Apartment Building with On-Site
For Sale
$1,097,000
1607 NE 26TH Ave, Portland, OR 97232
MultiFamily, Portland, OR
Property Size3,826 SF
Lot Size0.12 Acres
Price / SF$286.72
Days on Market44
Property Features for 1607 NE 26TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5
Bedrooms
7
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 5, Bathroom 4, Bathroom 2, Bathroom 9, Bathroom 6, Bathroom 5, Bathroom 8, Bedroom 2, Bathroom 10, Bedroom 4, Bedroom 7, Bedroom 6, Bathroom 7
Elementary school
Laurelhurst
High school
Grant
Directions
NE Broadway
Subdivision
_142
Standard status
Active
APN
R128171
Size
3,826 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
CARTERS ADD TO E P, BLOCK 5, LOT 8
Tax Annual Amount
11169
Legal Description
CARTERS ADD TO E P, BLOCK 5, LOT 8
Utilities
Cooling system
Wall Unit(s)
Amenities
laundry facilities
additional storage
off street parking
Building Details
Year built
1968
Floors in Building
2
Number of units
5
Roof type
Composition
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 284-7755
Listed By:
Patrick Williams · License #941200013
(360) 921-5661
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 2 at 10:06PM
MLS# 761561246
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.
This 3,826-square-foot apartment property was built in 1968 on a 0.12-acre site. The building offers on-site laundry facilities, dedicated storage for each unit, off-street parking, solid surface flooring, electric Cadet heating, and wall-unit cooling. Water and garbage are included. The composition roof was replaced in June 2025, and the driveway was asphalted in 2017.
The property is located in Portland’s Sullivan’s Gulch/Hollywood area, one block from NE Broadway. Restaurants, bars, coffee shops, shopping, Fred Meyer, and New Seasons are nearby. Bus and MAX service, I-84, Lloyd Center, and Grant Park are also within the surrounding area. The property is zoned R2.5.
The property is located in Portland’s Sullivan’s Gulch/Hollywood area, one block from NE Broadway. Restaurants, bars, coffee shops, shopping, Fred Meyer, and New Seasons are nearby. Bus and MAX service, I-84, Lloyd Center, and Grant Park are also within the surrounding area. The property is zoned R2.5.
Key Highlights
- 3,826‑square‑foot apartment property on a 0.12‑acre site
- Composition roof replaced in June 2025
- On‑site laundry with additional storage assigned to each unit
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
$49,126
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
4.48%
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%
$982,520
$982.5K
Cap Rate 7%
$701,800
$701.8K
Cap Rate 9%
$545,844
$545.8K
Market Conditions
NOI Build-Up for 3,826 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
$94.1K $24.60/SF
− Vacancy
−$4.8K −$1.25/SF
EGI
$89.3K $23.35/SF
− OpEx
−$40.2K −$10.51/SF
NOI
$49.1K $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%
$982,520
Cap Rate 7%
$701,800
Cap Rate 9%
$545,844
Alternative Uses
Best Use
Apartment 5plus
$701.8K
$614.1K – $818.8K
NOI $49,126 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$940.1K – $1.25M
NOI $75,210 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,664
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R2.5-zoned apartment property with individual storage, off-street parking, and select building upgrades.
Where is this apartment building located?
The property is located at 1607 NE 26TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,097,000.
What are key features of this property?
This property features: 3,826‑square‑foot apartment property on a 0.12‑acre site; Composition roof replaced in June 2025; On‑site laundry with additional storage assigned to each unit
