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Westshores Apartments/Pine Street Garage 222 SW Pine St 113 Unit Apartment Building $12,993,150 CAD ($114,984 CAD/Unit) Portland, OR 97204
Investment Highlights
- Mix of studios and 1 bedrooms at 50-60% AMI
- 1997 vintage & Two blocks from MAX light rail
- Soft debt of ~ $1.66 million, due to PHB, payable through 50% of excess cash flow at year end.
- Restriction through 2067, possible renegotiation with agencies
- Portland CX - Central Commercial
- OZ and QCT (In Westside TIF district - resources available for market rate, commercial, and Affordable and middle income housing)
Executive Summary
Rare acquisition rehab and development opportunity in the heart of Portland. In addition to 113 LIHTC units, buyer has the opportunity to assemble nearly 3/4ths of a city block. In the 2026 Qualifying Census Tract (QCT) and an Opportunity Zone, buyer of the apartments may have the opportunity to purchase the three story parking deck underneath, which presents an opportunity to convert two floors to as many as 57 additional multi-family units. The adjoining vacant lot (approximately 0.23 acres) is also available. Contact listing broker for more details.
Pine Street Garage is a purpose-built parking structure that produces current income while offering significant long-term optionality. Assemblage with apartments and adjacent vacant lot to result in cap rate compression.
Pine Street Garage is a purpose-built parking structure that produces current income while offering significant long-term optionality. Assemblage with apartments and adjacent vacant lot to result in cap rate compression.
Property Facts
| Price | $12,993,150 CAD | Building Class | C |
| Price Per Unit | $114,984 CAD | Lot Size | 0.45 AC |
| Sale Type | Investment | Building Size | 74,740 SF |
| No. Units | 113 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1997 |
| Property Subtype | Apartment | Parking Ratio | 2.68/1,000 SF |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | CX | ||
| Price | $12,993,150 CAD |
| Price Per Unit | $114,984 CAD |
| Sale Type | Investment |
| No. Units | 113 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 74,740 SF |
| No. Stories | 5 |
| Year Built | 1997 |
| Parking Ratio | 2.68/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | CX |
Amenities
Unit Amenities
- Balcony
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Patio
- Smoke Free
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Waterfront
- Car Wash Area
- Smoke Free
- Walking/Biking Trails
- Elevator
- Public Transportation
- Key Fob Entry
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 105 | - | 330 - 440 |
| 1+1 | 8 | - | 470 - 638 |
Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
100/100
Exceptionally bikeable
100/100
Property Taxes
| Parcel Number | R246031 | Improvements Assessment | $12,601 CAD |
| Land Assessment | $1,547,772 CAD | Total Assessment | $1,560,374 CAD |
Property Taxes
Parcel Number
R246031
Land Assessment
$1,547,772 CAD
Improvements Assessment
$12,601 CAD
Total Assessment
$1,560,374 CAD
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Westshores Apartments/Pine Street Garage | 222 SW Pine St
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