Trymax Apartments, Gresham, Oregon - 42 units, rare operational
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).
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