5421 N Michigan Ave, Portland, OR 97217

The Michigan Ave 4-Plex is situated at the corner of N Killingsworth and N Michigan Ave, just two blocks from Portland Community College Cascade and conveniently located by Interstate 5, in the Humboldt neighborhood of North Portland. With a bike score of 100 and a walk score of 92, tenants enjoy easy access to nearby schools, shopping, bars, restaurants, and popular destinations such as the Alberta Arts and Mississippi Districts. The property, built in 1911, consists of four spacious 2-bedroom units with open floor plans and individual balconies/patios. At roughly 918 square feet, the large units and exceptional location have historically attracted long-term renters and kept vacancy to a minimum. Given the age of the building, which sits on a 5,000 square foot lot zoned CM2, current and previous ownership have upgraded the plumbing, electrical, and roofing. The property is well-maintained and consistently 100% occupied. There is a coin-operated laundry room on-site located in the basement, which produces additional income. Current average rents trail the market by about 8%, and there is no bill-back for water, sewer, and/or garbage. The asset presents a great value-add opportunity for a savvy investor through renovating interiors upon turnover, continued rental increases, and the implementation of a ratio utility billing system.