1659 SE REX ST new Save Request In-Person Tour Request Virtual Tour
Portland,OR 97202
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,999 sqft
Price per Sqft $243
MLS Listing ID 768016266
Year Built 1948
Annual Tax Amount $10,178
Tax Year 2024
Lot Size 7,405 Sqft
Property Description
Pleased to exclusively represent the sale of 1659–1665 SE Rex Street, a five-unit apartment building located in the heart of Portland's vibrant and highly sought-after Sellwood-Moreland neighborhood. This offering presents a rare opportunity to acquire an asset with very stable rental history, low-density, single story with a diverse unit mix of one-, two-, and three-bedroom floorplans. The property has been professionally managed and well maintained, with recent capital upgrades including a new torch-down roof (2023), new vinyl windows, and updated kitchens and bathrooms in select units. With very stabilized rents and exceptionally low turnover, Rex Street represents a turnkey investment in one of the metro's most consistently performing submarkets.The property sits on a prominent corner lot at SE Rex and SE Milwaukie Avenue, providing excellent visibility and immediate access to the very best of Sellwood. Originally incorporated as its own city in the late 1800s, Sellwood has maintained its small-town charm while evolving into one of Portland's most connected and livable neighborhoods. The neighborhood offers a balanced blend of historic homes, modern infill, lush parks, and a true sense of community — attracting long-term residents and renters alike who value walkability, bikeability, safety, and access to both urban and natural amenities.Portland's multifamily fundamentals continue to improve, with the metro vacancy rate declining to 5.6% in 2024, and average rent growth reaching 2.5%, a trend expected to accelerate into 2025. The broader Portland MSA is forecast to outpace national household and population growth rates, supported by a diverse employment base and high quality of life. In this context, Rex Street stands out as a low-maintenance, income-producing asset in an irreplaceable location, appealing to investors seeking long-term stability, appreciation, and consistent demand in a premier Portland submarket.
Location
State OR
County Multnomah
Community Laundry
Area _143
Zoning R-1
Rooms
Basement None
Interior
Heating Baseboard
Cooling None
Exterior
Community Features Laundry
Roof Type Flat
Garage No
Building
Story 1
Foundation Other
Sewer Public Sewer
Water Public Water
Level or Stories 1
Schools
Elementary Schools Llewellyn
Middle Schools Sellwood
High Schools Cleveland
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional