Water Avenue Apartments

For Sale

3811 South Water Avenue, Portland, OR 97239

This Portland property for sale is located at 3811 South Water Avenue. The general use of Water Avenue Apartments is multi-family and it incorporates 9,240 square feet of class C multi-family space. The current listed sale price for Water Avenue Apartments is $3,800,000. Water Avenue Apartments is situated on a lot that is 13,068 square feet in size.

Contacts

broker

Rae Nomura

SVN | Imbrie Realty

(503) 575-8065

Property Details

  • Property Type Multi-Family
  • Property Size 9,240 SF
  • Units 0
  • Lot Size 13,068 SF
  • Additional Rent Contact for pricing
  • # of Floors 2
  • Property Tenancy Multi-Tenant
  • Building Class C
  • Year Built 1976
  • Date Updated May 16, 2024

Water Avenue Apartments is a well-maintained multifamily asset strategically located in the desirable Southwest Portland Metro. Built in 1976, this property comprises 23 units, including 22 studio apartments and one two bedroom unit. Amenities such as off-street parking, coin-operated laundry facilities, and ample storage space enhance the overall appeal, value-add potential, and functionality of the property.

Situated on the quaint neighborhood street of Water Avenue, residents benefit from excellent walkability and convenient access to major transportation routes, including I-5, facilitating easy commutes to Downtown Portland, the Southwest Waterfront, and surrounding areas. The property’s proximity to several universities, including OHSU, makes it particularly appealing to students, health care employees, and young professionals seeking housing options near their academic and professional pursuits. Moreover, the property’s proximity to the Columbia River ensures stunning views and recreational opportunities.

With a list price of $3,800,000 and a current cap rate of 5.45%, along with a pro forma cap rate of 6.84%, this investment presents a compelling opportunity to acquire a well-positioned value-add property in a prime location.

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Attachments

Getting around

  • 75/100

    Walk Score ®

  • 74/100

    Transit Score ®

  • 72/100

    Bike Score ®

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Location

  • City Portland, OR
  • Neighborhood South Waterfont
  • Zip Code 97239
  • Market Portland

Points of Interest

  • South Bond & Lane

    0.31 miles

  • South Lowell & Bond

    0.31 miles

  • Bancroft Street

    0.31 miles

  • OHSU Commons

    0.39 miles

  • South Waterfront

    0.39 miles

  • South River Parkway & Moody

    0.81 miles

  • PSU South/Southwest 5th & Jackson

    0.97 miles

  • Southwest Harrison & 3rd

    1.02 miles

  • Southeast Water/OMSI

    1.03 miles

  • Southwest Market & 5th

    1.21 miles

  • Chevron

    0.95 miles

  • Shell

    1.17 miles

  • Fastrak

    1.19 miles

  • Arco

    1.20 miles

  • Blink

    1.36 miles

  • Electric Avenue

    1.40 miles

  • 76

    1.42 miles

  • Blink

    1.52 miles

  • Mobil

    1.58 miles

  • Shell

    1.61 miles

  • Casey Eye Garage

    0.41 miles

  • Dotter Lot

    0.41 miles

  • Whitaker Lot

    0.41 miles

  • West Parking

    0.43 miles

  • Campus Drive Garage

    0.43 miles

  • East Parking

    0.44 miles

  • Kohler Pavillion Garage

    0.45 miles

  • Building 28 Lot

    0.45 miles

  • CDRC Lot

    0.46 miles

  • Gaines East Lot

    0.48 miles

  • River's Edge Hotel Portland

    0.46 miles

  • Sure Stay Hotel by Best Western

    0.74 miles

  • Residence Inn

    0.77 miles

  • Inn at Marquam Hill

    0.78 miles

  • University Place

    0.82 miles

  • Hyatt House Portland/Downtown

    0.83 miles

  • 6th Ave Motel

    0.85 miles

  • Econo Lodge

    1.02 miles

  • RiverPlace

    1.09 miles

  • Downtown Value Inn

    1.11 miles

  • Green Zebra Grocery

    1.19 miles

  • Safeway

    1.44 miles

  • Basics Market

    1.50 miles

  • Ross

    1.52 miles

  • People's Food Co-op

    1.61 miles

  • New Seasons Market

    1.62 miles

  • Nordstrom

    1.63 miles

  • Muji Portland

    1.63 miles

  • Zupan's

    1.64 miles

  • TJ Maxx

    1.70 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

Rae Nomura

SVN | Imbrie Realty

(503) 575-8065