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Listed by SMI Commercial Real Estate LLC
$7,500,000
Est. payment /mo
36,693 SqFt
New
723 SE 60TH AVE Portland, OR 97215
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 36,693 sqft
Price per Sqft $204
MLS Listing ID 185390634
Year Built 1993
Annual Tax Amount $79,991
Tax Year 2025
Lot Size 1.430 Acres
Property Description
Wingsong Apartments offers the opportunity to acquire a high-quality 34-unit apartment community in one of Portland's most desirable eastside neighborhoods, with attractive in-place financing (sub-3.5%) and clear rent growth potential.Built in 1993, the property consists of 34 large, open-layout units with a highly desirable unit mix. Apartments feature spacious floor plans, and a unit mix weighted toward large two-bedroom two bathroom layouts that support strong tenant demand and long-term retention. Full size in-unit washer dryers, private balconies and patios, and ample greenspace. Garages and off-street parking further, in a neighborhood where parking can be limited, support long-term tenant demand and operational stability.The property has been well maintained and does not require significant near-term capital investment, allowing a new owner to focus on operations. In-place rents trail comparable Mt. Tabor area assets when considering unit sizes, parking, and overall livability, creating a clear opportunity for income growth through a measured rent strategy. For buyers seeking additional upside, modest, high-ROIcosmetic improvements can be implemented over time to further support rent growth and long-term value.The offering is further enhanced by attractive assumable financing with a 3.43% fixed interest rate through 2031. This provides immediate positive leverage and protection against today's higher interest rate environment, materially improving yield and cash flow. Located near Mt. Tabor Park and close-in East Portland amenities, Wingsong benefits from consistent renter demand and long-term neighborhood appeal. Assets of this quality and scale rarely trade with both operational upside and favorable in-place debt.
Location
State OR
County Multnomah
Area _142
Zoning RM1
Interior
Heating Other
Cooling Other
Exterior
Garage No
Building
Story 3
Sewer Public Sewer
Water Public Water
Level or Stories 3
Schools
Elementary Schools Glencoe
Middle Schools Mt Tabor
High Schools Franklin
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
NEARBY SCHOOL & BUSINESS