- ADDRESS:
- 6908 N ROBERTS AVE Portland, OR 97203
- VIDEOS:
- Virtual Tour Print this Listing
- Price:
- $1,500,000
- Ft²:
- 1013
- Acres:
- 1.3
- MLS#:
- 635124088
- Lot Size:
- 1 to 2.99 Acres
- Zone:
- IG2
- County:
- Multnomah
- Style:
- 1 Story
- Yr Built:
- 1926
- Status:
- Active
- Levels:
- 1
- Heat:
- Wood Stove
- Roof:
- Composition
- View:
- River
- Area:
- Portland North
- Courtesy of:
- Works Real Estate
- Remarks:
- Seller financing available! Located in St John’s, this property is well situated as an open storage facility. The 1.3-acre parcel is securely tucked away between The Port of Portland and Union Pacific Railroad. Key Storage is an established, cash-flowing business currently self-managed at a cap rate of 8.8%. There is significant opportunity to increase rents as many of the spaces are currently renting below market rates. All leases are month-month, and as spaces have become available, they have easily leased up at market rates. A new owner could bring in third-party management to earn passive income at a 7.9% cap rate or continue to self-manage and increase returns upwards of 9%. This property includes a detached management office and 2br 1ba 949sf single family house that could be used as a manager’s residence or separate rental property. Seller financing terms- Down payment: 60%, Interest rate: 6%, Terms: 5 years, Amortization: 30 years, Monthly payment: $3,597