Alcove Northwest

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On the Market

Price: $5,500,000

Offer Review Date: TBD

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Executive Summary

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

Site Details

ADDRESS

2250 NW Thurman St, Portland, OR 97210

NEIGHBORHOOD

Alphabet District

TOTAL UNITS

AVG UNIT SIZE

173 SF

NET RENTABLE SF

9,340 SF

BUILDINGS

STORIES

YEAR BUILT

2016

Unit Mix

STUDIO

32 (Avg 150 SF)

STUDIO

8 (Avg 180 SF)

STUDIO

11 (Avg 200 SF)

STUDIO

3 (Avg 300 SF)

TOTAL

54 (Total 9,340 SF)

Opportunity

Alcove Northwest 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. 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.

Additionally, the property has received a full property tax abatement for the 2026-2027 tax year on all real property improvements through the Portland Housing Bureau’s Non-Profit Low-Income Housing Limited Tax Exemption Program.

Residents enjoy a community-centric lifestyle with expansive shared kitchens on each floor, complementary high-speed Wi-Fi, and secure keyless entry. Situated in the heart of Northwest Portland, the location offers frictionless connectivity to the Pearl District and Downtown, capturing a resilient demographic of professionals and students seeking a “lock-and-leave” lifestyle.

Alcove Northwest is perfectly positioned in the heart of Portland’s historic Alphabet District, steps away from the premier boutiques and world-class dining of NW 23rd Avenue. With a 96 Walk Score and 98 Bike Score, the property offers a “Walker’s Paradise” with effortless access to New Seasons Market and the vast trail networks of Forest Park. This prime location ensures high desirability for urban professionals, providing a seamless commute to both the Pearl District and downtown Portland.

Strategic Basis Play

Offered at a price point significantly below current replacement cost in the Portland market. With current construction expenses, labor shortages, and high financing rates, delivering a comparable project in the Northwest District is increasingly prohibitive.

Efficiency Units for Modern Tenants

Each unit brings a feeling of luxury without sacrificing comfort or paying the high rents typical of the Alphabet District. Due to their lower price point and meticulously designed layouts, these efficiency units are highly popular with renters looking for simplicity and convenience.

Highly Desirable NW Portland Location

Located at 2250 NW Thurman St, the property is nestled in one of Portland’s most iconic and walkable neighborhoods. Residents are just steps away from the trendy boutique shops, world-class dining, and active nightlife of NW 23rd Avenue.

Location

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on the market

Alcove Northwest

2250 NW Thurman St
Portland, OR 97210
Units: 54
Price: $5,500,000

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About the Area

Alcove Northwest is perfectly positioned in the heart of Portland’s historic Alphabet District, a premier neighborhood renowned for its vibrant mix of trendy boutiques and world-class culinary destinations.

The property is just steps away from the iconic NW 23rd Avenue corridor, where residents can enjoy a sophisticated urban lifestyle defined by historic architecture and a thriving local culture. This prime location ensures high desirability for modern professionals seeking a “lock-and-leave” lifestyle in one of the city’s most established and prestigious residential enclaves.Strategically located on the edge of the Slabtown and Nob Hill districts, Alcove Northwest provides unmatched connectivity to Portland’s primary employment hubs. The property is served by the Portland Streetcar and multiple frequent-service bus lines, offering a seamless commute to the Pearl District and the downtown Central Business District.