of units are market rate, remainder on restrictions through OHCS and/or PHB
  • - Loan is assumable with agency consent
  • - Formerly "congregate senior housing," new owner has many other options
  • - Recently updated elevator, Flood detection system installed, recent roof moss removal, gate and parking garage repairs,
  • - Second Floor laundry, with recently installed card operated units
  • - Adjacent to new library, close to county services, on the MAX Blue Line
  • - Approximately +/-4,000 square feet for kitchen and dining room could be converted to other uses or meal services could be resumed
  • - When ownership acquired in 2019, 68% occupancy. Despite Covid, occupancy now at 98%
  • - Vast recent improvement to NOI after congregate (meal and cleaning) services dropped, leaving buyer with better financial position and significant rent upside.

Attachments

Getting around

  • 75/100

    Walk Score ®

  • 56/100

    Transit Score ®

  • 95/100

    Bike Score ®

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Location

  • City Portland, OR
  • Neighborhood Hazelwood
  • Zip Code 97220
  • Market Portland

Points of Interest

  • East 122nd Avenue

    0.16 miles

  • East 102nd Avenue

    0.91 miles

  • Gateway/Northeast 99th Avenue Transit Center

    1.24 miles

  • Southeast Main Street

    1.39 miles

  • East 148th Avenue

    1.41 miles

  • Southeast Division Street

    1.96 miles

  • Northeast 82nd Avenue

    1.96 miles

  • East 162nd Avenue

    2.10 miles

  • Southeast Powell Boulevard

    2.37 miles

  • East 172nd Avenue

    2.60 miles

  • 76

    0.18 miles

  • Astro

    0.37 miles

  • Space Age

    0.59 miles

  • Arco

    0.61 miles

  • 76

    0.92 miles

  • Chevron

    1.01 miles

  • 76

    1.03 miles

  • Blink

    1.07 miles

  • Arco

    1.11 miles

  • Shell Express

    1.39 miles

  • E 122nd/Menlo Park

    0.23 miles

  • Gateway

    1.24 miles

  • SE Main St

    1.40 miles

  • The Columba Center

    1.94 miles

  • Vestal Elementary Guest Parking

    1.97 miles

  • Walgreens parking lot

    2.12 miles

  • Grace Baptist Church Parking

    2.17 miles

  • Lot B

    2.24 miles

  • Lot A

    2.28 miles

  • Lot C

    2.29 miles

  • Montavilla Motel

    1.13 miles

  • Ramada

    1.18 miles

  • Chesnut Tree Inn

    1.23 miles

  • Motel 6

    1.41 miles

  • Comfort Inn & Suites

    1.97 miles

  • Portland Value Inn & Suites

    2.06 miles

  • Nordic Inn and Suites

    2.25 miles

  • Courtesy Inn

    2.33 miles

  • Prestige Inn

    2.34 miles

  • Aaron Motel

    2.39 miles

  • Plaza 125

    0.49 miles

  • 130th Stark Street Mall

    0.65 miles

  • Bi-Mart

    0.70 miles

  • Lily Market Oriental Food and Gifts

    0.81 miles

  • WinCo Foods

    0.86 miles

  • Big Lots

    0.90 miles

  • WinCo Foods

    0.93 miles

  • Fred Meyer

    1.10 miles

  • Kohl's

    1.13 miles

  • Ross

    1.21 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Bjorn Beer

SVN | Imbrie Realty

(541) 745-4050