Markwell / Annex Apartments
5717 NE Skidmore St
Portland, OR 97218
Highlights
- Value add
- 6 of 18 units recently remodeled
- .37ac lot for Development / Redevelopment Opportunity
- 1 & 2 bed units
Description
Discover the extraordinary Markwell and Annex Apartments, a multifamily investment gem nestled in Portland’s vibrant Cully neighborhood. This property boasts (18) 1 and 2-bedroom units, offering a modern and comfortable living experience. The thoughtfully designed units cater to diverse tenant preferences, ensuring a blend of convenience and urban comfort. Positioned at the heart of the bustling Cully neighborhood, residents will relish the convenience of local eateries, shopping, neighboring grocery, parks, and cultural attractions, fostering a dynamic lifestyle. A standout feature of this investment is the 0.37 acre lot accompanying the property. This promising addition opens doors to future development possibilities, with previous plans for an additional 53 units within the RM1 zoning, enhancing the property’s value and offering an avenue for expansion or improvements Markwell and Annex Apartments present an ideal investment prospect, combining immediate returns with long-term potential. Fully occupied units help offset any carrying costs for the future development and new investors can continue the improvement plan on existing units, with 33% of the units having been updated and achieving 30-40% rent premiums over the most affordable classic units. The property’s strategic location, modern amenities, and the possibility of future development make it a compelling venture for seasoned investors and newcomers alike. Seize this opportunity to become part of the vibrant Cully community with this remarkable investment. Whether you’re seeking a secure income stream or strategic growth potential, Markwell and Annex Apartments offer the best of both worlds.
Located in the Cully neighborhood of NE Portland, surrounded mainly by single family residences, the property is only blocks to amenities including restaurants, bars, and grocery, while only minutes to the Portland International Airport, and only a short drive to downtown Portland. The Cully neighborhood has a strong sense of community and is an affordable up and coming neighborhood with a reputation for all things culinary, with markets, farms, and gardens sprinkled throughout for residents to experience.
