Alcove Hollywood

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On the Market

Price: $6,000,000

Offer Review Date: TBD

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Executive Summary

Alcove Hollywood is a masterclass in urban efficiency, offering a sophisticated living experience in one of Portland’s most established neighborhoods. Built in 2016, this 54-unit community blends high-design “micro-living” with unparalleled utility.

Site Details

ADDRESS

1521 NE 41st Ave Portland, OR 97232

RESIDENTIAL UNITS

AVERAGE UNIT SIZE

168 SF

NRSF

9,080

YEAR BUILT

2016

STORIES

Unit Mix

STUDIO

43 (Avg. 160 SF)

STUDIO

11 (Avg. 200 SF)

TOTAL

54 (Total 9,080 SF)

Opportunity

The property serves as a compelling strategic basis play, offering investors a chance to acquire a stabilized, modern asset at a valuation significantly below today’s replacement cost. With current construction expenses, labor shortages, and high financing rates, delivering a comparable project in Portland is increasingly prohibitive. By entering at this basis, an investor gains a natural “moat” against future competition while benefiting from a property that is exempt from Oregon’s statewide rent control (SB 608) for several more years.

From an investment perspective, Alcove Hollywood captures a resilient demographic of professionals and students seeking a “lockand-leave” lifestyle. The building’s modern construction and efficiency-first footprint minimize long-term CapEx while optimizing operational management. This asset is perfectly aligned with Portland’s long-term growth toward sustainable, transit-oriented urban development, offering stabilized returns in a premier innerEastside location.

Strategic Basis Play

Offered at a price point significantly below current replacement cost in the Portland market.

Efficiency Units

Due to their lower price-point, and meticulously designed layouts, efficiency units are highly popular with today's renters looking for simplicity and convenience.

Highly Desirable for Tenants

Located near several of Portland's most desirable eastside neighborhoods, directly across from major anchors like Trader Joe's and Whole Foods.

Fully Leased & Stabilized

Historically high-performing asset, currently stabilized at 95% capacity.

Location

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on the market

Alcove Hollywood

1521 NE 41st Ave
Portland, OR 97232
Units: 54
Price: $6,000,000

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About the Area

Life at Alcove Hollywood offers a relaxed, tight-knit vibe where historic architecture meets modern renovation.

Because of its walkable footprint, it is the ideal place to explore on foot, whether you are heading to the lush greenery of Grant Park or wandering through local boutiques.

Alcove Hollywood is perfectly positioned in the vibrant, revitalized Hollywood neighborhood of NE Portland, right on the edge of the scenic Rose City area. Situated at the corner of NE 41st Avenue and Sandy Boulevard, the property offers effortless access—by foot or bike—to Portland’s most iconic eastside destinations, including the Alberta Arts District, Hawthorne, and Division Street. Connectivity is built into the location, placing residents just blocks from the Hollywood Transit Center for access to the MAX Light Rail, the I-84 Freeway for easy commuting, and top-tier grocers like Whole Foods and Trader Joe’s. Major employers, including Providence Portland Medical Center and the central business district, are also just minutes away.