Forestry Court Apartments
2737 NW Upshur St., Portland, OR 97210
47 units in NW Portland
PENDING
Property Highlights
A rare opportunity to acquire a trophy property at a strong going in basis in the historically strongest submarket within the Portland MSA.
Significant Value-Add Opportunity with substantial upside in current rents
Prime Residential Setting surrounded by single-family homes, offering peaceful living just steps from urban conveniences
Functional, Period-Authentic Floor Plans designed for efficient and timeless livability
Well-Maintained by Long-Term Ownership with extensive capital improvements already completed
Exceptional Location with both outdoor recreational amenities and commercial attractions just moments away
Highly Walkable – only four blocks to NW 23rd Avenue and a short walk to Forest Park, Macleay Park, and Wallace Park
The community consists of 40 studios, 6 one-bedrooms, and 1 two-bedroom unit. Residences feature functional layouts ideal for urban living, enhanced by abundant natural light, hardwood floors, original cast iron tubs/showers, large walk-in closets, extensive kitchen storage, ceramic tile countertops, ceiling fans, and forced-air gas heat.
The property’s updates have remained true to its period character while meaningfully improving livability. Major upgrades include energy-efficient windows throughout, new roofing (2011), exterior paint (2018), upgraded electrical system (2018), new water heater (2019), and extensive replacement of gas piping at the building & significant furnace work (2025).
The Forestry Court Apartments present a rare opportunity to acquire a 47-unit trophy asset in the prestigious Nob Hill neighborhood of Northwest Portland. Built in 1926, this property showcases authentic vintage charm that has been thoughtfully maintained by long-term ownership.
Common area amenities include secure building access, well-maintained hallways with unique murals, on-site laundry facilities, bike parking, resident storage, and historic architectural details throughout.
Location Overview
NORTHWEST PORTLAND
The community is nestled within a peaceful residential setting, offering a serene retreat just moments from the vibrant energy of Northwest Portland. The neighborhood is highly walkable and bike-friendly, surrounded by natural beauty with nearby Macleay and Wallace Parks, and direct access to the renowned hiking trails of Forest Park—just steps from the property.
This location offers the best of both worlds: tranquility and convenience. Only a few blocks to the west, NW 23rd Avenue serves as the main commercial corridor, lined with boutique retail, acclaimed restaurants, and charming cafés, drawing both residents and visitors alike. With its rich history, diverse architectural character, and thriving local culture, Nob Hill blends historic charm with modern amenities, solidifying its position as one of Portland’s most desirable and dynamic residential neighborhoods.
SCHOOLS
Lincoln High (1.5 mi)
West Sylvan Middle (3.4 mi)
Chapman Elementary (0.3 mi)
NEARBY PARKS & ATTRACTIONS
Macleay Park
Wallace Park
Forest Park
Pittock Mansion
Shops on NW 23rd Ave
Providence Park
Washington Park
This asset offers significant value-add potential with attainable rent growth and continued strong demand in a supply-constrained location. Current rents remain below market, presenting a clear path for revenue enhancement. Additional opportunities include monetizing existing amenities (such as bike storage and additional storage areas) and implementing a utility bill-back system, which is not currently yet in place.
Capital Improvements
New Roof (2011)
New Exterior Paint (2018)
Upgraded Electrical system (2018)
New Water Heater (2019)
Extensive replacement of gas piping at the building & significant furnace work (2025).
Interior renovations at turnovers (throughout ownership)
Forestry Court represents a truly unique offering in one of Portland’s historically strongest and most desirable submarkets, providing both stable performance and future upside for an incoming investor as we continue to see the housing supply in the Portland market dwindle.