Madrona Park i $815,000
7 Units I 2630-2642 SE 174th Ave, Portland, OR, 97236
Madrona Park Apartments is a 7-unit garden-style apartment community located in Portland's Gresham-Centennial submarket. Built in 1976, the property consists entirely of spacious two-bedroom, one-bath apartment homes, providing an efficient unit mix with broad renter appeal. Current rents average approximately $1,200 per month, offering an estimated 18% upside compared to market rents through strategic interior renovations and operational improvements.
Conveniently located near SE Stark Street, SE Division Street, Rockwood Transit Center, and the MAX Blue Line, the property provides residents with easy access to retail, dining, employment centers, and Downtown Portland. Combined with ongoing public investment in the surrounding neighborhood, Madrona Park offers investors an attractive value-add opportunity featuring strong rental upside, efficient operations, and long-term growth potential in an improving East Portland submarket.
Property Highlights
The uniform two-bedroom, one-bath unit mix simplifies operations and appeals to a broad renter base, supporting consistent occupancy and ease of management.
Current rents averaging $1,200 vs. market rents near $1,450 present approximately eighteen (18) percent upside, creating a clear path to meaningful NOI growth through renovation.
The 1976 construction and two-story layout offer a straightforward value-add profile with manageable scope and execution.
The seven (7)-unit scale allows for hands-on ownership, making it an attractive entry point for investors seeking a smaller, high-upside asset.
Proximity to SE Stark and SE Division retail corridors provides strong daily-needs access, supporting stable tenant demand and retention.
Access to Rockwood Transit Center and MAX Blue Line enhances commuter connectivity, strengthening leasing velocity and occupancy stability.
Ongoing public investment and infrastructure improvements in Rockwood position the asset to benefit from long-term neighborhood growth and increased desirability.
The value-oriented East Portland location attracts renters seeking affordability with connectivity, providing durable demand through market cycles.