$2,065,000

The Ash Street Apartments represent a unique opportunity to acquire a centrally located asset in the well performing Hazelwood neighborhood of Southeast Portland. The property was built in 2009, and is comprised of 12 large 2br/1ba units each at approximately 860 sq. ft. All units feature open floor plans with modern finishes, large kitchens, and full-size washer/dryer hook ups located in a dedicated laundry room. The property has operated with historically low vacancy, and the SE Portland sub-market continues to show stability for 2br/1ba floor plans (with a vacancy average of 4.4% reported in the Spring of 2023). The property has been well cared for, with extensive capital improvements & unit upgrades in recent years, but still presents an owner with a significant value add opportunity on the operations side by raising rents to market levels. The current average in place rent is approximately 15% below market, providing an owner with a realistic path to work up to market rents over the first few years of ownership. A rare opportunity to acquire a newer vintage, pride of ownership property, with operational value add.