7-Unit Apartment Building Under
For Sale
$2,749,900
7190 NE Glisan St, Portland, OR 97213
MultiFamily, Portland, OR
Property Size8,760 SF
Lot Size0.10 Acres
Price / SF$313.92
Days on Market349
Property Features for 7190 NE Glisan St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
CM2
Bedrooms
14
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 5, Bathroom 10, Bedroom 9, Bedroom 4, Bedroom 7, Bathroom 7, Bathroom 4, Bedroom 5, Bedroom 6, Bedroom 3, Bathroom 11, Bedroom 8, Bedroom 11, Bedroom 12, Bathroom 12, Bedroom 14, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 6, Bathroom 8, Bedroom 13, Bathroom 9, Bedroom 10
Subdivision
MONTAVILLA
Elementary school
Vestal
Middle school
Roseway Heights
High school
Leodis McDaniel
Directions
Glisan, between 71st and 72nd
Standard status
Active
APN
New Construction
Size
8,760 SF
Lot size
0.10 Acres
Building Details
Year built
2025
Floors in Building
3
Number of units
7
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Sep 10, 2025
Changed: Aug 23
Last Checked: Aug 24 at 9:06PM
MLS# 799680224
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.
Located at 7190 NE Glisan St in Portland, this under-construction apartment property includes seven residences within 8,760 square feet on a 0.1-acre lot. The three-level design offers units of approximately 1,190 to 1,390 square feet, with five three-bedroom homes and two residences that add ground-floor flex space suitable for an office or fourth bedroom. Every unit includes 2.5 bathrooms, while composition roofing and contemporary low-maintenance construction support the property’s current condition and 2025 build year.
The property is in Montavilla, near neighborhood businesses and services along SE Stark Street, including Montavilla Brew Works, Roscoe’s, Academy Theater, coffee shops, restaurants, and other local businesses. Montavilla Park is also nearby. Downtown Portland, the Central Eastside, and I-84 are accessible from the property. Zoning is CM2.
The property is in Montavilla, near neighborhood businesses and services along SE Stark Street, including Montavilla Brew Works, Roscoe’s, Academy Theater, coffee shops, restaurants, and other local businesses. Montavilla Park is also nearby. Downtown Portland, the Central Eastside, and I-84 are accessible from the property. Zoning is CM2.
Key Highlights
- Seven‑unit apartment property under construction with a 2025 build year
- 8,760 square feet on a 0.1‑acre lot
- Five three‑bedroom units plus two residences with ground‑floor flex space
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
$112,478
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
4.09%
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%
$2,249,560
$2.2M
Cap Rate 7%
$1,606,829
$1.6M
Cap Rate 9%
$1,249,756
$1.2M
Market Conditions
NOI Build-Up for 8,760 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
$215.5K $24.60/SF
− Vacancy
−$11.0K −$1.25/SF
EGI
$204.5K $23.35/SF
− OpEx
−$92.0K −$10.51/SF
NOI
$112.5K $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%
$2,249,560
Cap Rate 7%
$1,606,829
Cap Rate 9%
$1,249,756
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.87M
NOI $112,478 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,202 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 - Three-level residences provide flexible layouts, modern finishes, and 2.5 bathrooms per unit.
Where is this apartment building located?
The property is located at 7190 NE Glisan St Portland, OR.
What is the asking price?
The asking price for this property is $2,749,900.
What are key features of this property?
This property features: Seven‑unit apartment property under construction with a 2025 build year; 8,760 square feet on a 0.1‑acre lot; Five three‑bedroom units plus two residences with ground‑floor flex space
