2626 NE 16th Ave, Portland, OR 97212

Irvington Eight offers eight rental units in a 1910 building in Portland's Irvington Historic District. Very walkable and exceptionally bike-friendly, with a Walk Score of 71 and Bike Score of 99. Updated pictures and floorplan are pending. The three-story property combines six studio layouts and two one-bedroom layouts, with a mix of private and shared bathrooms. Unit interiors range from approximately 200 to 570 square feet. The building totals approximately 5,494 square feet, including 1,410 square feet of unfinished basement; approximately 4,084 square feet are above grade. Set on an approximately 5,000-square-foot lot with established landscaping, the property includes a detached one-car garage, driveway parking, shared laundry, basement storage units and common areas. Limited-access entry and a fire sprinkler system are additional features. Public water and sewer serve the property. The property has been operated with furnished B&B/Airbnb stays and longer-term rentals. The stabilized apartment pro forma projects $9,600 in monthly base rent plus $460 in monthly utility contributions. Annual gross potential income is $124,720, including $4,000 in projected parking, pet and net paid-laundry income. After a $6,036 vacancy/collection allowance and $50,869.72 in operating expenses, projected annual NOI is $67,814.28, a 7.33% pro forma cap rate at the $925,000 asking price. This assumes all eight units are available for rental, including currently manager-occupied Units 5 and 5A. Laundry is currently free. Detailed unit, income and expense information is available upon request. The building is identified as contributing to the Irvington Historic District.