Savona Apartments: Modern Urban
For Sale
$4,350,000
4620 N MARYLAND Ave, Portland, OR 97217
MULTI_FAMILY - Portland, OR
Property Size10,596 SF
Lot Size0.11 Acres
Price / SF$410.53
Days on Market440
Property Features for 4620 N MARYLAND Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CM3
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
View
City
Elementary school
Beach
Middle school
Ockley Green
High school
Jefferson
Directions
N Interstate Ave & N Blandena St
Subdivision
_141
Standard status
Active
APN
R210471
Size
10,596 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
M PATTONS ADD & 2ND, BLOCK 9, LOT 1 TL 4800
Tax Annual Amount
51333
Legal Description
M PATTONS ADD & 2ND, BLOCK 9, LOT 1 TL 4800
Utilities
Heating system
Ductless (Heating)
Building Details
Year built
2018
Floors in Building
3
Number of units
24
Roof type
Flat
Listing Agency:
Kelly Right Real Estate of Portland, LLC
(503) 719-6056
Listed By:
Jacob Serrill · License #201228311
(503) 780-7521
Added: Jun 11, 2025
Changed: Aug 3
Last Checked: Aug 24 at 2:06PM
MLS# 713931810
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.
Savona Apartments, constructed in 2018, is a 24-unit apartment community located at 4620 N Maryland Ave in Portland. The property features modern construction and spacious floor plans. Residents have direct access to the Mississippi Avenue district, known for its restaurants, breweries, boutiques, and arts scene. Commuters benefit from access to the I-5 freeway and the MAX light rail, providing connectivity to downtown Portland. The property is situated on a 0.11-acre lot and totals 10596 square feet. The zoning is CM3. The property has an assumable loan at 3.370% interest until June 2030 and is fully occupied.
Key Highlights
- 24‑unit apartment community built in 2018 at 4620 N Maryland Ave in Portland
- Property is fully occupied (please do not disturb tenants)
- Ductless heating system and flat roof
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
$136,052
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
3.13%
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%
$2,721,040
$2.7M
Cap Rate 7%
$1,943,600
$1.9M
Cap Rate 9%
$1,511,689
$1.5M
Market Conditions
NOI Build-Up for 10,596 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
$260.7K $24.60/SF
− Vacancy
−$13.3K −$1.25/SF
EGI
$247.4K $23.35/SF
− OpEx
−$111.3K −$10.51/SF
NOI
$136.1K $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%
$2,721,040
Cap Rate 7%
$1,943,600
Cap Rate 9%
$1,511,689
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.70M – $2.27M
NOI $136,052 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.60M – $3.47M
NOI $208,293 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,430
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
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 - 24-unit apartment building in vibrant Portland neighborhood, built in 2018.
Where is this apartment building located?
The property is located at 4620 N MARYLAND Ave Portland, OR.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 24‑unit apartment community built in 2018 at 4620 N Maryland Ave in Portland; Property is fully occupied (please do not disturb tenants); Ductless heating system and flat roof
