16-Unit Apartment
For Sale
$3,049,900
11 NE 55TH Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size9,647 SF
Lot Size0.12 Acres
Price / SF$316.15
Days on Market400
Property Features for 11 NE 55TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
CM2
Bedrooms
7
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 5, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 7, Bathroom 8, Bedroom 2, Bathroom 5, Bedroom 6, Bathroom 6, Bathroom 7, Bathroom 4
Subdivision
NORTH TABOR
Elementary school
Glencoe
Middle school
Mt Tabor
High school
Franklin
Directions
55th, just north of Burnside in North Tabor proper.
Standard status
Active
APN
R216522
Size
9,647 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
MELROSE, S 50' OF E 107' OF LOT 13 EXC PT IN ST
Legal Description
MELROSE, S 50' OF E 107' OF LOT 13 EXC PT IN ST
Building Details
Year built
2025
Floors in Building
3
Number of units
16
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Aug 5, 2025
Changed: Sep 8
Last Checked: Sep 8 at 7:06AM
MLS# 619792928
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 is under construction and is scheduled for completion in 2025. The building contains 16 residential units within approximately 9,647 square feet on a 0.12-acre site. Planned physical features include contemporary interior finishes, a modern exterior, secured entry, and common areas.
The property is located at 11 NE 55TH Ave in Portland’s North Tabor neighborhood. The surrounding context includes access to MAX light rail, Providence Portland Medical Center, Tabor Bread, Coquine, and the Montavilla dining and shopping area. The site is identified with CM2 zoning.
The property is located at 11 NE 55TH Ave in Portland’s North Tabor neighborhood. The surrounding context includes access to MAX light rail, Providence Portland Medical Center, Tabor Bread, Coquine, and the Montavilla dining and shopping area. The site is identified with CM2 zoning.
Key Highlights
- 16‑unit apartment building under construction
- 9,647 square feet on a 0.12‑acre site
- 2025 year built
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
$123,867
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
4.06%
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%
$2,477,340
$2.5M
Cap Rate 7%
$1,769,529
$1.8M
Cap Rate 9%
$1,376,300
$1.4M
Market Conditions
NOI Build-Up for 9,647 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
$237.3K $24.60/SF
− Vacancy
−$12.1K −$1.25/SF
EGI
$225.2K $23.35/SF
− OpEx
−$101.3K −$10.51/SF
NOI
$123.9K $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%
$2,477,340
Cap Rate 7%
$1,769,529
Cap Rate 9%
$1,376,300
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.06M
NOI $123,867 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,638 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
2,453
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 - The property includes contemporary interior finishes, secure entry, and maintained common areas.
Where is this apartment building located?
The property is located at 11 NE 55TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,049,900.
What are key features of this property?
This property features: 16‑unit apartment building under construction; 9,647 square feet on a 0.12‑acre site; 2025 year built
