$3,235,000
 $17,366 est/mo Sourced by Back At You

1049 SE Walnut St,Hillsboro, OR 97123

Hillsboro, OR 97123

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Description

The Walnut Apartments represent a rare opportunity to acquire a 22-unit, single-level apartment community in the highly desirable Hillsboro submarket (Washington County), offering immediate operational value-add potential.The property features a low-density, courtyard-style layout spread across five separate buildings, an increasingly scarce product type that provides a differentiated living experience. The unit mix includes (4) one-bedroom, (16) two-bedroom, and (2) three-bedroom units, with a variety of floorplans and strong in-place amenities for this vintage. Units feature washer/dryer hookups in all two- and three-bedroom floorplans, private fenced patios, and dedicated carports or garages for each resident, features that continue to drive tenant demand and support rent growth.Additional income potential exists through on-site storage and a fully finished utility room (currently utilized as owner storage), providing a clear path to further revenue growth beyond the rents.The property has been well maintained with meaningful recent capital improvements, including energy-efficient vinyl windows (2016-2017), new electrical panels in all units (2023), new gutters (2025), and ongoing interior renovations, highlighted by higher-end upgrades to the three-bedroom units completed in 2023-2024.Current rents are estimated to be below market, presenting investors with the opportunity to implement a targeted renovation and management strategy to capture significant rental upside, or continue to benefit from organic rent growth in Hillsboro.Located just three blocks from the MAX Light Rail and near downtown Hillsboro, the property offers excellent access to major employment centers, services, and transportation. The Walnut Apartments are well-positioned in the path of continued growth and investment within the Hillsboro submarket, offering investors the opportunity to acquire a well-located asset with immediate upside and long-term appreciation potential.

Details

MLS #542902612
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1957
Days On Site47
Listing Provided ByBarry Investment Real Estate | Phillip Barry

Features

SQ Feet18,516
Car PortYes
Story(s)1
Units22
ZoningSCR-MD
Acreage1.20

Interior

HeatingBaseboard, Forced Air
Heating YnYes
Cooling YnNo

Exterior

RoofComposition
Foundation DetailsSlab
Lot FeaturesLevel

Parking

Attached Garage YnNo
Parking FeaturesCarport, Garage

Taxes

Property22756

Area Information

StateOR
CountyWashington
CityHillsboro
Zip Code97123
School DistrictHillsboro
Elementary SchoolW.L. Henry
High SchoolHillsboro
Listing VS Median (in 97123)
Price:
$3,235,000
low | high
Med:
$549,000
100% of Average
sqft:
18,516
low | high
Med:
1,568
100% of Average
$ / sqft:
$175
low | high
Med:
$350
50.400671860707% of Average
On site:
47
low | high
Med:
57
82.456140350877% of Average
Sourced by Back At You

Market Activity 97123

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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 Madaire Realty are marked with the RMLS™ logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2020 RMLS™, Portland, Oregon.

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Learn More About This Property

StateOR
CountyWashington
CityHillsboro
Zip Code97123
School DistrictHillsboro
Elementary SchoolW.L. Henry
High SchoolHillsboro
Listing VS Median (in 97123)
Price:
$3,235,000
low | high
Med:
$549,000
100% of Average
sqft:
18,516
low | high
Med:
1,568
100% of Average
$ / sqft:
$175
low | high
Med:
$350
50.400671860707% of Average
On site:
47
low | high
Med:
57
82.456140350877% of Average
Sourced by Back At You
Listing Updated: September 29, 2026 at 4:56:12 AM PDT