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    Gresham Duplex Apartments with Conversion Potential Title is generated by Realmo AI

    110-162 NW 15th Ave., Gresham, OR 97030

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    Eleven well-maintained duplex units in a convenient Gresham location.

    Type:Multifamily
    Property size:
    19,580 SF
    Price / SF:
    $178/SF
    Added:
    May 16, 2026
    Days on Market:
    17
    Last Refresh:
    May 16 at 8:51 pm

    Property Features for 110-162 NW 15th Ave.

    General Information

    Standard status
    Active
    Size
    19,580 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1966

    We can help!

    Listing Contact
    Hope Beraka
    Hope Beraka

    Listing agent Hope Beraka License #200603056

    Listing office Think Commercial

    Listing date May 16, 2026

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Think Commercial

    HighLights

    • Excellent location near Historic Downtown Gresham, Gresham Station, MAX, bus lines, and Trader Joe's.
    • Future condo conversion opportunity for significant upside potential.
    • Substantial interior and exterior renovations completed on 13 units, reducing near‑term capital needs.
    • Each unit features 2 bedrooms, 1 bathroom, and dedicated yard space.
    • Spacious living rooms open onto private back patios, offering desirable indoor‑outdoor flow.
    • Located at the end of a quiet cul‑de‑sac.

    Overview

    The Fran-Mar Apartments are located at the end of a quiet cul-de-sac in Gresham. This property features 11 duplex units, each offering 890 square feet of living space with 2 bedrooms and 1 bathroom. Each apartment includes dedicated yard space, and spacious living rooms open onto private back patios. Substantial interior and exterior improvements have been made, including the renovation of 13 units. The property is located near Historic Downtown Gresham and Gresham Station, providing easy access to the MAX light rail, multiple bus lines, and a Trader Joe's. A nearby golf course, the Gresham Farmer's Market, and proximity to Mt. Hood offer additional recreation options. The property offers a future condo conversion opportunity, offering investors both stable cash flow and upside potential. The property size is 19580 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $387.7k $19.80
    − Vacancy −$16.3k −$0.83
    EGI $371.4k $18.97
    − OpEx −$111.4k −$5.69
    NOI $260.0k $13.28
    19,580 SF · lease $19.80/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $3.71M
    $3.25M – $4.33M (±1% cap)
    NOI $259,981 @ 7.0% cap · market cap 7.43%
    Second Best
    Apartment 5plus
    $3.34M
    $2.92M – $3.90M (±1% cap)
    NOI $233,717 @ 7.0% cap · market cap 6.68%
    Theoretical Best
    Office A
    $4.47M
    $3.92M – $5.22M (±1% cap)
    NOI $313,202 @ 7.0% cap · market cap 8.95%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Gresham
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.431
    Latitude
    45.5092

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    FAQs

    What type of property is this?
    Duplex - Eleven well-maintained duplex units in a convenient Gresham location.
    Where is this duplex located?
    The property is located at 110-162 NW 15th Ave. Gresham, OR.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: Excellent location near Historic Downtown Gresham, Gresham Station, MAX, bus lines, and Trader Joe's.; Future condo conversion opportunity for significant upside potential.; Substantial interior and exterior renovations completed on 13 units, reducing near‑term capital needs.
    (503) 847-2722 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Hope Beraka
    Hope Beraka
    Real Estate License ID: 200603056
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    110-162 NW 15th Ave., Gresham, OR 97030
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