Sold! Vintage Bricker Apartments in NW Portland Sell for $1,645,000

Sold! Vintage Bricker Apartments in NW Portland Sell for $1,645,000

The 12-unit Bowers Apartments on NW Johnson Street in Portland sold for $1,645,000. The sales price represents $137,083/unit and $148.20 per square foot.

Constructed in 1950 at 2401 NW Johnson St., the apartment complex contains (4) 1-bed 1-bath units (7) 2-bed 1-bath Townhouses and (1) 3-bed 2-bath unit. Average rent per square foot is currently $1.18. Amenities include on-site large garages with storage, hardwood floors and period charm throughout. The capitalization rate was 5.40%,

“This was an all cash sale to a new owner involved in a 1031 exchange,” HFO Partner Greg Frick said. “The buyer was pleased to acquire a vintage apartment complex in the hottest rental district in the city.”

HFO represented the parties.

HFO Investment Real Estate specializes in multifamily brokerage sales and advisory services for commercial real estate investors and apartment owners throughout Oregon and Washington. Build your legacy at http://www.hfore.com