Water Avenue Apartments

3811 South Water Avenue, Portland, OR 97239

  • For Sale $3,800,000
  • Property Type Multi-Family
  • Property Size 9,240 SF
  • Units 0
  • Lot Size 13,068 SF
  • # of Floors 2
  • Property Tenancy Multi-Tenant
  • Building Class C
  • Year Built 1976
  • Date Updated Apr 24, 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

Contacts

broker

Rae Nomura

SVN | Imbrie Realty

(503) 575-8065

Location

Getting Around

  • Walk Score ®

    75/100 Very Walkable

  • Transit Score ®

    74/100 Excellent Transit

  • Bike Score ®

    72/100 Very Bikeable
Powered by Walk Score ®
  • City Portland, OR
  • Neighborhood South Waterfont
  • Zip Code 97239
  • Market Portland

Points of Interest

  • South Moody & Gaines

    0.26 miles

  • South Bond & Lane

    0.31 miles

  • South Lowell & Bond

    0.31 miles

  • Bancroft Street

    0.31 miles

  • South Moody & Gibbs

    0.37 miles

  • OHSU Commons

    0.39 miles

  • South Waterfront

    0.39 miles

  • Marquam Hill

    0.42 miles

  • South Moody & Meade

    0.56 miles

  • South Waterfront/South Moody

    0.57 miles

  • Shell

    0.71 miles

  • 76

    0.73 miles

  • Chevron

    0.95 miles

  • Shell

    1.17 miles

  • Fastrak

    1.19 miles

  • Arco

    1.20 miles

  • Blink

    1.36 miles

  • Blink

    1.38 miles

  • Electric Avenue

    1.40 miles

  • 76

    1.42 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

  • Caro Amico

    0.12 miles

  • Paiche

    0.21 miles

  • Blue Star Donuts

    0.30 miles

  • Sweet Heart Pizza

    0.31 miles

  • Little Big Burger

    0.33 miles

  • Bambuza

    0.33 miles

  • Subway

    0.33 miles

  • Dolce Vita Bistro

    0.36 miles

  • Daily Cafe

    0.37 miles

  • Pizzicato Pizza

    0.40 miles

  • Renaissance School

    0.29 miles

  • The Cottonwood School of Civics and Science

    0.33 miles

  • Oregon Health & Science University

    0.35 miles

  • National University of Natural Medicine

    0.48 miles

  • Robertson Life Sciences Building

    0.58 miles

  • School of Dentistry

    0.60 miles

  • The International School

    0.68 miles

  • Portland State University

    0.96 miles

  • Portland Community College CLIMB Center

    1.19 miles

  • Saint Mary's Academy

    1.19 miles

  • Montessori Children's House

    0.33 miles

  • Healthy Starts Children's Center

    0.34 miles

  • The International School

    0.70 miles

  • L'Etoile French Immersion School

    0.97 miles

  • Little Scholars Academy

    1.24 miles

  • L'Espoir Preschool

    1.26 miles

  • KinderCare

    1.27 miles

  • Kinder Spirit Preschool

    1.34 miles

  • Helen Gordon Child Development Center

    1.40 miles

  • Saint James Child Development Center

    1.43 miles

Frequently Asked Questions

What is the lease rate for Water Avenue Apartments?

Rental asking rate at Water Avenue Apartments is $1,900,000.00/YR.

What is the total square footage of Water Avenue Apartments?

Water Avenue Apartments totals 9,240 square feet.

When was this property built?

Water Avenue Apartments was built in 1976.

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Contact Listing Broker

broker

Rae Nomura

SVN | Imbrie Realty

(503) 575-8065