HEATHER GLEN APARTMENTS EXECUTIVE SUMMARY
Heather Glen offers a rare opportunity to acquire a well maintained asset with a convenient Portland east side location 20 minutes from downtown, and 7 minutes from Gresham. Outdoor enthusiasts can be in Oregon’s famous Columbia River Gorge in 15 minutes, and Mount Hood in less than an hour, or enjoy beautiful Powell Butte Nature Park’s 608 acres of meadowland and forest, only two miles away. Cyclists will fi ne themselves only 1.3 miles from the scenic Springwater Trail, which stretches from Downtown Portland to Boring.
Heather Glen’s spacious 19 two-bedroom, and one three bedroom apartments are close to shopping, one block from a major bus line, and 5minutes by car from light rail park and ride. Heather Glen has undergone extensive renovations in the last four years including:
- New Roof and Underlayment – 2012
- Repaving Parking Lot – 2012
- New Windows – 2012
- Exterior Paint – 2012
- New Appliances – 2014
- Interior Paint – 2014
- New Carpets – 2014
- New Vinyl Flooring – 2014
- New Blinds – 2014
- Extensive Electrical Improvements – 2014
- New Water Heaters – 2014
- New water supply line
- New Coin-Op Washers and Dryers – 2015
All work was permitted, and performed by licensed contractors.
Rents are currently under market at $750 per unit, or $0.94 psf. Similar units in the area rent for as much as $950 a month as of September 1, 2015.
Heather Glen Apartments Pricing
|Per Square Foot||$112|
|CAP Rate (current)||6.15%|
|CAP Rate (proforma)||7.91%|
|Cash Yield (Year 1 proforma)||14.23%|