12231 SE Bush St

The listing remarks

12231 SE Bush Street, The Shire II, presents the opportunity to acquire a 2009 vintage apartment complex in Southeast Portland at the low cost basis of $137,500 per unit, or $138 per square foot. The property is a 20-unit apartment complex built in 2009, offering a uniform unit mix of large 2 Bed / 2 Bath apartments averaging approximately 1,000 square feet. The spacious floor plans, second bathrooms, and on-site parking provide a highly livable tenant experience and help support resident retention. Additionally, each unit includes a deck or patio space, storage, and in-unit washer and dryer. From a physical standpoint, the 2009 construction and copper plumbing materially reduce near-term capital exposure compared to older vintage assets.The asset offers investors a clear and straightforward value-add strategy to achieve over a 8.15% stabilized market cap rate and real value creation. With current rents well below market, natural rent increases and modest utility billbacks can meaningfully improve NOI without heavy CapEx. Located in Southeast Portland, the property benefits from access to nearby commercial corridors, neighborhood amenities, and major transportation routes connecting tenants throughout the eastside and broader Portland metro.The combination of newer construction, desirable unit layouts, practical on-site amenities, extremelyattractive cost basis, and clear value-add upside makes The Shire II a highly compelling Portlandmultifamily offering.

Listing courtesy of Jude Soldati, SMI Commercial Real Estate LLC · 503-390-6060 · RMLS

Listing courtesy of Jude Soldati, SMI Commercial Real Estate LLC · 503-390-6060. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by RMLS. The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland, Oregon. Real estate listings held by brokerage firms other than Triple Oaks Realty are marked with the RMLS logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2026 RMLS, Portland, Oregon. All information provided is deemed reliable but is not guaranteed and should be independently verified.

This content last updated on Sep 15, 2026, 7:48 PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. Provided by Triple Oaks Realty.

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