1049 SE Walnut St, Hillsboro, OR 97123

The Walnut Apartments present a rare opportunity to acquire a 22-unit single level apartment community within the strong sub-market of Hillsboro, Oregon (Washington County). The community offers a value-add component through increased efficiencies and operations. The property provides a unique housing option with a low-density courtyard setting that is spread out amongst 5 buildings. Comprised of a strong unit mix of (4) 1BR, (16) 2BR, and (2) 3BR units, the community has unique amenity offerings in place for this vintage, with units that feature washer/dryer hook ups (for the 2BR & 3BR floor-plans), dedicated carports/garages for each unit, private back patios, clean functional floor-plans, and a serene single level court-yard setting that is truly unique to the area. Additional storage options onsite, along with a fully finished utility room (that currently serves as a manager's office) are available on-site and provide opportunity for additional revenue growth. The property has been well cared for and has undergone many recent capital improvements in recent years, including new energy efficient vinyl windows (2016/2017), New electrical panels in all units (2023), and interior renovations to various levels throughout the years - including the high end renovation of the 3-bedroom units in 2023/2024. The current rents in place trail the market by approximately 15-20%, allowing a value-add investor to bring a new vision to the community by way of interior renovations & present a prime opportunity to capture immediate rental upside. The unique single level nature, and the proximity to downtown Hillsboro provides convenient access to entertainment, services, employment opportunities, and transportation (the property is located 3 blocks from the MAX line). The location of the asset is positioned in the path of progress to reap the long-term benefits of continued improvements and expansion within the Hillsboro sub-market. The Walnut Apartments - a rare opportunity to acquire a legacy property within the Washington County sub-market, with immediate operational value-add opportunities to execute on day one.