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    The Largest CRE Database in the US with Over 1 Million Listings

    1129 SW Gaines St Portland, OR 97239

    Sponsored
    For Sale
    $2,200,000

    MULTI_FAMILY - Portland, OR

    Property size:
    8,472 SF
    Lot size:
    0.24 Acres
    Days on Market:
    19
    Last Refresh:
    Jan 31 at 1:06 am

    Property Features for 1129 SW Gaines St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R1
    Rooms
    Bedroom 2, Bedroom 1, Bathroom 1
    Bedrooms
    2
    APN
    R247178
    Size
    8,472 SF
    Lot size
    0.24 Acres

    Utilities

    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    1999
    Floors in Building
    2
    Number of units
    8
    Roof type
    Composition

    We can help!

    Listing Contact
    Greg Messick
    Greg Messick

    Realty NET (503) 770-0580

    Listing agent Greg Messick (800) 883-6905

    Listing date Jan 13, 2026

    MLS# 136481066

    Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Marquam Hill 8-Plex Apartments

    The Marquam Trail 8-Plex Apartments, constructed in 1999, are located at 1129 SW Gaines Street, Portland, OR 97239. The property features a new roof installed in 2023 by Interstate Roofing. The building contains eight 2-bedroom, one-bath units, each equipped with a full-size washer and dryer, air conditioning/heat pump, and a private patio or balcony. The property includes controlled access to the common area unit entry, 8 carports with extra tandem off-street parking, and large lockable storage units in front of each carport. A dedicated Maintenance-Work Room is available for an Owner/Manager. Situated in the Homestead neighborhood on Marquam Hill, the property is near OHSU's medical school and two hospitals: Oregon Health & Science University Hospital and Doernbecher Children's Hospital. A third hospital, the Portland Veterans Affairs Medical Center, is connected to OHSU by a skybridge. OHSU is Portland's largest employer and a statewide economic powerhouse, supporting 42,639 jobs and generating $7.2 billion a year in total gross economic output in Oregon. The property is located on a 0.24-acre lot and the building size is 8,472 square feet. The property is zoned R1.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.692057
    Latitude
    45.497223

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    FAQs

    What type of property is this?
    Apartment building - Eight-unit apartment building near OHSU with modern amenities and convenient parking.
    Where is this apartment building located?
    The property is located at 1129 SW Gaines St Portland, OR.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: - Prime location on Marquam Hill near OHSU, Portland's largest employer, offering high rental demand and stability.; - Eight 2-bedroom, 1-bath units, each with in-unit full-size washer and dryer, air conditioning/heat pump, and private patio or balcony.; - New 2023 roof by Interstate Roofing, ensuring long-term durability and reduced maintenance costs.
    (503) 300-6330
    Request Owner's contact information
    1129 SW Gaines St Portland, OR 97239
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    Portland, OR 97239
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1129 SW Gaines St Portland, OR 97239
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    We can help!
    Listing Contact
    Greg Messick
    Greg Messick
    Real Estate License ID: 200202047
    (503) 300-6330
    Learn more
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