Located on Munjoy Hill just outside of inner Washington Avenue, this five-unit property sits in the center of one of Portland's most dynamic and desirable neighborhoods--surrounded by bars, breweries, and boutiques, and the energy that defines the East End. Positioned on an elevated site, the property offers city skyline views and represents one of the more compelling and reasonably priced investment opportunities in Portland. With two structures and five total units, ample off-street parking, and strong upside potential, this is an ideal candidate for a 1031 exchange or a quality long-term hold. The property generates ~ $57,000 in net operating income and offers a healthy 6.4% cap rate, delivering immediate returns while positioning investors to benefit from long-term appreciation in one of Portland's most sought-after neighborhoods. A key differentiator: the property is NOT located within Portland's historic district, opening the door to meaningful flexibility - whether your plan is to renovate, reposition, pursue condo conversion, or demo & develop. With recent high-end condo projects nearby, the potential self evident. The location offers an exceptional Portland lifestyle--walkable to inner Washington Avenue, the Eastern Promenade, East End Beach, and downtown, and immediately proximate to major employers, Portland's growing tech sector, the Roux Institute, and the forthcoming Portland Foreside development. From Back Cove to the working waterfront and recreational shoreline, this location captures the full breadth of Portland living. The owner currently pays for heat, while tenants pay electricity, presenting an opportunity for further operational improvement. The building appears to have undergone a substantial renovation in the 1980s. Rents are below market and poised for improvement, enhancing upside across multiple strategies.