Thursday, December 9, 2010

Sold! Vintage Bricker Apartments in NW Portland Sell for $1,645,000

The 12-unit Bowers Apartments on NW Johnson Street in Portland sold for $1,645,000. The sales price represents $137,083/unit and $148.20 per square foot.

Constructed in 1950 at 2401 NW Johnson St., the apartment complex contains (4) 1-bed 1-bath units (7) 2-bed 1-bath Townhouses and (1) 3-bed 2-bath unit. Average rent per square foot is currently $1.18. Amenities include on-site large garages with storage, hardwood floors and period charm throughout. The capitalization rate was 5.40%,

“This was an all cash sale to a new owner involved in a 1031 exchange,” HFO Partner Greg Frick said. “The buyer was pleased to acquire a vintage apartment complex in the hottest rental district in the city.”
HFO represented the parties.