$4,900,000

The Contessa Apartments in Portland comprise a landmark complex in a central part of booming Portland. With a steady NOI margin, it's a rare opportunity in Portland, and enjoys consistent 85-90%+ Occupancy rates with easy potential for more. Value-add growth potential is also here with updates. The 64-unit complex is broken into 8 buildings of 8 units each, and all are 2-story buildings with downstairs units and upstairs units. The 4.49 acre lot gives room between buildings, a central "park" area, and plenty of parking all around the complex. There is a managing office, card laundry room, and Owner's Suite 1/1 for Manager or Owner to stay in behind the office. The location puts this within 1 mile of HEB grocery store, the Portland Municipal Park & baseball fields, CVS, restaurants, shopping, medical offices, gas stations, Hwy. 181, and Gregory-Portland high school, middle school, and TM Clark Elementary. The full-time maintenance crew and office manager may be happy to continue on with a new owner. Water is all paid by Landlord for whole complex, electric is on separate meters and set up by Tenants individually.