Hazelwood Community Apartments

11939 NE Davis Street, Portland, OR 97220

  • For Sale $10,800,000
  • 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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Attachments

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.

Contacts

broker

Bjorn Beer

SVN | Imbrie Realty

(541) 745-4050

Location

Getting Around

  • Walk Score ®

    75/100 Very Walkable

  • Transit Score ®

    56/100 Good Transit

  • Bike Score ®

    95/100 Biker's Paradise
Powered by Walk Score ®
  • 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

  • Little Caesars

    0.02 miles

  • Pig 'N Pancake

    0.10 miles

  • La Isla Bonita

    0.11 miles

  • Amai Teriyaki

    0.11 miles

  • KFC

    0.13 miles

  • Taco Bell

    0.14 miles

  • McDonald's

    0.17 miles

  • Clearys Restaurant and Spirts

    0.26 miles

  • Victorio's

    0.35 miles

  • Don Pedro Restaurante

    0.45 miles

  • Ventura Park Elementary School

    0.28 miles

  • Menlo Park Elementary School

    0.43 miles

  • Floyd Light Middle School

    0.77 miles

  • Saint Therese School

    0.80 miles

  • Christian School of Portland

    0.83 miles

  • East Portland Community Center

    0.88 miles

  • Fir Ridge Campus

    0.90 miles

  • David Douglas High School

    0.93 miles

  • Sacramento Elementary School

    0.99 miles

  • Mill Park Elementary School

    1.02 miles

  • Shannon's Child Care & Preschool

    1.93 miles

  • YMCA Child Care

    2.42 miles

  • Early Learning Center

    2.81 miles

  • Happy Valley Children's Garden

    3.11 miles

  • DiscoveryLand

    3.11 miles

  • Rose City Cooperative Preschool

    3.30 miles

  • Mt. Tabor Preschool

    3.33 miles

  • KinderCare

    3.34 miles

  • Happy Valley Children's Garden

    3.42 miles

  • Alameda Preschool

    3.67 miles

Frequently Asked Questions

What is the lease rate for Hazelwood Community Apartments?

Rental asking rate at Hazelwood Community Apartments is $5,400,000.00/YR.

What is the total square footage of Hazelwood Community Apartments?

Hazelwood Community Apartments totals 139,479 square feet.

When was this property built?

Hazelwood Community Apartments was built in 1998.

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Contact Listing Broker

broker

Bjorn Beer

SVN | Imbrie Realty

(541) 745-4050