1397-1407 SE 130th Ave 8 Unit Apartment Building $2,265,884 CAD ($283,235 CAD/Unit) 6.20% Cap Rate Portland, OR 97233

SE 130th Avenue Apartments is a unique 8-unit multifamily investment opportunity located in Portland’s Mill Park neighborhood of SE Portland. Situated on approximately 0.77 acres, the property offers a low-density residential setting consisting of a diverse mix of duplexes, a triplex, and a freestanding single-family home, creating an attractive alternative to traditional apartment product in the East Portland market.
The property includes seven spacious 2-bedroom/1-bath apartment units averaging approximately 950 square feet, along with a separately situated 2,600 square foot 3-bedroom/2-bath single-family residence featuring a full basement and private fenced backyard. The diverse unit mix provides investors with an appealing blend of apartment and residential-style living environments that are increasingly difficult to replicate in today’s development environment.
The apartment units feature an attractive amenity package including private enclosed patio areas, in-unit washer/dryer hookups with owner-provided appliances, ductless mini-split heating and air conditioning systems, insulated vinyl windows, and upgraded luxury vinyl plank flooring throughout many of the interiors. The spacious floorplans offer bright living areas with strong natural light and functional layouts designed for comfortable day-to-day living. The combination of larger unit sizes, air conditioning, private outdoor spaces, and in-unit laundry amenities has contributed to strong tenant demand and long-term resident retention.
The freestanding home has undergone extensive renovations, including a full interior remodel completed in 2022 featuring updated flooring, refinished hardwood floors, new kitchen appliances, masonry waterproofing improvements, a newer roof installed in 2021, updated gas furnace in 2019, and a new gas fireplace insert.
Current ownership has completed meaningful capital improvements throughout the property over time, including sewer line improvements with major tree root remediation completed in 2023, gutter replacement in 2019, and extensive flooring upgrades across the apartment units between 2016 and 2024. The property also benefits from Energy Trust of Oregon efficiency upgrades including insulated vinyl windows, sliding patio doors, and additional insulation improvements.
Operationally, the property has demonstrated consistent historical income growth while maintaining low turnover and strong long-term tenancy stability. Current ownership recently implemented a utility billback program, creating additional reimbursement income and operational upside moving forward.
One of the property’s most attractive features is its serene residential setting and beautifully landscaped grounds. The site layout creates a more private and neighborhood-oriented living environment compared to traditional apartment communities, with mature landscaping, open space, and private outdoor areas contributing to strong resident appeal. Owner-provided landscaping and the well-maintained exterior further enhance the property’s curb appeal and overall resident experience.