Detached Cottages Apartment Community with
For Sale
$2,719,900
9213 N Seneca St, Portland, OR 97203
MULTI_FAMILY - Portland, OR
Property Size7,864 SF
Lot Size0.23 Acres
Price / SF$345.87
Days on Market15
Property Features for 9213 N Seneca St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R5
Bedrooms
4
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 5, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 2, Bathroom 4, Bathroom 6
Subdivision
ST. JOHN'S
Elementary school
Sitton
Middle school
George
High school
Roosevelt
Directions
N Lombard St or N Fessenden St to N St Louis Ave, then north on N Seneca St to property.
Standard status
Active
APN
New Construction
Size
7,864 SF
Lot size
0.23 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
private patios
central pedestrian walkway
kitchen islands with eat bars
Building Details
Year built
2026
Floors in Building
2
Number of units
8
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Jul 29
Changed: Aug 12
Last Checked: Aug 12 at 2:06PM
MLS# 367314455
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.
St. Johns Eight is a newly completed build-to-rent portfolio of eight detached two-story cottages in Portland’s St. Johns neighborhood. The offering is delivered vacant, with each residence separately addressed. Homes are designed with two bedrooms and 2.5 bathrooms, private patios, and approximately 969 to 989 square feet each, totaling 7,864 square feet. Interiors include tall ceilings, bright great rooms, modern cabinetry, solid surface countertops, extensive tile backsplashes, and stainless steel appliances. Each cottage has a main level half bath, two upper level bedrooms with two full bathrooms, and laundry is conveniently placed within the home. Energy efficient mini splits provide zoned heating and cooling. A central pedestrian walkway connects the community, with individual patios creating private outdoor space.
The property sits on a 0.23-acre lot and is zoned R5. Heat is provided by a heat pump, and cooling is also provided by a heat pump. The roof is composition, and the project is under construction with a 2026 year built.
With a consistent unit layout across the community, the property supports streamlined leasing and operations during initial stabilization.
The property sits on a 0.23-acre lot and is zoned R5. Heat is provided by a heat pump, and cooling is also provided by a heat pump. The roof is composition, and the project is under construction with a 2026 year built.
With a consistent unit layout across the community, the property supports streamlined leasing and operations during initial stabilization.
Key Highlights
- Eight detached two‑story cottages delivered vacant
- Private patios plus a central pedestrian walkway
- Approximately 969 to 989 SF per cottage totaling 7,864 SF
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
$100,974
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
3.71%
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%
$2,019,480
$2.0M
Cap Rate 7%
$1,442,486
$1.4M
Cap Rate 9%
$1,121,933
$1.1M
Market Conditions
NOI Build-Up for 7,864 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
$193.5K $24.60/SF
− Vacancy
−$9.9K −$1.25/SF
EGI
$183.6K $23.35/SF
− OpEx
−$82.6K −$10.51/SF
NOI
$101.0K $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%
$2,019,480
Cap Rate 7%
$1,442,486
Cap Rate 9%
$1,121,933
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,974 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.93M – $2.58M
NOI $154,588 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
459
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 - R5 zoned, under-construction build-to-rent community of eight detached two-story cottages with private patios and vacant delivery.
Where is this apartment building located?
The property is located at 9213 N Seneca St Portland, OR.
What is the asking price?
The asking price for this property is $2,719,900.
What are key features of this property?
This property features: Eight detached two‑story cottages delivered vacant; Private patios plus a central pedestrian walkway; Approximately 969 to 989 SF per cottage totaling 7,864 SF
