2275 NE Division St - Apartments FOR SALE


Gresham, OR 97030- Gresham-Northeast
$2,695,000 USD
503-720-8147
2275 NE Division St, Gresham, OR for Sale
$2,695,000 USD
Apartments - FOR SALE
1/23
null | 6.3% Cap Rate

2275 NE Division St
Gresham, OR 97030
Gresham-Northeast


HIGHLIGHTS

  • Assumable Loan at 4.75% with +/- $1.7M balance
  • Recent upgrades includes 6 renovated units, new plumbing in 5 units
  • Great unit mix with large 2 and 3 bed units
  • Covered parking; 3 units have washer/dryer hookup; others share onsite laundry facility
  • Courtyard behind building backs up to golf course
  • Roofs were done in 2019

OVERVIEW

Constructed in 1970, Eagle Rock features 18 well-maintained apartment units across three buildings on a 0.93-acre lot, backing up to a golf course. An existing loan with a 4.75% interest rate and +/- $1.7M balance is assumable through March of 2028 before adjusting. The unit mix includes sixteen (16) two-bedroom/one-bath units averaging ±960 SF, and two (2) three-bedroom/one-and-a-half bath units averaging ±1,200 SF. Residents benefit from spacious floor plans with private decks or patios, all arranged around a charming courtyard that backs directly onto a beautiful golf course. Three (3) of the eighteen (18) units feature in-unit washer and dryer hookups while the others share an on-site laundry facility. Tenants enjoy covered parking stalls and energy-efficient vinyl windows, all contributing to an attractive and comfortable living environment. Over the past several years, the ownership has continued to invest back into the property; approximately $400,000 has been spent on capital improvements, enhancing both its functionality and tenant appeal. Upgrades include new roofs (2019), new plumbing and full unit renovations of six (6) units in 2024, landscaping improvements, and an upgraded site drainage system (2024). Eagle Rock offers tenants an exceptionally convenient location along NE Division Street in Gresham, Oregon. The property is surrounded by key neighborhood amenities, including multiple parks, Legacy Mount Hood Medical Center, and Mt. Hood Community College. Positioned along one of Gresham’s primary east–west corridors, Division Street provides excellent visibility and accessibility for residents and visitors alike. The property sits just five blocks south of E Burnside Street, which features TriMet’s award-winning MAX Light Rail line, connecting Downtown Portland, Gresham, and the greater metro area. The Cleveland Avenue MAX Station, located approximately seven blocks away, offers a quick and convenient public transit option.

FOR SALE DETAILS

PRICE

$2,695,000 USD

PRICE/SF

$149 USD /SF

# OF UNITS

18

PRICE/UNIT

$149,722

CAP RATE

6.3%

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Eagle Rock Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

28

LAND DETAILS

LAND ACRES

0.93 AC

LAND SF

40,511 SF

ZONING

MDR-24, Gresham

APN/PARCEL ID

R337266,R337287

ASK ABOUT THIS PROPERTY

Jordan CarterKidder MathewsMore Info
503-720-8147

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Jordan CarterKidder MathewsMore Info
503-720-8147

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.