Ash Street Apartments
2831 SE Ash St., Portland, OR 97214
5 units in SE Portland, OR
$995,000
The property features four two-bedroom, one-bathroom apartments of approximately 730 square feet and one larger, two-level townhouse-style residence with two bedrooms, 1.5 bathrooms and approximately 1,050 square feet. Interiors feature wood flooring and tile finishes in kitchens and bathrooms, while the townhouse residence includes a private entrance and outdoor garden area. The property's all-two-bedroom configuration distinguishes it from many smaller apartment offerings, particularly as much of the surrounding area's newer apartment construction has emphasized studio and one-bedroom floor plans. Five off-street parking spaces, private storage and shared laundry facilities provide additional resident convenience.
The Ash Street Apartments is a five-unit apartment community located at 2831 SE Ash Street in Portland's desirable Kerns neighborhood. Originally constructed in 1970, the property offers an attractive combination of spacious two-bedroom residences, significant capital improvements and convenient access to the amenities of inner Southeast Portland. Situated just off the SE 28th Avenue commercial corridor, the property benefits from an established residential setting within convenient walking and biking distance of popular restaurants, cafés, shopping and entertainment. Nearby destinations include Whole Foods Market, Laurelhurst Theater, Laurelhurst Park and numerous neighborhood establishments.
Property Highlights
Rare 5-Unit Inner SE Portland Apartment Offering
Desirable Kerns Neighborhood – Excellent close-in location just off the SE 28th Avenue commercial corridor, with convenient access to popular restaurants, cafés, shopping and entertainment.
Attractive All-Two-Bedroom Unit Mix – All five apartments feature two-bedroom floor plans, including a larger, two-level townhouse-style residence with 1.5 bathrooms and private outdoor space. This unit mix is increasingly difficult to replicate in an area where much of the newer development has focused on smaller studio and one-bedroom residences.
Off-Street Parking & Resident Amenities – Five on-site parking spaces, private storage areas and shared laundry facilities provide additional resident convenience.
Significant Capital Improvements – Improvements during current ownership include a 60-mil PVC membrane roof, vinyl windows, fiber cement siding, water supply upgrades, foundation anchoring and interior renovations.
Excellent Neighborhood Amenities – Convenient access to Whole Foods Market, Laurelhurst Theater, Laurelhurst Park and the popular SE 28th Avenue dining and shopping corridor.
Stable In-Place Income with Future Growth Potential – Established rental income with opportunities for organic rent growth and implementation of utility reimbursements, which are not currently in place.
Location Overview
The Ash Street Apartments is located in Portland's desirable Kerns neighborhood, one of the city's most established and vibrant close-in residential areas. Positioned just off the SE 28th Avenue commercial corridor, the property provides convenient access to an extensive collection of restaurants, cafés, neighborhood retailers, entertainment and everyday services.
One of the property's distinguishing characteristics is its residential setting combined with immediate proximity to the amenities of SE 28th Avenue. Residents enjoy convenient walking and biking access to Whole Foods Market, Laurelhurst Theater, Laurelhurst Park and numerous locally owned restaurants and coffee shops.
The surrounding neighborhood features established residential streets, mature landscaping and convenient connections to the adjacent Buckman, Sunnyside and Laurelhurst neighborhoods. This combination provides the character of an established residential neighborhood with the walkability and connectivity of close-in Portland.
For investors, the property's desirable location, residential character and surrounding neighborhood amenities provide an enduring foundation for long-term renter demand. The property has also benefited from historically low vacancy.
Current ownership has invested substantially in the property since acquiring it in 2008. Improvements include a PVC membrane roof, vinyl windows, fiber cement siding, water supply upgrades, foundation anchoring and interior renovations over time. Current scheduled rents provide established in-place income with additional opportunity for future growth. Ownership has historically maintained modest rental increases and does not currently utilize a utility reimbursement program, providing future ownership opportunities to enhance operating income.
The Ash Street Apartments offers investors the opportunity to acquire a stabilized, well-located five-unit apartment property with a desirable two-bedroom unit mix, completed capital improvements and identifiable income growth potential in Portland's popular Kerns neighborhood.
