Property Description

The Medea Apartments is an eight-unit apartment community located at 1702–1712 SE Main Street in Portland's desirable Buckman neighborhood. Originally constructed in 1906, the property offers a distinctive combination of vintage character, an intimate residential setting and convenient access to the amenities of inner SE Portland. Tucked away from the neighborhood's primary commercial thoroughfares, the Medea provides a quieter residential environment while remaining conveniently positioned between the Hawthorne and Belmont corridors. Residents enjoy convenient access to the restaurants, cafs, shopping, services and entertainment that define the surrounding neighborhood, without being located directly along one of its busier commercial streets. The property features six one-bedroom apartments and two studio apartments. One-bedroom residences range from approximately 600-900 square feet, while the studios are approximately 400 square feet. Current scheduled rents provide stable in-place income with additional opportunity for rental growth over time. The Medea further distinguishes itself through features that are increasingly uncommon for a close-in Portland apartment property of this size. A private rear courtyard provides rare open space within the surrounding urban neighborhood and offers future ownership the opportunity to create an enhanced outdoor resident amenity. Three private garages provide additional resident utility and income opportunity. Current ownership has also invested significantly in the property and its major building systems. Improvements include electrical upgrades, replacement of select heating systems, a newer roof, exterior painting, replacement gutters, common-area improvements and two 75-gallon water heaters. The Medea Apartments offers investors the opportunity to acquire a stabilized, well-located eight-unit apartment property with significant capital improvements already completed, in the popular Buckman neighborhood of SE Portland.