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Listed by Richard Ballew Realty
$ 789,000
Est. payment /mo
Price Dropped by $61K
1120 SW BROADWAY DR Portland, OR 97201
7,405 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 374309510
HOA Y/N No
Year Built 1904
Annual Tax Amount $6,463
Tax Year 2024
Lot Size 7,405 Sqft
Property Description
7.36% CAP RATE | LEGAL TRIPLEX | FULLY REMODELED | EXCEPTIONAL LOCATION | STRONG RENTAL HISTORY A rare opportunity to own a legal triplex in one of Southwest Portland's most desirable locations. Offering an estimated 7.36% capitalization rate, low annual property taxes of $6,214.72, beautifully remodeled units, and an outstanding rental history, this is the type of investment that is difficult to find. The property's updated finishes, separate electrical meters, and strong tenant appeal have consistently resulted in quick leasing and reliable income.Perfectly positioned just 1.8 miles from Historic Council Crest Park—Portland's highest point and one of the city's premier scenic destinations—the property also enjoys close proximity to OHSU, downtown Portland, major employers, shopping, dining, and public transportation. Residents appreciate the peaceful setting with territorial views and abundant wildlife while remaining just minutes from the heart of the city. Each unit has been thoughtfully updated and includes its own washer and dryer, a highly desirable amenity that enhances tenant satisfaction and marketability. Additional improvements include new electrical meters, further enhancing the property's long-term functionality and appeal. For investors seeking stable cash flow, the combination of low operating expenses, quality renovations, excellent tenant demand, and a premier Southwest Portland location creates a compelling investment opportunity. Rare Bonus Opportunity: An adjacent vacant lot is available for purchase either separately or together with the triplex, providing additional flexibility for future expansion, investment, or development potential. Buyers should perform their own due diligence regarding permitted uses and development possibilities.Whether you're expanding an investment portfolio or completing a 1031 exchange, this property offers an outstanding combination of location, quality, and income potential that is seldom available.
Location
State OR
County Multnomah
Area _148
Zoning R10
Rooms
Basement Daylight
Interior
Heating Baseboard, Forced Air
Cooling None
Exterior
View Park Greenbelt, Trees Woods, Valley
Roof Type Composition
Garage No
Building
Lot Description Green Belt, Public Road, Sloped, Trees, Wooded
Story 3
Foundation Slab
Sewer Septic Tank
Water Public Water
Level or Stories 3
Schools
Elementary Schools Ainsworth
Middle Schools West Sylvan
High Schools Lincoln
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://listings.pdxpics.com/videos/01999b85-90fb-73ab-ad53-ad3e9337b310
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