New Construction Cottage Apartment
For Sale
$4,313,900
7033 SE 60th Ave, Portland, OR 97206
MultiFamily, Portland, OR
Property Size11,578 SF
Lot Size0.33 Acres
Price / SF$372.59
Days on Market92
Property Features for 7033 SE 60th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R5
Bedrooms
6
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 1, Bedroom 4, Bathroom 9, Bathroom 6, Bathroom 1, Bedroom 5, Bathroom 4, Bathroom 7, Bedroom 2, Bathroom 2, Bathroom 8, Bedroom 3, Bathroom 3, Bedroom 6, Bathroom 5
Subdivision
BRENTWOOD - DARLINGTON
Elementary school
Whitman
Middle school
Lane
High school
Franklin
Directions
SE Foster Rd, south on SE 60th Ave to property.
Standard status
Active
APN
New Construction
Size
11,578 SF
Lot size
0.33 Acres
Utilities
Cooling system
Heat Pump
Amenities
solid surface countertops
peninsula islands with eat bars
practical storage
coffered bedroom ceilings
refrigerator
washer and dryer
window coverings
mini split heating and cooling
private entries
patio spaces
low maintenance outdoor areas
Building Details
Year built
2026
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: May 25
Changed: Aug 23
Last Checked: Aug 24 at 2:06PM
MLS# 319163089
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 apartment property comprises 12 detached cottages totaling 11,578 square feet on 0.33 acres. The homes are under construction and scheduled for 2026 completion, with each residence offering two bedrooms and 2.1 bathrooms. Two units measure 899 square feet, while the remaining ten measure 978 square feet. Two-level plans include private entries, patios, low-maintenance outdoor areas, and larger yard space for the two rear cottages.
Interior appointments include solid-surface countertops, peninsula islands with eat bars, storage, coffered bedroom ceilings, refrigerators, washers and dryers, and window coverings. Heat-pump mini-split systems serve the main level and bedrooms. The property is located at 7033 SE 60th Ave in Portland’s Brentwood Darlington area and is zoned R5. The offering also includes a projected pro forma cap rate of 5.83% at stabilization, subject to verification of income, expenses, and assumptions.
Interior appointments include solid-surface countertops, peninsula islands with eat bars, storage, coffered bedroom ceilings, refrigerators, washers and dryers, and window coverings. Heat-pump mini-split systems serve the main level and bedrooms. The property is located at 7033 SE 60th Ave in Portland’s Brentwood Darlington area and is zoned R5. The offering also includes a projected pro forma cap rate of 5.83% at stabilization, subject to verification of income, expenses, and assumptions.
Key Highlights
- 12 detached cottages totaling 11,578 square feet on 0.33 acres
- Unit mix includes two 899‑square‑foot homes and ten 978‑square‑foot homes
- Each cottage features 2 bedrooms and 2.1 bathrooms
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
$152,448
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
3.53%
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%
$3,048,960
$3.0M
Cap Rate 7%
$2,177,829
$2.2M
Cap Rate 9%
$1,693,867
$1.7M
Market Conditions
NOI Build-Up for 11,578 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
$291.8K $25.20/SF
− Vacancy
−$14.6K −$1.26/SF
EGI
$277.2K $23.94/SF
− OpEx
−$124.7K −$10.77/SF
NOI
$152.4K $13.17/SF
Area
ZIP 97206
Vacancy
5.00%
Lease Rate
$25.20 /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%
$3,048,960
Cap Rate 7%
$2,177,829
Cap Rate 9%
$1,693,867
Alternative Uses
Best Use
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,448 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,597 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
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 - Twelve detached cottages provide consistent two-bedroom layouts, private entrances, and modern in-home amenities.
Where is this apartment building located?
The property is located at 7033 SE 60th Ave Portland, OR.
What is the asking price?
The asking price for this property is $4,313,900.
What are key features of this property?
This property features: 12 detached cottages totaling 11,578 square feet on 0.33 acres; Unit mix includes two 899‑square‑foot homes and ten 978‑square‑foot homes; Each cottage features 2 bedrooms and 2.1 bathrooms
