Walnut Apartments
1049 SE Walnut St., Hillsboro, OR 97123
22 units in Washington County, Oregon
$3,415,000
The property features a low-density, courtyard-style layout spread across five separate buildings - an increasingly scarce product type that provides a differentiated living experience. The unit mix includes (4) one-bedroom, (16) two-bedroom, and (2) three-bedroom units, with a variety of floorplans and strong in-place amenities for this vintage.
The Walnut Apartments represent a rare opportunity to acquire a 22-unit, single-level apartment community in the highly desirable Hillsboro submarket (Washington County), offering immediate operational value-add potential.
Property Highlights
Rare opportunity to acquire a value-add apartment community in the Hillsboro submarket (Washington County).
Central location near downtown Hillsboro
Convenient access to employment, services, and public transportation
MAX Light Rail located approximately three blocks away.
Single-level, courtyard-style community with strong rental upside.
Value-add opportunity through operational and management improvements.
Washer/dryer hookups in all 2-bedroom and 3-bedroom floorplans.
Private fenced patios for each unit.
On-site carports/garages available for residents.
Many recent capital Improvements completed
Location Overview
Located just three blocks from the MAX Light Rail and near downtown Hillsboro, the property offers excellent access to major employment centers, services, and transportation. The Walnut Apartments are well-positioned in the path of continued growth and investment within the Hillsboro submarket.
Units feature washer/dryer hookups in all two- and three-bedroom floorplans, private fenced patios, and dedicated carports or garages for each resident - features that continue to drive tenant demand and support rent growth.
Additional income potential exists through on-site storage and a fully finished utility room (currently utilized as owner storage), providing a clear path to further revenue growth beyond the rents.
Capital Improvements
New Energy Efficient Vinyl Windows (2016/2017)
All New Electrical Panels (2023)
Extensive renovations of the 3-bedroom floor plans (2023/2024)
Varying degree of interior updates & renovations (various)
New Garbage Enclosure (2024)
New Gutters (2025)
The property has been well maintained with meaningful recent capital improvements, including energy-efficient vinyl windows (2016–2017), new electrical panels in all units (2023), new gutters (2025), and ongoing interior renovations - highlighted by higher-end upgrades to the three-bedroom units completed in 2023–2024.
Current rents are estimated to be below market, presenting investors with the opportunity to implement a targeted renovation and management strategy to capture significant rental upside, or continue to benefit from the natural organic rent growth in the Hillsboro sub-market.
The Walnut Apartments offer investors the opportunity to acquire a well-located asset with immediate upside and long-term appreciation potential.