8031 SE Orient Drive, Gresham, OR 97080 - Multnomah County

PUBLISHED RESERVE: $450,000

LAST ASKING: First Time Offered

SIZE: 4,836± Sq. Ft. building on 2.02± acre site

ZONING: MUA20 - Mixed Use Agricultural

PROPERTY INSPECTION:

Open House Dates (Please Do Not Disturb Tenants)

Sunday, October 10, 1:00 p.m. to 3:00 p.m.

Saturday, November 6, 10:00 a.m. to 12:00 p.m.

FINANCING: Subject to Seller's approval of Purchaser's credit: A 20% down payment with the balance secured by a first deed of trust, amortized over 25 years at 6.25% interest, calling for monthly payments of principal and interest; all due and payable at the end of 5 years.

DESCRIPTION: This five plex apartment building is located on a 2± acre parcel, one mile southeast of the city of Gresham in the Orient neighborhood, with access from SE Orient Drive. The two story building has the following unit mix: (2) 2 bedroom/2 bath, (1) 2 bedroom/1 bath, (1) 1 bedroom/den/1 bath, (1) 1 bedroom/1 bath. The five plex was renovated in 2009 and has new hardwood and tile flooring, appliances, cabinets, and new exterior siding on portions of the building. A total of $80,000 was spent improving the property. The monthly rents range from $675 to $800. The gross monthly income until two recent vacancies was $3,775. The pasture behind the building is not currently leased.

The two-level units are individually metered and tenants are billed directly for electric, cable and phone. Each unit has a hot water heater. Garbage, septic and water are provided as part of the rent. The laundry and vending are located next to the apartment building. There is on-site parking. Private rear patios for each apartment overlook pastureland which could accommodate a horse barn for a new owner, or conversion to a small produce farm.

Estimated net annual income after expenses (taxes, insurance, utilities, advertising, administrative and reserves total $12,911±) is $32,300 with 100% occupancy (see Supplemental Information Package).