Overview
136th Apartments presents the opportunity to acquire an 18-unit multifamily community located at 2630–2664 SE 136th Avenue in Southeast Portland. Situated on a 45,735 SF site, the property consists of five garden-style residential buildings totaling 14,624 SF of net rentable area. The community features spacious units averaging 812 SF, ample parking at 1.8 spaces per unit, and a desirable residential setting within an established neighborhood.
Located in Southeast Portland near the intersection of SE Division Street, SE Powell Boulevard, and I-205, the property benefits from convenient access to major employment centers, public transportation, shopping, dining, and recreation. Residents enjoy proximity to retail amenities, neighborhood services, parks, schools, and the extensive employment base throughout East Portland and the greater Portland metro area. Offered at an attractive basis of approximately $125,000 per unit and $154 per square foot, 136th Apartments represents a value-add investment opportunity with strong in-place income and meaningful future growth potential.
Investment Highlights
- Attractive Value-Add Opportunity – Approximately 50% of units feature renovated interiors with modern finishes including LVT flooring, updated countertops, stainless appliances, and upgraded fixtures.
- Proven Rent Growth Potential – Current average rents of $1,357/month remain below the property's highest achieved rents of $1,560/month, creating approximately 14.9% rental upside.
- Strong In-Place Returns – Offered at a 6.74% current cap rate with the opportunity to achieve an estimated 8.35% proforma cap rate through continued execution of the value-add strategy.
- Large Unit Sizes – Spacious floor plans average 812 SF, providing residents with layouts that compare favorably to many newer multifamily offerings.
- Excellent Parking Ratio – 32 surface parking spaces provide a strong ratio of 1.8 spaces per unit, a valuable amenity for residents.
- Desirable Southeast Portland Location – Conveniently located near SE Division Street, SE Powell Boulevard, I-205, and major transit routes, providing easy access throughout the Portland metropolitan area.
- Access to Major Retail & Services – Minutes from grocery stores, shopping centers, restaurants, healthcare services, and everyday conveniences that support long-term tenant demand.
- RM-1 Zoning – Residential Multi-Dwelling zoning provides flexibility and supports the property's long-term multifamily use within a growing urban corridor.
Photo Gallery
Sales Team
