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Walnut Apartments 1049 SE Walnut St 22 Unit Apartment Building $4,651,776 CAD ($211,444 CAD/Unit) 6.26% Cap Rate Hillsboro, OR 97123
Executive Summary
The Walnut Apartments represent a rare opportunity to acquire a 22-unit, single-level apartment community in the highly desirable Hillsboro submarket (Washington County),
offering immediate operational value-add potential.
The property features a low-density, courtyard-style layout spread across five separate buildings - an increasingly scarce product type that provides a differentiated living experience. The unit mix includes (4) one-bedroom, (16) two-bedroom, and (2) three bedroom units, with a variety of floorplans and strong in-place amenities for this vintage. Units feature washer/dryer hookups in all two- and three-bedroom floorplans, private fenced patios, and dedicated carports or garages for each resident - features that
continue to drive tenant demand and support rent growth.
Additional income potential exists through on-site storage and a fully finished utility room(currently utilized as owner storage), providing a clear path to further revenue growth beyond the rents.
The property has been well maintained with meaningful recent capital improvements, including energy-efficient vinyl windows (2016–2017), new electrical panels in all units
(2023), new gutters (2025), and ongoing interior renovations - highlighted by higher-end upgrades to the three-bedroom units completed in 2023–2024. Current rents are estimated to be below market, presenting investors with the opportunity to implement a targeted renovation and management strategy to capture significant
rental upside, or continue to benefit from the natural organic rent growth in the Hillsboro sub-market.
Located just three blocks from the MAX Light Rail and near downtown Hillsboro, the property offers excellent access to major employment centers, services, and
transportation. The Walnut Apartments are well-positioned in the path of continued growth and investment within the Hillsboro submarket.
The Walnut Apartments offer investors the opportunity to acquire a well-located asset with immediate upside and long-term appreciation potential.
offering immediate operational value-add potential.
The property features a low-density, courtyard-style layout spread across five separate buildings - an increasingly scarce product type that provides a differentiated living experience. The unit mix includes (4) one-bedroom, (16) two-bedroom, and (2) three bedroom units, with a variety of floorplans and strong in-place amenities for this vintage. Units feature washer/dryer hookups in all two- and three-bedroom floorplans, private fenced patios, and dedicated carports or garages for each resident - features that
continue to drive tenant demand and support rent growth.
Additional income potential exists through on-site storage and a fully finished utility room(currently utilized as owner storage), providing a clear path to further revenue growth beyond the rents.
The property has been well maintained with meaningful recent capital improvements, including energy-efficient vinyl windows (2016–2017), new electrical panels in all units
(2023), new gutters (2025), and ongoing interior renovations - highlighted by higher-end upgrades to the three-bedroom units completed in 2023–2024. Current rents are estimated to be below market, presenting investors with the opportunity to implement a targeted renovation and management strategy to capture significant
rental upside, or continue to benefit from the natural organic rent growth in the Hillsboro sub-market.
Located just three blocks from the MAX Light Rail and near downtown Hillsboro, the property offers excellent access to major employment centers, services, and
transportation. The Walnut Apartments are well-positioned in the path of continued growth and investment within the Hillsboro submarket.
The Walnut Apartments offer investors the opportunity to acquire a well-located asset with immediate upside and long-term appreciation potential.
Property Facts
| Price | $4,651,776 CAD | Apartment Style | Garden |
| Price Per Unit | $211,444 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.22 AC |
| Cap Rate | 6.26% | Building Size | 18,516 SF |
| No. Units | 22 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | ||
| Zoning | SCRMD, Hillsboro | ||
| Price | $4,651,776 CAD |
| Price Per Unit | $211,444 CAD |
| Sale Type | Investment |
| Cap Rate | 6.26% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.22 AC |
| Building Size | 18,516 SF |
| No. Stories | 1 |
| Year Built | 1957 |
| Zoning | SCRMD, Hillsboro |
Amenities
Unit Amenities
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Vinyl Flooring
Site Amenities
- Courtyard
- Laundry Facilities
- Storage Space
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,818 CAD | 528 |
| 2+1 | 16 | $1,933 CAD | 672 - 748 |
| 3+1 | 2 | $2,047 CAD | 1,000 |
1 1
Moderately walkable
70/100
Fairly drivable
50/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $0 CAD | Total Assessment | $2,006,312 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$2,006,312 CAD
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Walnut Apartments | 1049 SE Walnut St
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