Listing provided courtesy of Keller Williams Realty Portland Premiere - MLS# 24640157MLS Provider

405 NE MASON STPortland, OR 97211

Multi-Family · 27,240 Sq. ft.

$10,268,000 Active

Overview

Time on Site:
72 days
Visits:
7

Welcome to the epitome of urban living in this 36-unit apartment complex nestled in the heart of a vibrant North Portland neighborhood. Location is key, and this complex is strategically situated close to public transportation, ensuring easy connectivity to all corners of the city. Residents will find themselves just steps away from an array of shops, trendy eateries, and cultural hotspots. OMSI and MODA Center are just a stone's throw away. Additionally, the proximity to a major employer adds to the allure of this prime location.Each of the 36 units has been meticulously designed to offer a contemporary and comfortable living space. The interior features showcase a harmonious blend of style and functionality, with wood floors adding a touch of warmth to the living areas. Stainless steel appliances in the kitchen provide a sleek and modern aesthetic, while the inclusion of air conditioning ensures year-round comfort.One of the standout features of every unit is the convenience of having a Washer & Dryer within the living space. Residents can enjoy the luxury of doing laundry without leaving the comfort of their home, adding to the overall appeal and practicality of these units.Large windows not only frame scenic views of the surrounding neighborhood but also contribute to a sense of spaciousness, natural light floods in making these apartments feel like true urban sanctuaries.Beyond the residential units, the complex features two retail spaces, offering additional revenue potential or the chance to curate a vibrant community hub within the property. This property is part of a portfolio known for its impressive almost 100% occupancy rates. Acquiring a piece of this portfolio presents a rare opportunity to tap into a consistent and reliable income.Please reach out today for more information. We look forward to discussing this with you.

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Facts & Features

  • Type Multi-Family
  • Sq. ft. 27,240
  • Price/Sq.ft. $376

General

School Information
  • Elementary School: Sabin
  • Middle Or Junior School: Mt Tabor
  • High School: Grant
Income/Expenses
  • Gross Income: 537477.0
  • Gross Scheduled Income: 581400.0
  • Net Operating Income: 362085.0
  • Operating Expense: 175392.0
Building Information
  • Year Built: 2014
Location/Region
  • Country: US
  • County Or Parish: Multnomah
  • MLS Area Major: 14 - Vancouver: Lincoln - SW Hazel Dell2
  • Subdivision Name: LINCOLN PARK
Rent/Lease Information
  • Rent Includes: None
Tax Information
  • Tax Annual Amount: 86118.92
  • Tax Year: 2023
General Information
  • Buyers Agent Compensation: 2.25
  • Parcel Number: R207398
  • Property Condition: Approximately
  • Property Type: Multi Family
  • Zoning: RH

Interior

Building Interior
  • Building Area Total: 27240.0
General Information
  • Basement: None
  • Cooling: EnergyStar Air Conditioning,MiniSplit
  • Foundation Details: Slab
  • Heating: Mini Split
  • Security Features: Entry
  • Stories: 5

Exterior

Parking Information
  • Parking Features: Covered,Garage
Lot Information
  • Lot Features: Level
  • Lot Size Dimensions: 8,276 SF
  • Road Surface Type: Paved
  • Water Source: Public Water
General Information
  • Number Of Units Total: 36
  • Sewer: Public Sewer

Neighborhood

Community

97211 (Portland) Demographics
36
Median Age
3,858
Population Density (per sq. mile)
62%
College Educated
$86,976
Estimated Median Income
9,252
Estimated Total Home Owners
5,084
Estimated Total Renters
65% / 35%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

Elementary Schools
4
Public
Vernon Elementary School
  • Grades: PK - 8
  • Enrollment: 608
2
Public
Woodlawn Elementary School
  • Grades: PK - 5
  • Enrollment: 308
Middle Schools
4
Public
Vernon Elementary School
  • Grades: PK - 8 /
  • Enrollment: 608
High Schools
School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

Monthly Cost

$
$ %
%
$
$
* Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.

Market Data

Based on the last 30 days in this zip code

$561,101
Median Sales Price
$317
Median Price per Square Foot
301
Properties Sold
50
New on Market
60
Average Days on Market
98
Properties for Sale
Calculations provided by Reliance Network

History

Date Event Value Agent
1/31/2024Source: Regional MLS Added to Database
January 31, 2024