Modern Six-Unit Apartment
For Sale
$1,595,000
6841 N MONTANA Ave, Portland, OR 97217
MULTI_FAMILY - Portland, OR
Property Size3,774 SF
Lot Size0.08 Acres
Price / SF$422.63
Days on Market13
Property Features for 6841 N MONTANA Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM3
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 7, Bathroom 8, Bedroom 4, Bathroom 7, Bedroom 8, Bathroom 6, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 5, Bedroom 6, Bathroom 1, Bathroom 4, Bathroom 5, Bedroom 2, Bathroom 2
Subdivision
ARBOR LODGE
Elementary school
Chief Joseph
Middle school
Ockley Green
High school
Jefferson
Directions
N Saratoga St, S on N Montana Ave
Standard status
Active
APN
R709208
Size
3,774 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
GOOD MORNING ADD, BLOCK 8, LOT 11 EXC PT IN ALLEY
Tax Annual Amount
15897
Legal Description
GOOD MORNING ADD, BLOCK 8, LOT 11 EXC PT IN ALLEY
Amenities
in-unit laundry
private patio
Building Details
Year built
2023
Floors in Building
2
Number of units
6
Roof type
Flat
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Jul 31
Changed: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 298974579
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.
Modern six-unit apartment building built in 2023, totaling 3,774 square feet under a flat roof. The property includes four one-bedroom residences and two two-bedroom residences, with bright, open interiors and tall ceilings. Kitchens feature tile accents, solid surface countertops, and stainless steel appliances, and each unit offers in-unit laundry. Outdoor space is private and fenced, with a patio area to extend everyday living.
Located in North Portland’s Arbor Lodge, the property is positioned within a walkable area and also well served for cyclists, with an 81 Walk Score and a 92 Bike Score. The setting provides access to nearby retail and daily conveniences, including New Seasons Market, Arbor Lodge Park, neighborhood restaurants and shops, and transit options including MAX and bus service. Connections to downtown Portland and other nearby destinations and commuter routes support long-term rental appeal.
Zoned RM3 on a 0.08-acre lot, the building is a compact multifamily asset designed for a tenant-friendly mix of one- and two-bedroom layouts.
Located in North Portland’s Arbor Lodge, the property is positioned within a walkable area and also well served for cyclists, with an 81 Walk Score and a 92 Bike Score. The setting provides access to nearby retail and daily conveniences, including New Seasons Market, Arbor Lodge Park, neighborhood restaurants and shops, and transit options including MAX and bus service. Connections to downtown Portland and other nearby destinations and commuter routes support long-term rental appeal.
Zoned RM3 on a 0.08-acre lot, the building is a compact multifamily asset designed for a tenant-friendly mix of one- and two-bedroom layouts.
Key Highlights
- Built in 2023 with a flat roof
- Six‑unit apartment building totaling 3,774 square feet
- Unit mix of four one‑bedroom residences and two two‑bedroom residences
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
$48,458
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
3.04%
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%
$969,160
$969.2K
Cap Rate 7%
$692,257
$692.3K
Cap Rate 9%
$538,422
$538.4K
Market Conditions
NOI Build-Up for 3,774 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
$92.8K $24.60/SF
− Vacancy
−$4.7K −$1.25/SF
EGI
$88.1K $23.35/SF
− OpEx
−$39.6K −$10.51/SF
NOI
$48.5K $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%
$969,160
Cap Rate 7%
$692,257
Cap Rate 9%
$538,422
Alternative Uses
Best Use
Apartment 5plus
$692.3K
$605.7K – $807.6K
NOI $48,458 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$927.4K – $1.24M
NOI $74,188 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
754
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 - Modern 2023 six-unit building with RM3 zoning and in-unit laundry, plus private fenced outdoor space and patio areas.
Where is this apartment building located?
The property is located at 6841 N MONTANA Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Built in 2023 with a flat roof; Six‑unit apartment building totaling 3,774 square feet; Unit mix of four one‑bedroom residences and two two‑bedroom residences
