7-Unit Apartment
For Sale
$2,889,900
2938 NE 62nd Ave, Portland, OR 97213
MULTI_FAMILY - Portland, OR
Property Size7,179 SF
Lot Size0.22 Acres
Price / SF$402.55
Days on Market167
Property Features for 2938 NE 62nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
5
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 5, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 5, Bathroom 6
Subdivision
ROSE CITY PARK
Elementary school
Rose City Park
Middle school
Roseway Heights
High school
Leodis McDaniel
Directions
NE Stanton To NE Sandy
Standard status
Active
APN
New Construction
Size
7,179 SF
Lot size
0.22 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
private outdoor space
energy efficient mini splits
high ceilings
open great room
upstairs laundry
vaulted ceilings
private yards
crown molding
architectural built ins
designer accent walls
Building Details
Year built
2026
Floors in Building
2
Number of units
7
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Feb 26
Changed: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 204317021
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.
Newly constructed 7-unit townhouse-style apartment building located in Portland’s Rose City Park neighborhood. The project consists of two buildings totaling approximately 7,179 square feet, on a 0.22-acre lot, with completion anticipated for 2026. All seven units are vacant and ready for lease up.
The residences are configured as three end units and four interior units. The three end units offer three bedrooms and 2.1 bathrooms, each at approximately 1,177 square feet. The four interior units offer two bedrooms and 2.1 bathrooms, each at approximately 912 square feet. Across the full offering, the unit mix totals 17 bedrooms, 14 full bathrooms, and 7 half bathrooms.
Each home is designed for year-round comfort with energy-efficient mini splits and a heat pump heating and cooling system. The roof is composition, and the property is identified as under construction. A projected pro forma cap rate of 5.6% at stabilization is provided for the offering. The location offers convenient access to NE Sandy Blvd and nearby shopping, dining, parks, bike routes, and transit.
The residences are configured as three end units and four interior units. The three end units offer three bedrooms and 2.1 bathrooms, each at approximately 1,177 square feet. The four interior units offer two bedrooms and 2.1 bathrooms, each at approximately 912 square feet. Across the full offering, the unit mix totals 17 bedrooms, 14 full bathrooms, and 7 half bathrooms.
Each home is designed for year-round comfort with energy-efficient mini splits and a heat pump heating and cooling system. The roof is composition, and the property is identified as under construction. A projected pro forma cap rate of 5.6% at stabilization is provided for the offering. The location offers convenient access to NE Sandy Blvd and nearby shopping, dining, parks, bike routes, and transit.
Key Highlights
- Two buildings totaling approximately 7,179 SF on a 0.22‑acre lot
- Three end units with 3 bedrooms and 2.1 bathrooms, each about 1,177 SF
- Four interior units with 2 bedrooms and 2.1 bathrooms, each about 912 SF
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
$92,178
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
3.19%
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%
$1,843,560
$1.8M
Cap Rate 7%
$1,316,829
$1.3M
Cap Rate 9%
$1,024,200
$1.0M
Market Conditions
NOI Build-Up for 7,179 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
$176.6K $24.60/SF
− Vacancy
−$9.0K −$1.25/SF
EGI
$167.6K $23.35/SF
− OpEx
−$75.4K −$10.51/SF
NOI
$92.2K $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%
$1,843,560
Cap Rate 7%
$1,316,829
Cap Rate 9%
$1,024,200
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,178 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.76M – $2.35M
NOI $141,123 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
762
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 - 7-unit apartment building zoned R2.5, under construction in Portland’s Rose City Park area.
Where is this apartment building located?
The property is located at 2938 NE 62nd Ave Portland, OR.
What is the asking price?
The asking price for this property is $2,889,900.
What are key features of this property?
This property features: Two buildings totaling approximately 7,179 SF on a 0.22‑acre lot; Three end units with 3 bedrooms and 2.1 bathrooms, each about 1,177 SF; Four interior units with 2 bedrooms and 2.1 bathrooms, each about 912 SF
