Marion Court
2062 NW Marshall St., Portland, OR 97209
25 Apartment Units + Commercial Garage in NW Portland, OR
$3,600,000
This Property is available for purchase individually or in conjunction with the neighboring Burgess Apartments (15 units), located at 2051 NW Lovejoy Street, Portland, Oregon 97209. Call broker for additional details.
The apartments retain much of the original character associated with Portland's classic vintage apartment housing, including hardwood floors, original built-in cabinetry, crown molding, tiled bathrooms and large windows. The courtyard setting and expansive outdoor common area create a quiet residential environment within one of Portland's most established urban neighborhoods.
Marion Court is a classic 25-unit vintage apartment community with a substantial commercial garage located in the heart of Northwest Portland at 2062 NW Marshall Street. Built in 1927, the property combines classic Portland architecture with established residential operations and a rare commercial component within the offering.
Property Highlights
Premier Northwest Portland Investment Opportunity – A rare opportunity to acquire a distinctive vintage asset at an attractive going-in basis within one of the Portland MSA's most established urban submarkets.
Diverse & Appealing Unit Mix – A mix of studios, one-bedroom and two-bedroom residences featuring efficient, functional floor plans well suited to urban living and the Northwest Portland renter profile.
Rare Commercial Component – Substantial commercial garage provides additional income potential and future flexibility for commercial use, owner/user occupancy or potential residential amenities.
Stabilized Operations & Strong Occupancy – Established residential operations provide stable in-place performance with additional upside available to future ownership.
Embedded Value-Add Opportunity – Potential to enhance operating income through organic rent growth, improved operating efficiencies and implementation of utility reimbursement.
Well-Maintained by Long-Term Ownership – Significant capital investment has addressed numerous major building systems and physical components.
Distinctive Vintage Character – Hardwood floors, original built-ins, crown molding, tiled bathrooms and large windows preserve the character of classic Portland apartment housing.
Courtyard Setting & Outdoor Common Area – A distinctive residential environment offering valuable outdoor space within a dense urban neighborhood.
Highly Walkable Location – Immediate access to NW 21st Avenue, neighborhood restaurants, cafés, shopping, recreation and public transportation.
Location Overview
Marion Court is ideally positioned in the heart of Northwest Portland, just off NW 21st Avenue and within one of the city's most established and recognizable residential neighborhoods.
Residents enjoy immediate access to an extensive collection of restaurants, cafés, shopping and everyday services, while the Pearl District and Downtown Portland are easily accessible. The property's highly walkable setting and excellent access to public transportation further reinforce its appeal as a well-located urban rental community.
The property features a diverse and appealing unit mix of 18 studios, six one-bedroom apartments and one two-bedroom apartment, offering efficient and functional floor plans particularly well suited to urban living. The concentration of studios and one-bedroom residences align well with the Northwest Portland renter profile, while the broader mix provides additional variety and appeal.
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 commercial garage adds a unique dimension to the investment, providing a separate commercial component with income potential and future flexibility rarely available with a conventional apartment building in Northwest Portland.
Marion Court combines a premier Northwest Portland location, stabilized operations with strong occupancy, a well-maintained asset and meaningful value-add potential.
