15-Unit Cottage Apartment
For Sale
$5,499,900
3246 SE 115th Ave, Portland, OR 97266
MultiFamily, Portland, OR
Property Size14,018 SF
Lot Size0.90 Acres
Price / SF$392.35
Days on Market327
Property Features for 3246 SE 115th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R5
Bedrooms
5
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 3, Bathroom 6, Bathroom 5, Bedroom 1, Bedroom 4, Bathroom 1, Bathroom 4, Bedroom 5, Bedroom 2, Bedroom 3
Subdivision
Powellhurst-Gilbert
Elementary school
W Powellhurst
Middle school
Ron Russell
High school
David Douglas
Directions
SE 115th between Powell and Division
Standard status
Active
APN
New Construction
Size
14,018 SF
Lot size
0.90 Acres
Utilities
Cooling system
Heat Pump
Amenities
private patios
Building Details
Year built
2025
Floors in Building
2
Number of units
15
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Oct 2, 2025
Changed: Aug 23
Last Checked: Aug 24 at 6:06PM
MLS# 543081098
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 15-unit apartment community comprises detached cottage-style residences on approximately 0.9 acres, with 14,018 square feet of building area. The homes include two-bedroom, two-and-one-half-bath and three-bedroom, two-and-one-half-bath layouts ranging from 894 to 970 square feet. Individual utility meters, private patios, and the absence of shared walls provide distinct residential spaces, while heat-pump mini-splits supply heating and cooling. The property was built in 2025 and is zoned R5.
Five off-street parking spaces serve the community. The property is located at 3246 SE 115th Ave in Portland’s Powellhurst-Gilbert neighborhood, near Fubonn Shopping Center, the Jade District, Raymond Park, Gilbert Heights Park, and Powell Butte Nature Park. Nearby dining and convenience options include So Kong Dong Korean BBQ, Tik Tok Restaurant & Bar, Starbucks, and local cafes. The site has no HOA complications and includes full site control.
Five off-street parking spaces serve the community. The property is located at 3246 SE 115th Ave in Portland’s Powellhurst-Gilbert neighborhood, near Fubonn Shopping Center, the Jade District, Raymond Park, Gilbert Heights Park, and Powell Butte Nature Park. Nearby dining and convenience options include So Kong Dong Korean BBQ, Tik Tok Restaurant & Bar, Starbucks, and local cafes. The site has no HOA complications and includes full site control.
Key Highlights
- 15‑unit apartment community on 0.9 acres
- 14,018 square feet of building area
- Two- and three‑bedroom homes ranging from 894 to 970 square feet
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
$179,991
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
3.27%
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%
$3,599,820
$3.6M
Cap Rate 7%
$2,571,300
$2.6M
Cap Rate 9%
$1,999,900
$2.0M
Market Conditions
NOI Build-Up for 14,018 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
$344.8K $24.60/SF
− Vacancy
−$17.6K −$1.25/SF
EGI
$327.3K $23.35/SF
− OpEx
−$147.3K −$10.51/SF
NOI
$180.0K $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%
$3,599,820
Cap Rate 7%
$2,571,300
Cap Rate 9%
$1,999,900
Alternative Uses
Best Use
Apartment 5plus
$2.57M
$2.25M – $3.00M
NOI $179,991 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.94M
$3.44M – $4.59M
NOI $275,562 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 97266, OR
36,095
Population
13,863
Households
2.6
Avg Household Size
37
Median Age
29%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
5,917
Density / Sq Mi
$71,791
Median Household Income
$39,856
Median Earnings
$1,532
Median Rent
$420,800
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 - Detached residences offer private patios, individual utility metering, and heat-pump climate control.
Where is this apartment building located?
The property is located at 3246 SE 115th Ave Portland, OR.
What is the asking price?
The asking price for this property is $5,499,900.
What are key features of this property?
This property features: 15‑unit apartment community on 0.9 acres; 14,018 square feet of building area; Two- and three‑bedroom homes ranging from 894 to 970 square feet
