Burgess Apartments
2051 NW Lovejoy St., Portland, OR 97209
15 units in NW Portland, OR
$1,700,000
This Property is available for purchase individually or in conjunction with the neighboring Marion Court (25 units + commercial garage), located at 2062 NW Marshall St, Portland, Oregon 97209. Call broker for additional details.
The three-story property features nine studio apartments, five one-bedroom apartments and one two-bedroom apartment. Residences showcase many of the characteristics that differentiate Portland’s best vintage apartment buildings, including hardwood flooring, crown molding, built-in cabinetry, arched ceilings, tiled bathrooms, dining nooks and generous closet space. Resident amenities include secure exterior entry, bicycle storage and common-area laundry.
The Burgess is a classic 15-unit apartment community located at 2051 NW Lovejoy Street in the heart of Northwest Portland’s historic Alphabet District. Built in 1927, the property combines distinctive period architecture, an efficient urban unit mix and an irreplaceable location within one of Portland’s most established residential neighborhoods.
Property Highlights
Classic NW Walk up apartment complex
Strong Operating History
Significant Capital Investment
Distinctive Interior Character - Hardwood floors, crown molding, built-ins, arched ceilings, tiled bathrooms, dining nooks and generous closets.
Premier Alphabet District Location – Highly walkable NW Portland location surrounded by restaurants, cafés, shops, parks and neighborhood amenities.
Future Income Growth Potential – Below-market rents provide rental upside, with additional potential through implementation of a utility reimbursement program (RUBS).
Location Overview
The Burgess is exceptionally located at 2051 NW Lovejoy Street in the heart of Northwest Portland’s Alphabet District, one of Portland’s most established and recognizable urban residential neighborhoods.
The surrounding neighborhood features a highly walkable mix of restaurants, cafés, bakeries, boutiques, neighborhood services and parks. Residents also benefit from convenient access throughout Northwest Portland, including the broader Northwest District, Pearl District and Downtown Portland.
Historic architecture, mature tree-lined streets and established commercial corridors have long differentiated Northwest Portland as a residential destination. The Burgess fits naturally within this setting, offering the intimate scale and architectural character that define the surrounding neighborhood.
For investors, this combination of location, architectural character and established neighborhood amenities provides an enduring foundation for long-term renter demand.
Current ownership has invested substantially in the property and its major building systems while maintaining its historic identity. Improvements have included replacement windows throughout the building, upgraded in-unit electrical panels, roof and masonry work, exterior painting, boiler improvements, and recent sewer repairs.
Current ownership has maintained the property with a pride-of-ownership approach while making significant long-term capital investments throughout its ownership period. Existing residential rents remain below projected market levels, providing future ownership with rental upside through organic turnover. Additionally, the property does not currently utilize a utility reimbursement program (RUBS), creating an opportunity to implement a commonly accepted utility bill-back structure and further enhance operating income.
The Burgess also benefits from strong in-place operations. All 15 residences are currently occupied, supported by consistent rent collections and an established tenant base. Despite this stability, existing rents remain below projected market levels, creating an opportunity for continued income growth over time.
Additionally, no utility reimbursement program (RUBS) is currently in place. Subject to applicable laws and lease requirements, future ownership may have the opportunity to recover a portion of property utility expenses.
The Burgess is a stabilized vintage apartment community with significant capital improvements already completed and identifiable opportunities for future revenue growth.
