Bridge City Apartments 2500 SE 157th Ave

Bridge City Apartments offers a premier value-add investment opportunity in Portland, Oregon. This 48-unit complex, renovated in 2022, combines comfort, quality, and an attractive location in the desirable Centennial neighborhood. This property allows investors to capture steady rental demand within a unique blend of urban and suburban lifestyle conveniences, with room for rental growth potential.
THE PROPERTY
Bridge City Apartments is located at 2500 SE 157th Ave in Portland, built in 1973 and renovated in 2022. The property consists of sixteen (16) one-bedroom, one-bathroom units with an average rent of $1,264 per month, below the market average of $1,395. It also includes thirty-two (32) two-bedroom, one-bathroom units with an average rent of $1,482 per month, under the market rate of $1,595. This rent difference represents approximately 9.4% below the market for one-bedroom units and 7% below for two-bedroom units, indicating potential for rental rate alignment over time. Centennial’s multifamily vacancy rate stands at 4.7%, lower than Portland’s overall rate of 7.3%, reflecting strong demand and limited new supply.
Apartment features luxury vinyl tile flooring, granite countertops, air conditioning, dishwashers, and private fenced yards, while the community offers a range of amenities, including a pool, onsite leasing office, laundry facilities, and a community room. The property’s strategic location provides easy access to shopping, dining, and natural attractions like Powell Butte Nature Park. Additionally, the property is within the Centennial School District, enhancing its appeal for tenants.
THE NEIGHBORHOOD
Located 12 miles east of Downtown Portland, the Centennial neighborhood offers a mix of residential comfort and urban convenience. Residents enjoy access to Division Street’s shopping and dining options and are within walking distance of Powell Butte Nature Park, a beautiful local attraction set on an extinct volcanic site. The area offers the benefits of suburban living with proximity to the city center and convenient access to major freeways and public transportation.
Centennial serves as a gateway between Gresham to the east and Southeast Portland to the west, offering affordable rents within an evolving market. Recent demand has kept vacancies low, even with a moderate increase in competition from new developments. Nearby employment centers, including the Oregon Department of Human Services and Microchip Technology Inc., add to the neighborhood’s stable tenant base, with ongoing job growth and development incentives like the CHIPS Act further boosting demand.