Newly Built 6-Unit Apartment
For Sale
$2,150,000
1318 NE 46th Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size6,121 SF
Lot Size0.12 Acres
Price / SF$351.25
Days on Market655
Property Features for 1318 NE 46th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 5, Bedroom 6, Bedroom 11, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 2, Bathroom 9, Bedroom 4, Bathroom 6, Bathroom 11, Bathroom 8, Bathroom 3, Bedroom 12, Bathroom 7, Bathroom 4, Bathroom 2, Bedroom 8, Bedroom 9, Bathroom 10, Bedroom 10, Bathroom 12, Bathroom 5, Bedroom 7
Subdivision
HOLLYWOOD
Elementary school
Laurelhurst
Middle school
Laurelhurst
High school
Grant
Directions
NE Sandy Blvd, E on NE Halsey St, S on NE 46th Ave
Standard status
Active
APN
New Construction
Size
6,121 SF
Lot size
0.12 Acres
Utilities
Cooling system
Heat Pump
Building Details
Year built
2024
Floors in Building
2
Number of units
6
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Nov 7, 2024
Changed: Aug 22
Last Checked: Aug 24 at 3:06PM
MLS# 24196384
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.
Investment Insights
Based on property information with market context.
Completed in 2024, this RM2-zoned apartment property contains six residences totaling 6,121 square feet on a 0.12-acre lot. Each residence has two bedrooms and two bathrooms arranged across an open-concept floor plan. Interior features include expansive windows, high ceilings, stainless steel appliances, warm cabinetry, tile accents, a main-level walk-in shower, and an upper-level soaking tub. Every residence also includes a private fenced yard. Heat pump cooling and a composition roof serve the property, and a 1-year builder warranty is in place.
The property is located 0.3 miles from coffee shops, grocery stores, restaurants, and parks. The surrounding area carries an 89 BikeScore, with access to I-84 also noted. The address is 1318 NE 46th Ave in Portland, Oregon, within Multnomah County and ZIP Code 97213.
The property is located 0.3 miles from coffee shops, grocery stores, restaurants, and parks. The surrounding area carries an 89 BikeScore, with access to I-84 also noted. The address is 1318 NE 46th Ave in Portland, Oregon, within Multnomah County and ZIP Code 97213.
Key Highlights
- Six‑unit apartment property completed in 2024
- 6,121 square feet on a 0.12‑acre lot
- Each unit offers 2 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$78,593
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,571,860
$1.6M
Cap Rate 7%
$1,122,757
$1.1M
Cap Rate 9%
$873,256
$873.3K
Market Conditions
NOI Build-Up for 6,121 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$150.6K $24.60/SF
− Vacancy
−$7.7K −$1.25/SF
EGI
$142.9K $23.35/SF
− OpEx
−$64.3K −$10.51/SF
NOI
$78.6K $12.84/SF
Area
Portland, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,571,860
Cap Rate 7%
$1,122,757
Cap Rate 9%
$873,256
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$982.4K – $1.31M
NOI $78,593 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.01M
NOI $120,325 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,151
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six residences offer two-bedroom, two-bath layouts with private fenced outdoor areas.
Where is this apartment building located?
The property is located at 1318 NE 46th Ave Portland, OR.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Six‑unit apartment property completed in 2024; 6,121 square feet on a 0.12‑acre lot; Each unit offers 2 bedrooms and 2 bathrooms
