12-Unit Apartment
New
For Sale
$2,299,900
461 W GLOUCESTER St, Gladstone, OR 97027
MultiFamily, Gladstone, OR
Property Size9,360 SF
Lot Size0.87 Acres
Price / SF$245.72
Days on Market2
Property Features for 461 W GLOUCESTER St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MR
Bedrooms
14
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 8, Bedroom 14, Bedroom 7, Bedroom 13, Bedroom 3, Bedroom 1, Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 11, Bathroom 7, Bedroom 10, Bedroom 5, Bathroom 4, Bathroom 5, Bedroom 12, Bedroom 9, Bathroom 1, Bathroom 6, Bathroom 2
Subdivision
GLADSTONE
Elementary school
John Wetten
Middle school
Kraxberger
High school
Gladstone
Directions
From I-205, take Exit 9 to Gladstone; turn onto W Gloucester St to 461 W Gloucester.
Standard status
Active
APN
00528824
Size
9,360 SF
Lot size
0.87 Acres
Taxes and HOA fees
Tax Description
SEC 19 T2S R2E QTR DD TL 00300 & TL 00303; 137 APPERSONS ADD GLADSTONE LTS 10&11 PT SEC
Tax Annual Amount
18893
Legal Description
SEC 19 T2S R2E QTR DD TL 00300 & TL 00303; 137 APPERSONS ADD GLADSTONE LTS 10&11 PT SEC
Utilities
Heating system
Baseboard
Amenities
off street parking
in unit laundry
fireplaces
private outdoor space
dishwashers
mature landscaping
Building Details
Year built
1978
Floors in Building
2
Number of units
12
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Oct 8
Changed: Oct 9
Last Checked: Oct 9 at 9:06AM
MLS# 297829268
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 12-residence apartment property comprises three buildings on 0.87 acres. Each home contains 780 square feet with two bedrooms and one bathroom; layouts include both single-level and two-level configurations. Individual residences feature in-unit laundry, a fireplace, a dishwasher, and private outdoor space. Surface parking serves the property, which was built in 1978 and is zoned MR. The residences are fully leased.
Gladstone Crossing, Safeway, and shopping along McLoughlin Boulevard are nearby. Cross Park, Dahl Beach City Park, and Clackamette Park provide nearby outdoor destinations, and the Clackamas River is approximately one mile away. Oregon City, I-205, and McLoughlin Boulevard connect the area with destinations across the Portland metro area.
Gladstone Crossing, Safeway, and shopping along McLoughlin Boulevard are nearby. Cross Park, Dahl Beach City Park, and Clackamette Park provide nearby outdoor destinations, and the Clackamas River is approximately one mile away. Oregon City, I-205, and McLoughlin Boulevard connect the area with destinations across the Portland metro area.
Key Highlights
- 12 two‑bedroom, one‑bath residences across three buildings
- Each residence contains 780 square feet
- 0.87‑acre site; built in 1978
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$120,182
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,403,640
$2.4M
Cap Rate 7%
$1,716,886
$1.7M
Cap Rate 9%
$1,335,356
$1.3M
Market Conditions
NOI Build-Up for 9,360 SF
Gross rent
$230.3K $24.60/SF
− Vacancy
−$11.7K −$1.25/SF
EGI
$218.5K $23.35/SF
− OpEx
−$98.3K −$10.51/SF
NOI
$120.2K $12.84/SF
Area
Clackamas County, 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 Rate 5%
$2,403,640
Cap Rate 7%
$1,716,886
Cap Rate 9%
$1,335,356
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.50M – $2.00M
NOI $120,182 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $176,855 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 97027, OR
12,599
Population
5,365
Households
2.3
Avg Household Size
41
Median Age
24%
College-Educated
92%
High-School Grad
2.5 sq mi
ZIP Area
5,040
Density / Sq Mi
$91,957
Median Household Income
$49,689
Median Earnings
$1,721
Median Rent
$464,700
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 - Three buildings offer two-bedroom residences with private outdoor areas and laundry in each home.
Where is this apartment building located?
The property is located at 461 W GLOUCESTER St Gladstone, OR.
What is the asking price?
The asking price for this property is $2,299,900.
What are key features of this property?
This property features: 12 two‑bedroom, one‑bath residences across three buildings; Each residence contains 780 square feet; 0.87‑acre site; built in 1978
