12 unit, single-level pride of ownership asset in NE Portland
The Berna Court Apartments is a peaceful 12-unit apartment community located in the up-and-coming Parkrose neighborhood of Northeast Portland, and edges up to the well-established Maywood Park neighborhood. The property consists of unique single-level apartments for a higher quality of living and renter demand in today's market and is comprised of all 2br/1ba floor plans. The majority of units have been renovated in recent years. The property has undergone extensive capital improvements over the past few years on major capex items, providing an opportunity to step into a sound and quality asset day 1. Improvements include new roofing, new exterior paint, new Siding (partial), all new electrical panels, new electric meter bank/grounding with new wiring to panels, new garbage enclosure, extensive unit renovations, and various other hands-on projects over the years. The property also benefits from energy efficient vinyl windows, along with many other historical improvements and repairs that will benefit an investor long-term due to the current ownerships hands on approach. Berna Court sits uniquely within a residential setting in the Parkrose Neighborhood (but also borders the Maywood Park neighborhood as well). The Parkrose neighborhood offers a diverse mix of single-family homes, apartments, and nearby commercial amenities. The neighborhood is well-served by public transportation, facilitating easy access to both downtown Portland and surrounding suburban areas. Overall, Parkrose offers a blend of suburban comfort and urban connectivity, making it an appealing and balanced place for residents to live. Berna Court provides an investor with a well-maintained asset, with operational value add opportunity through more efficient management and operations. The current average rent in place trails the market by approximately 7 to 10%, allowing a reasonable and attainable value add approach to get the rents up to market within the first few years of ownership.
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