16405 E Burnside St Gresham, OR 97233

Multi-Family (2-4 Units) MLS #: 11390562 Courtesy Of Joseph Bernard Investment Real Estate

$6,300,000

36,160 sq ft
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Estimated monthly payments: $27,540/mo.* (recalculate)

Property InformationDescription

The Trymax Apartments is a community comprised of 42 units, and represent a unique opportunity to invest in a turn-key asset in the strong sub-market of Gresham, Oregon. The property was originally constructed in 1992 (recently renovated), and features large 2 bedroom 1 bathroom floor plans with Washer/Dryer hook ups and functional living spaces. The property also features 12 spacious garages on-site which provide additional revenue sources. The asset has been meticulously renovated & maintained in recent years, with significant capital improvements, including New Siding (2023), New Windows (2023), New Exterior Paint (2023), New Roofing on all buildings/garages (2021) and consistent unit upgrades over the past decade - which include pro-actively replacing cabinets, countertops, flooring, appliances, doors, fixtures, etc. on a large sample of units. This attention to detail has resulted in limited vacancy over the years and strong tenant retention. The community is located in the Rockwood neighborhood, a diverse and dynamic neighborhood located in East Multnomah County - but is advantageously situated within the city of Gresham (not Portland). The neighborhood features a mix of residential and commercial amenities, with ample access to public transportation and services. The property provides a quiet & serene residential setting, with the apartments being set back off of Burnside a bit - and access to the property being available on both E. Burnside & NE 165th Ave. The quality and location cater to a strong & stable tenant base - providing an investor with stability of operations day one. The community is comprised of 8 total buildings, spread out across a 1.72 acre site, with a classic NW treelined feel. The Trymax Apartments offer a true pride of ownership asset for an investor to step into, in line with the current trend of flight to quality, but also provides a significant operational value-add opportunity for a new owner to capitalize on by improving management efficiencies. The current rents in place as of November 2024 ($1,337, with no RUBS) trail the current market by approximately 15-20%, providing a realistic and attainable path for a new owner to increase revenue significantly over the first few years of ownership in order to achieve a 7%+ cap rate. *Trymax Apartments can purchased as an individual offering, or in conjunction with another 49 unit apartment complex (under the same ownership/management) on the same street as a package (*Call broker for additional details).

Features

  • Age: 31-40 Years Old
  • Architecture Style: Other
  • Lot Size: 1.72 Acres

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16405 E Burnside St, Gresham, OR 97233
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School Information

16405 E Burnside St, Gresham, OR 97233

Elementary School
Grades KG-5 | Public School
WILKES ELEMENTARY SCHOOL
Portland, OR 97230
17020 NE Wilkes Rd
503.­491.2724
Distance: 1.3 mi
School Rating
D
Student:Teacher Ratio
14:1
Total Students
429
Middle School
Grades 6-8 | Public School
HAUTON B. LEE MIDDLE SCHOOL
Portland, OR 97230
1121 NE 172nd Ave
503.­491.2723
Distance: 0.7 mi
School Rating
F
Student:Teacher Ratio
21:1
Total Students
794
High School
Grades 9-12 | Public School
REYNOLDS HIGH SCHOOL
Troutdale, OR 97060
1698 SW Cherry Park Rd
503.­667.3186
Distance: 4.5 mi
School Rating
C-
Student:Teacher Ratio
23:1
Total Students
2624
Other Nearby Schools Distance Type Grades School Rating
Open School East 0.2 mi Private 9-12
Oliver Middle School 0.5 mi Public 6-8 C+
Alder Elementary School 0.6 mi Public PK-5 F
Parklane Elementary School 0.6 mi Public KG-5 C
Glenfair Elementary School 0.6 mi Public KG-5 D
Patrick Lynch Elementary School 0.8 mi Public KG-5 C
Harmony Montessori School 1.0 mi Private PK-6
Morningstar Montessori House Of Children 1.0 mi Private PK-KG
Rockwood Preparatory Academy 1.0 mi Public KG-7 B
Hartley Elementary School 1.2 mi Public KG-5 F
Margaret Scott Elementary School 1.4 mi Public KG-5 C-
Serendipity Center 1.4 mi Private 2-12
Davis Elementary School 1.6 mi Public PK-5 D-
David Douglas High School 1.6 mi Public 9-12 D
Centennial Middle School 1.6 mi Public 6-8 D+
Franciscan Montessori Earth School 1.7 mi Private UG
St Therese School 1.7 mi Private PK-8
Meadows Elementary School 1.7 mi Public KG-5 C+
This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

Demographic Data

Portland, OR 97233

Median Age: 37.2
Married: 37%
Number of Households: 13,157
Households with Children: 31.6%
  • Occupancy Types
    • 0 Vacant
    • 0 Owned
    • 0 Rented
  • Transportation to Work
    • 0 Drive
    • 0 Public Transportation
    • 0 Walk / Bike / Other
    • 0 Work at Home
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