$995,000

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.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.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.