12-Unit Apartment
For Sale
$3,400,000
6375 N LOMBARD St, Portland, OR 97203
MultiFamily, Portland, OR
Property Size8,325 SF
Lot Size0.11 Acres
Price / SF$408.41
Days on Market49
Property Features for 6375 N LOMBARD St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RM2
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Subdivision
PORTSMOUTH
Elementary school
Cesar Chavez
Middle school
Cesar Chavez
High school
Roosevelt
Directions
N Lombard & N Westanna
Standard status
Active
APN
R309238
Size
8,325 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
WILLUMBIA, BLOCK 1, LOT 3&4 EXC PT IN ALLEY
Tax Annual Amount
1325
Legal Description
WILLUMBIA, BLOCK 1, LOT 3&4 EXC PT IN ALLEY
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2025
Floors in Building
3
Number of units
12
Roof type
Flat
Listing Agency:
McCleary Realty
Listed By:
George McCleary · License #200409141
(503) 332-1610
Added: Aug 13
Changed: Sep 13
Last Checked: Sep 30 at 6:06AM
MLS# 499070040
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.
Under-construction apartment development comprising 12 residences within an 8,325-square-foot building on a 0.11-acre site. Scheduled for completion in 2025, the property features corner units, forced-air heating, central air conditioning, and a flat roof. RM2 zoning supports the multifamily configuration.
The building is positioned on N Lombard across from New Seasons, with shopping, dining, parks, and transit located nearby. Its Portland setting provides access to everyday services and transportation options without relying on a suburban campus layout.
The building is positioned on N Lombard across from New Seasons, with shopping, dining, parks, and transit located nearby. Its Portland setting provides access to everyday services and transportation options without relying on a suburban campus layout.
Key Highlights
- 12‑unit apartment building under construction
- 8,325 square feet on a 0.11‑acre site
- 2025 construction with all corner units
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
$106,893
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
3.14%
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%
$2,137,860
$2.1M
Cap Rate 7%
$1,527,043
$1.5M
Cap Rate 9%
$1,187,700
$1.2M
Market Conditions
NOI Build-Up for 8,325 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
$204.8K $24.60/SF
− Vacancy
−$10.4K −$1.25/SF
EGI
$194.4K $23.35/SF
− OpEx
−$87.5K −$10.51/SF
NOI
$106.9K $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%
$2,137,860
Cap Rate 7%
$1,527,043
Cap Rate 9%
$1,187,700
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $106,893 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,651 @ 7.0% cap · market cap 4.81%
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
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
Median Home Value
Check the figures for this property
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 - New apartment construction with corner residences, central air, and RM2 zoning.
Where is this apartment building located?
The property is located at 6375 N LOMBARD St Portland, OR.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 12‑unit apartment building under construction; 8,325 square feet on a 0.11‑acre site; 2025 construction with all corner units
