15948 Quarry Rd - Apartments FOR SALE


Lake Oswego, OR 97035
$4,950,000 USD
503-221-4888
15948 Quarry Rd, Lake Oswego, OR for Sale
$4,950,000 USD
Apartments - FOR SALE
1/18
null | 5.26% Cap Rate

15948 Quarry Rd
Lake Oswego, OR 97035


HIGHLIGHTS

  • Best-in-class Construction
  • Premiere location in Lake Oswego
  • Diverse Unit Mix
  • Potential to increase NOI by operating short-term rentals

OVERVIEW

Quarry Commons is a best-in-class luxury apartment complex located in Lake Oswego, the premiere and most affluent residential submarket in the Portland MSA. The property is located within walking distance to popular retailers and restaurants along Boones Ferry Road. Quarry Commons was completed in 2023 and offers a mix of studio, one-, and two-bedroom floor plans. Upscale interior finishes include high-end luxury vinyl plank floors, wood cabinets with soft close doors, slab quartz counters and tile backsplashes in kitchens and bathrooms, floor-to-ceiling showers with glass doors, upgraded millwork casing for all windows and doors, mini-split units providing heat and air conditioning in all living areas and bedrooms, and in-unit laundry. The buildings have a mix of cedar board and batten, lap, and cedar shake siding, and also have 40-year composition shingle roofs. The property includes a mix of open and covered parking. Three of the units are approved as short-term rentals. While CBRE has underwritten these units at current in-place rents (without short-term rental income), an owner who elects to operate the short-term rentals will improve NOI by approximately $25,000 per year. Please contact listing brokers Matt Dodd or Sean Milligan for additional information and to schedule tours.

FOR SALE DETAILS

PRICE

$4,950,000 USD

PRICE/SF

$413 USD /SF

# OF UNITS

13

PRICE/UNIT

$380,769

CAP RATE

5.26%

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Quarry Commons

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2023

PARKING SPACES

13

LAND DETAILS

LAND ACRES

0.32 AC

LAND SF

13,892 SF

ZONING

GC

APN/PARCEL ID

00242277

ASK ABOUT THIS PROPERTY

Matt DoddCBREMore Info
503-221-4888

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Matt DoddCBREMore Info
503-221-4888

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