12-Unit Apartment
For Sale
$1,849,000
824 SE 30TH Ave, Portland, OR 97214
MultiFamily, Portland, OR
Property Size6,538 SF
Lot Size0.10 Acres
Price / SF$282.81
Days on Market245
Property Features for 824 SE 30TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
7
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 8, Bathroom 6, Bathroom 7, Bathroom 3, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 7, Bedroom 5, Bathroom 10, Bedroom 4, Bathroom 9, Bedroom 6, Bathroom 5
Elementary school
Sunnyside Env
Middle school
Sunnyside Env
High school
Franklin
Directions
1-5 to east on Belmont and right on 30th
Subdivision
_143
Standard status
Active
APN
R280460
Size
6,538 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
SUNNYSIDE & PLAT 2 & 3, BLOCK 15, N 11 2/3' OF LOT 2, LOT 3
Tax Annual Amount
18453
Legal Description
SUNNYSIDE & PLAT 2 & 3, BLOCK 15, N 11 2/3' OF LOT 2, LOT 3
Utilities
Heating system
Forced Air
Amenities
hardwood floors
Building Details
Year built
1914
Number of units
12
Listing Agency:
RE/MAX Equity Group · RE/MAX International
(503) 287-8989
Listed By:
Kristen Dozono · License #201209826
(503) 939-7989
Added: Jan 16
Changed: Sep 17
Last Checked: Sep 18 at 1:06AM
MLS# 186946961
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 12-unit apartment building contains 6,538 square feet on a 0.1-acre parcel. Built in 1914, the property features hardwood floors and forced-air heating, with RM2 zoning supporting its multifamily configuration.
The building is located at 824 SE 30TH Ave in Portland’s Belmont-Hawthorne area, within ZIP code 97214. Its apartment layout includes multiple bedrooms and bathrooms across the property, providing an established residential income asset in Multnomah County.
The building is located at 824 SE 30TH Ave in Portland’s Belmont-Hawthorne area, within ZIP code 97214. Its apartment layout includes multiple bedrooms and bathrooms across the property, providing an established residential income asset in Multnomah County.
Key Highlights
- 12‑unit apartment building with 6,538 square feet
- Built in 1914 with hardwood flooring
- Forced‑air heating system
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
$83,948
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
4.54%
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%
$1,678,960
$1.7M
Cap Rate 7%
$1,199,257
$1.2M
Cap Rate 9%
$932,756
$932.8K
Market Conditions
NOI Build-Up for 6,538 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
$160.8K $24.60/SF
− Vacancy
−$8.2K −$1.25/SF
EGI
$152.6K $23.35/SF
− OpEx
−$68.7K −$10.51/SF
NOI
$83.9K $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%
$1,678,960
Cap Rate 7%
$1,199,257
Cap Rate 9%
$932,756
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,948 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,522 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
Median Home Value
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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 - Multifamily property with hardwood flooring and forced-air heating in Portland’s Belmont-Hawthorne area.
Where is this apartment building located?
The property is located at 824 SE 30TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,849,000.
What are key features of this property?
This property features: 12‑unit apartment building with 6,538 square feet; Built in 1914 with hardwood flooring; Forced‑air heating system
