7-Unit Apartment
For Sale
$1,899,000
7206 N SAINT LOUIS Ave, Portland, OR 97203
MultiFamily, Portland, OR
Property Size4,416 SF
Lot Size0.11 Acres
Price / SF$430.03
Days on Market1555
Property Features for 7206 N SAINT LOUIS Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 5, Bathroom 4, Bedroom 7, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 6, Bathroom 5
Subdivision
CATHEDRAL PARK
Elementary school
James John
Middle school
George
High school
Roosevelt
Directions
SW Corner of N Syracuse St and N St Louis Ave
Standard status
Active
APN
R191962
Size
4,416 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
JAMES JOHNS ADD, BLOCK 34, NW 1/2 OF LOT 2
Tax Annual Amount
16512
Legal Description
JAMES JOHNS ADD, BLOCK 34, NW 1/2 OF LOT 2
Utilities
Heating system
Zoned
Building Details
Year built
2022
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: May 23, 2022
Changed: Aug 23
Last Checked: Aug 24 at 3:06PM
MLS# 22390670
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.
Built in 2022, this 4,416-square-foot apartment property occupies a 0.11-acre lot and contains seven residences. The configuration combines six condominium units with a detached single-family home, creating a mix of studio through three-bedroom layouts. The separate two-bedroom home includes a basement for additional storage. Interior details in the newer residences include open-concept plans, solid surface countertops, contemporary cabinetry, and neutral finishes. Zoning is RM2, and the property is fully leased.
The property is located at 7206 N Saint Louis Ave in Portland, near Cathedral Park. Cathedral Park is approximately 1.5 miles away, while Pier Park and Columbia Park are each under 1 mile from the property. Dining, neighborhood retail, and services along N Lombard Street are within roughly 0.75 miles. The area also has nearby transit options, a 94 Bike Score, and a 91 Walk Score.
The property is located at 7206 N Saint Louis Ave in Portland, near Cathedral Park. Cathedral Park is approximately 1.5 miles away, while Pier Park and Columbia Park are each under 1 mile from the property. Dining, neighborhood retail, and services along N Lombard Street are within roughly 0.75 miles. The area also has nearby transit options, a 94 Bike Score, and a 91 Walk Score.
Key Highlights
- Seven residences with six condominium units and one detached single‑family home
- Fully leased and occupied multifamily property
- 4,416 square feet on a 0.11‑acre lot
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
$56,701
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
2.99%
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%
$1,134,020
$1.1M
Cap Rate 7%
$810,014
$810.0K
Cap Rate 9%
$630,011
$630.0K
Market Conditions
NOI Build-Up for 4,416 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
$108.6K $24.60/SF
− Vacancy
−$5.5K −$1.25/SF
EGI
$103.1K $23.35/SF
− OpEx
−$46.4K −$10.51/SF
NOI
$56.7K $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%
$1,134,020
Cap Rate 7%
$810,014
Cap Rate 9%
$630,011
Alternative Uses
Best Use
Apartment 5plus
$810.0K
$708.8K – $945.0K
NOI $56,701 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,809 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
888
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
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 - Fully occupied multifamily asset with six condominium residences and a detached two-bedroom home.
Where is this apartment building located?
The property is located at 7206 N SAINT LOUIS Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: Seven residences with six condominium units and one detached single‑family home; Fully leased and occupied multifamily property; 4,416 square feet on a 0.11‑acre lot
