21-Unit Apartment
For Sale
$2,890,000
19109 SE YAMHILL St, Portland, OR 97233
MultiFamily, Portland, OR
Property Size13,152 SF
Lot Size1.14 Acres
Price / SF$219.74
Days on Market92
Property Features for 19109 SE YAMHILL St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RTC
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1
Elementary school
Davis
Middle school
Reynolds
High school
Reynolds
Directions
191st
Subdivision
_144
Standard status
Active
APN
R153601
Size
13,152 SF
Lot size
1.14 Acres
Taxes and HOA fees
Tax Description
EASTWOOD, LOT 20 TL 1600
Tax Annual Amount
23786
Legal Description
EASTWOOD, LOT 20 TL 1600
Utilities
Heating system
Baseboard
Building Details
Year built
1978
Floors in Building
2
Number of units
21
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Kevan Willes · License #201206488
(503) 505-8065
Added: Jun 27
Changed: Sep 26
Last Checked: Sep 26 at 1:06PM
MLS# 644473862
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 21-unit apartment property includes twenty 1-bedroom residences and one 2-bedroom residence within 13,152 square feet. The 1.14-acre site provides on-site parking, while building systems include baseboard heating and a composition roof. Built in 1978, the property is zoned RTC and currently reports approximately 81% occupancy.
Located at 19109 SE YAMHILL St in Portland, the asset is near MAX Light Rail, public transit, SE Burnside, and employment and retail corridors. Its unit mix, site area, and existing residential configuration provide a clear basis for evaluating the property as a multifamily holding.
Located at 19109 SE YAMHILL St in Portland, the asset is near MAX Light Rail, public transit, SE Burnside, and employment and retail corridors. Its unit mix, site area, and existing residential configuration provide a clear basis for evaluating the property as a multifamily holding.
Key Highlights
- 21‑unit apartment property with twenty 1‑bedroom units and one 2‑bedroom unit
- 13,152 square feet on approximately 1.14 acres
- Approximately 81% occupancy
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
$168,871
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
5.84%
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%
$3,377,420
$3.4M
Cap Rate 7%
$2,412,443
$2.4M
Cap Rate 9%
$1,876,344
$1.9M
Market Conditions
NOI Build-Up for 13,152 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
$323.5K $24.60/SF
− Vacancy
−$16.5K −$1.25/SF
EGI
$307.0K $23.35/SF
− OpEx
−$138.2K −$10.51/SF
NOI
$168.9K $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%
$3,377,420
Cap Rate 7%
$2,412,443
Cap Rate 9%
$1,876,344
Alternative Uses
Best Use
Apartment 5plus
$2.41M
$2.11M – $2.81M
NOI $168,871 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.69M
$3.23M – $4.31M
NOI $258,538 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
21
Residential units
81%
Occupancy
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Multifamily property with a one- and two-bedroom mix, on-site parking, and baseboard heating.
Where is this apartment building located?
The property is located at 19109 SE YAMHILL St Portland, OR.
What is the asking price?
The asking price for this property is $2,890,000.
What are key features of this property?
This property features: 21‑unit apartment property with twenty 1‑bedroom units and one 2‑bedroom unit; 13,152 square feet on approximately 1.14 acres; Approximately 81% occupancy
