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Listed by Rarebird Real Estate
$1,800,000
Est. payment /mo
4 Beds
2 Baths
0.25 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 363113754
Bedrooms 4
Year Built 1970
Annual Tax Amount $13,865
Tax Year 2025
Lot Size 10,890 Sqft
Property Description
Princeton Court is a 10-unit apartment community at 8045 N Princeton St, two blocks off the St. Johns town center. Every unit is the same 810 SF two-bedroom, one-bath floor plan with in-unit laundry and dishwasher, and the property is 100% occupied on a mix of fixed-term and month-to-month leases. Tenants reimburse water, sewer, and trash, and the building carries an unusually low-maintenance shell: a Duro-Last flat roof with lifetime warranty, on-demand gas hot water, solar thermal panels, insulation, and energy-efficient windows.The trailing twelve months produced $133,936 of NOI, a 7.44% cap rate on the asking price with zero vacancy. The upside is already proven in-house: one unit rents at $1,858 while four sit between $1,449 and $1,500, so a buyer reaches the $1,850 market rent, 16.8% above the current average, through ordinary turnover rather than renovation risk. A non-revenue basement studio offers additional future income.
Location
State OR
County Multnomah
Community Laundry
Area _141
Zoning RM2
Rooms
Basement Crawl Space
Interior
Heating Baseboard
Exterior
Community Features Laundry
Roof Type Flat
Garage No
Building
Lot Description Level
Story 2
Sewer Public Sewer
Water Public Water
Level or Stories 2
Schools
Elementary Schools James John
Middle Schools George
High Schools Roosevelt
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Nearby Locations
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