5-Unit Apartment
For Sale
$1,750,000
2505 SE Tacoma St, Portland, OR 97202
MultiFamily, Portland, OR
Property Size4,686 SF
Price / SF$373.45
Days on Market13
Property Features for 2505 SE Tacoma St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RM1
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 10, Bedroom 2, Bathroom 5, Bedroom 3, Bedroom 12, Bathroom 7, Bedroom 7, Bedroom 10, Bedroom 8, Bedroom 11, Bedroom 4, Bedroom 6, Bathroom 8, Bathroom 9, Bathroom 12, Bathroom 4, Bathroom 3, Bedroom 9, Bedroom 5, Bathroom 1, Bathroom 11, Bathroom 2, Bathroom 6, Bedroom 1
Subdivision
SELLWOOD-MORELAND
Elementary school
Llewellyn
Middle school
Sellwood
High school
Cleveland
Directions
99E - McLoughlin Blvd to Tacoma
Standard status
Active
APN
Not Found
Size
4,686 SF
Taxes and HOA fees
Tax Description
To Follow
Legal Description
To Follow
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2026
Floors in Building
2
Number of units
5
Roof type
Composition
Listing Agency:
Harcourts Real Estate Network Group
(503) 344-4554
Listed By:
Bryce Rosenbaum · License #201224328
(503) 367-8266
Added: Sep 22
Changed: Sep 28
Last Checked: Oct 4 at 8:06PM
MLS# 590734268
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 five-unit apartment property is under construction, with completion listed for 2026. The unit mix comprises three two-bedroom residences of approximately 812 square feet each and two three-bedroom residences of approximately 1,140 square feet each. The property is listed at 4,686 square feet. Heat pumps provide both heating and cooling, and the roof is composition material. The Home Energy Score is 9.
Situated in Portland’s Sellwood-Moreland area, the property is near Westmoreland Park, which includes walking paths, athletic fields, tennis courts, a nature-based playground and Sckavone Stadium. Neighborhood shopping, dining, recreation and transportation are also described as accessible nearby. Zoning is RM1.
Situated in Portland’s Sellwood-Moreland area, the property is near Westmoreland Park, which includes walking paths, athletic fields, tennis courts, a nature-based playground and Sckavone Stadium. Neighborhood shopping, dining, recreation and transportation are also described as accessible nearby. Zoning is RM1.
Key Highlights
- Five apartment units: three two‑bedroom homes and two three‑bedroom homes
- Three two‑bedroom residences are approximately 812 square feet each
- Two three‑bedroom residences are approximately 1,140 square feet each
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
$63,220
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
3.61%
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%
$1,264,400
$1.3M
Cap Rate 7%
$903,143
$903.1K
Cap Rate 9%
$702,444
$702.4K
Market Conditions
NOI Build-Up for 4,686 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
$122.0K $26.04/SF
− Vacancy
−$7.1K −$1.51/SF
EGI
$114.9K $24.53/SF
− OpEx
−$51.7K −$11.04/SF
NOI
$63.2K $13.49/SF
Area
ZIP 97202
Vacancy
5.80%
Lease Rate
$26.04 /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%
$1,264,400
Cap Rate 7%
$903,143
Cap Rate 9%
$702,444
Alternative Uses
Best Use
Apartment 5plus
$903.1K
$790.3K – $1.05M
NOI $63,220 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$978.2K – $1.30M
NOI $78,256 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - RM1-zoned residential property combines two- and three-bedroom homes with heat-pump heating and cooling.
Where is this apartment building located?
The property is located at 2505 SE Tacoma St Portland, OR.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Five apartment units: three two‑bedroom homes and two three‑bedroom homes; Three two‑bedroom residences are approximately 812 square feet each; Two three‑bedroom residences are approximately 1,140 square feet each
