1659 SE REX ST, Portland, OR 97202
- $925,000
- 3,999
- SqFt
- Sold Price
- $925,000
- List Price
- $975,000
- Closing Date
- Apr 24, 2026
- Days on Market
- 263
- MLS#
- 768016266
- Property Type
- Multifamily
- Sqft. of Residence
- 3,999
- Lot Size
- 7, 000 to 9, 999 SqFt
- Region
- Portland Southeast
- Status
- SOLD
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.
Additional Information
- Tax Amount
- $10,178
- Year Built
- 1948
- High School
- Cleveland
- Elementary School
- Llewellyn
- Middle School
- Sellwood
- Acres
- 0.17
- Living Area
- 3,999
- Stories
- 1
- Terms
- Cash, Conventional
- Cooling Description
- None
- Fuel Description
- Electricity, Gas
- Heating Description
- Baseboard
- Hoa Rent Includes
- Maintenance Grounds
- Hot Water Description
- Other
- Exterior Description
- Hard Concrete Stucco
- Roof Type
- Flat
- Sewer Description
- Public Sewer
- Parking
- On Street
- Security Or Entry
- None
- Parking Description
- On Street
- Road Surface
- Paved
- Number Of Units Total
- 5
- Unit Type One Baths Total
- 1
- Unit Type One Beds Total
- 1
- Unit Type One Sq Ft
- 684
- Unit Type One Units Total
- 1
- Unit Type Two Baths Total
- 1
- Unit Type Two Beds Total
- 2
- Unit Type Two Units Total
- 3
- Unit Type Three Baths Total
- 1
- Unit Type Three Beds Total
- 3
- Unit Type Three Sq Ft
- 911
- Unit Type Three Units Total
- 1
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Listing courtesy of RealtyNET, LLC. Selling Office: Non Rmls Broker.
The content relating to real estate for sale on this site comes in part from the IDX program of the RMLS of Portland, Oregon. Real Estate listings held by brokerage firms other than this firm are marked with the RMLS logo, and detailed information about these properties include the name of the listing's broker. Listing content is copyright © 2026 RMLS of Portland, Oregon. All information provided is deemed reliable but is not guaranteed and should be independently verified. This content last updated on . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.