Bolster your investment portfolio with this phenomenal opportunity to own an exquisite, fully leased, new construction 15-unit apartment complex from a quality local builder. Nestled in NEs hotspot of North Tabor this location will have everything you need at your doorstep! High-end, modern finishes grace each space of these expertly crafted units which feature tall ceilings + an open concept floor plan bringing an abundance of natural light with designer tones! With a mix of 1 be + 2 bed units further diversifying your investment portfolio. Custom cabinetry, desirable stainless-steel appliances + stackable W/D finish out the interior! Indoor bike storage + enclosed trash area round out a few other notable items plus 15-year new construction rent-control exemption!
Multi-familyProperty Type
2024Year Built
6,534 sq ftLot Size
$327Price/Sq.Ft.
Listed by Darryl Bodle• Keller Williams Realty Portland Premiere
Listed by Kelly Christian• Keller Williams Realty Portland Premiere
Orchard Homes, located between Sauvie Island and Forest Park, is a semi-rural and river-adjacent Portland neighborhood with working farms and wide-open wetlands. The neighborhood’s character concentrates around the Sauvie Island Bridge at NW St. Helens Rd, where cyclists, farm trucks, and weekend traffic set a steady, outdoors-first rhythm. Low-slung ranch houses and newer custom homes sit on larger lots, with barns, gardens, and gravel lanes shaping the streetscape. The Sauvie Island Farmers Market and Topaz Farm anchor the local food culture with seasonal produce and u-pick fields. Burlington RV Park and the Portland International Raceway add a utilitarian, motorsport edge nearby. The Columbia River and Multnomah Channel frame daily life with levees, boat launches, and big-sky views.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Kitchen
Bathroom
Living
Interior features
Sidewalk on the property
Views of trees/woods
Bedrooms
Mix of 1- and 2-bedroom units across the building
Bathrooms
Combination of 1- and 2-bath units
Kitchen
Dishwasher
Microwave
Range
Laundry & utility
Electric hot water
Heating & cooling
Zoned heating
No central cooling
Exterior features
Cement siding
Level lot
Paved road access
Home design
Multi-family property
New construction (2024)
Building faces views of trees/woods
Total building area approximately 12,240
Construction
Composition roof
Concrete perimeter foundation
Slab foundation
Built in 2024
Utilities
Electric fuel for systems
Public water
Public sewer
HOA & community
Community commons
Zoned RM2
Financial info
15 total units
Unit mix includes multiple floorplans with rents ranging approximately from $1,295 to $1,750
Example rents and unit counts by type: two 1-bed units at $1,325; two 1-bed units at $1,395; three 2-bed units at $1,750; two 2-bed units at $1,700; two 2-bed units at $1,595; two 1-bed units at $1,295; two 2-bed units at $1,700
Capitalization rate reported at 5.45
Gross rent multiplier reported at 14.44
Other
Parcel number R230713
Electricity and solar
View estimated energy costs and solar savings for this home
The RM2 zone is a medium-scale multi-dwelling zone that is generally applied in and around a variety of centers and corridors that are well-served by transit. Allowed housing is characterized by buildings of up to three or four stories with a higher percentage of building coverage than in the RM1 zone, while still providing opportunities for landscaping and outdoor spaces that integrate with residential neighborhood characteristics. The major types of new housing development will be a diverse range of multi-dwelling structures and other compact housing that contribute to the intended urban scale of centers and corridors, while providing transitions in scale and characteristics to lower-scale residential neighborhoods.
Permitted uses
Include but are not limited to:
Housing
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Mar 1, 2024 • Final
Commercial building
New construction
Jan 12, 2024 • Final
Commercial building
New construction
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
3/10 Heat Factor
7 days above 92° expected this year, 15 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
10/10 Air Factor
19 unhealthy days expected this year, 21 days in 30 years
Provided by First Street
Historical weather
Portland, OR • 97213
Average low and high temperatures (°F)
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Sun exposure
Try the sun simulator tool to see how light moves across the property at different times of day and year.
Provided by Shadowmap
Redfin Estimate for 232 NE 61st Ave
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