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A 130-unit multifamily community investment offering in Milwaukie, OR


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A 130-unit multifamily community investment offering in Milwaukie, OR


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ADDRESS 12363 SE Linwood Ave, Milwaukie, OR 97222
NO. OF UNITS 130
YEAR BUILT 1976
NET RENTABLE AREA ±83,124 SF
TOTAL BUILDING AREA ±87,261 SF
GROSS LAND SIZE 4.68 acres
PARCEL NO. 12E31D 00100
ZONING R-HD – High Density Residential
Pricing Please contact listing brokers

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Kidder Mathews is pleased to present a premier offering in Milwaukie, OR. Built in 1976, Crestview Heights consists of 130-units in one of Portland’s top rental markets.

With its convenient suburban location in the heart of Clackamas County, Crestview Heights offers tenants a combination of quiet residential living with close proximity to shopping, entertainment, transit, and employment. The low density layout situated on nearly five acres, includes a wide range of amenities for tenants, including a seasonal swimming pool, clubhouse, abundant greenspace, on-site laundry rooms, dedicated carports (14) and garages (14) with extra storage available, and dedicated on-site management and maintenance.

Crestview Heights has a diverse mix of units, offering studios and spacious one and two bedroom apartments with full kitchens and decks or patios. Recent improvements to the building include all new electrical panels in every unit as well as some siding replacement. The property features energy efficient vinyl windows and the plumbing supply lines are all copper throughout.

As a true value-add opportunity, average rents at Crestview Heights are at least 10% below market with virtually no renovated units, presenting a new owner the ability to make additional upgrades and bring rents up to market. Garage and carport rents are also below market, providing additional upside.



Studio

1 BEDROOM, 1 BATHROOM UNIT

2 BEDROOMS, 1 BATHROOM UNIT

INVESTMENT HIGHLIGHTS

Value-add investment opportunity with several recent improvements.

VALUE-ADD COMPONENT

Average in-place rents at Crestview Heights are approximately 10% below market, providing upside for a new investor to bring rents to market.

EXCELLENT UNIT MIX

Crestview Heights features a combination of studio, one- and two- bedroom units.

LOW DENSITY LAYOUT

Crestview Heights features a seasonal pool, dedicated management office and clubhouse, and abundant greenspace for tenants.

LOW HISTORICAL VACANCY

Crestview Heights had a 2.8% economic vacancy in 2024.

RECENT IMPROVEMENTS

The property features all new electrical panels while several areas of siding have been replaced.

COPPER PLUMBING

All the supply lines at Crestview Heights are copper.

HIGHLY DESIRABLE LOCATION

Located in one of Portland’s best-performing suburban submarkets, tenants have easy access to Hwy 224, the Orange Line of Portland’s award-winning MAX light rail train has a park and ride 1.75 miles away, and several shopping centers are nearby, including Milwaukie Marketplace, Oak Street Square, Clackamas Town Center and Clackamas Promenade. Trimet’s #34 bus stops a half-block away.

NEARBY ECONOMIC DRIVERS

Downtown Portland (6 miles), Oregon City (5 miles), Clackamas (2 miles) and nearly all of Portland’s main economic drivers are all within 15 miles and less than a 35-minute drive.

SOLID RENTER DEMOGRAPHIC

Average household income is over $108,264 within a one-mile radius. Median home value in Milwaukie is over $543,000.

INCREASING RENT GROWTH

Submarket rents have increased 21% since 2020.



Recent interior & exterior improvements
Highly desirable Milwaukie location
Priced below replacement cost
Value-add opportunity with rental upside
Low-density layout
Dedicated leasing office

IDEALLY LOCATED

Crestview Heights is ideally located in Milwaukie, which is situated between West Linn, Clackamas, and Sellwood and just minutes from both Clackamas Town Center and downtown Portland. The property is within walking distance to an elementary school, the 3-Creeks Protected Area (nature preserve), and the North Clackamas Aquatic Park.

Several shopping centers are within a few minutes of Crestview Heights including Milwaukie Marketplace (New Seasons Market, Ace Hardware, Dollar Tree and Starbucks), Oak Street Square (Walgreens, AT&T), Safeway, and Fred Meyer. Additionally, within one mile of the property is Clackamas Town Center (Macy’s, REI, Dicks Sporting Goods, Marshalls) one of Portland’s largest shopping malls, along with Clackamas Promenade (Target, Hobby Lobby, Cost Plus World Market, Kohls) and a Costco.

Milwaukie is one of the Portland’s closest suburbs offering a balance of small-town charm and easy access to downtown Portland. Situated along the Willamette River, Milwaukie offers scenic views and provides recreational opportunities like boating and fishing and features a revitalized “old town” downtown with a seasonal farmers market and waterfront park.

TRANSPORTATION OPTIONS

TriMet bus line #34 runs in front of the property on Linwood Ave., while TriMet’s Park Avenue Station (park and ride) for the Orange Line of Portland’s award winning MAX light rail line that runs directly into downtown Portland is 1.75 miles away.

SHORT DRIVE TO DOWNTOWN PORTLAND

By car, Downtown Portland is only 15 minutes away.

NEAR MAJOR SHOPPING CENTERS

Clackamas Town Center Shopping Mall, Clackamas Promenade and a Costco are all within 2 miles.

ABUNDANT RETAIL & RECREATIONAL AMENITIES

For the outdoor enthusiasts, the Willamette River is approximately two miles from Crestview Heights, with river frontage parks like Spring Park Natural Area, Elk Rock Island and Rivervilla Park are nearby.

NEARBY TENANT CONVENIENCES

Across the street from Crestview Height is a 7-Eleven while Linwood Elementary is two blocks away. Two churches are within walking distance, as well as the 3-Creeks Protected Area (nature preserve) and the North Clackamas Aquatic Park and Clackamas Community College – Harmony Campus, are nearby.