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The Forestry Court Apartments present a rare opportunity to acquire a 47 unit trophy asset in the Nob Hill neighborhood of Northwest Portland. The community is located within a peaceful & serene residential setting, set back from the hustle & bustle of all that NW Portland has to offer. The area is incredibly pedestrian and bike friendly - featuring nearby community parks (Macleay & Wallace) - along with the fantastic hiking trails of Forest Park being just steps from your front door. This dynamic location provides the best of both worlds, as just a few blocks to the west, the main commercial strip, NW 23rd Avenue, is lined with boutique shops, upscale restaurants, and cozy cafes, making it a popular destination for both locals and visitors. With its rich history, diverse architectural styles, and bustling local scene, Nob Hill offers a blend of historical charm and modern amenities, making it one of Portland's most desirable places to live and explore. The Forestry Court Apartments was built in 1926, and provides true vintage charm that has been well maintained and cared for by the current long-term ownership. The property is comprised of 40 studios, 6 one-bedrooms, and 1 two-bedroom. Units feature functional floor plans for the urban dweller with great natural light, hardwood floors, original cast iron tubs/showers, large walk-in closets, extensive storage throughout the kitchens, ceramic tile counters, ceiling fans, forced-air gas heat, and various other amenities for quality living. The upgrades and finishes at the property have stayed true to the period - while also thoughtfully improving the quality of living at the community. Major upgrades include energy efficient windows throughout, new roofing (2011), new exterior paint (2018), upgraded electrical system (2018), new water heater (2019), and re-piped gas lines (2022). Common area amenities include secure-entry access to the building, well-maintained common areas with unique murals featured throughout, on-site laundry facilities, bike parking, storage, and period charm throughout. The investment provides a realistic and attainable path to add value for a new investor. The rents in place still have room for significant growth moving forward, and will continue to be in strong-demand as the market evolves. The limited supply of apartment units within this specific residential location in NW Portland, allows ownership to offer a unique and affordable option in the area (compared to nearby single-family homes and row-houses). Other additional value-add opportunities include the ability to improve fee income by the offering of on-site amenities that are in place (bike parking, storage, etc.), and the ability to implement a utility bill back system (which is not currently in place). A truly unique offering within one of the historically strongest sub-markets in the Portland market. |
