Midland Apartments LLC Acquires 94-Unit Multifamily In Portland For $12M
SOLD
$12,000,000
Oregon
See Similar DealsMultiFamily
Sold
SOLD
Midland Apartments LLC Acquires 94-Unit Multifamily In Portland For $12M
2016 Southeast 122nd Avenue
See Similar DealsMultiFamily
Sold
Summary
OREGON
Asset Type:MultiFamily
Transaction Type:Sale
A multifamily property located at 2016 SE 122nd Ave in Portland, OR has been sold for $12,000,000. The property consists of 94 units, resulting in a price per unit of $123,711. The transaction took place on January 11, 2023, with Midland Apartments LLC purchasing the property from El Moro LLC.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $12,000,000
- Address: 2016 SE 122nd Ave, Portland, OR
- Market: Portland, OR
- Buyer: Midland Apartments LLC
- Seller: El Moro LLC
- Brokers: David Chatfield & Timothy Mitchell - Norris & Stevens
- Units: 94
- Price Per Unit: $123,711
David Chatfield and Timothy Mitchell from Norris & Stevens represented the buyer and seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$640,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47
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