12231 SE Bush Street, The Shire II, presents the opportunity to acquire a 2009 vintage apartment complex in Southeast Portland at the low cost basis of $137,500 per unit, or $138 per square foot. The property is a 20-unit apartment complex built in 2009, offering a uniform unit mix of large 2 Bed / 2 Bath apartments averaging approximately 1,000 square feet. The spacious floor plans, second bathrooms, and on-site parking provide a highly livable tenant experience and help support resident retention. Additionally, each unit includes a deck or patio space, storage, and in-unit washer and dryer. From a physical standpoint, the 2009 construction and copper plumbing materially reduce near-term capital exposure compared to older vintage assets. The asset offers investors a clear and straightforward value-add strategy to achieve over a 8.15% stabilized market cap rate and real value creation. With current rents well below market, natural rent increases and modest utility billbacks can meaningfully improve NOI without heavy CapEx. Located in Southeast Portland, the property benefits from access to nearby commercial corridors, neighborhood amenities, and major transportation routes connecting tenants throughout the eastside and broader Portland metro. The combination of newer construction, desirable unit layouts, practical on-site amenities, extremely attractive cost basis, and clear value-add upside makes The Shire II a highly compelling Portland multifamily offering.