University Park Condo in
For Sale
$205,000
1500 SW PARK AVE #303, Portland, OR 97201
Move-in ready condo with parking, storage, and city views.
Property Size597 SF
Price / SF$343.38
Days on Market606
Property Features for 1500 SW PARK AVE #303
General Information
Standard status
Active
Size
597 SF
Property subtype
Condominium
Amenities
Security System
Heat Pump
Dishwasher
Disposal
Free-Standing Range
Free-Standing Refrigerator
Granite
Stainless Steel Appliance
Deck, Patio, Porch
Building Details
Building Size
597 SF
Year Built
1988
Stories
1
Listing Agency:
Keller Williams Realty S.W. Portland
Listed By:
Tomas Navarro · License #981100157
(503) 317-8299
Source:
Kw
Added: Jan 10, 2025
Changed: Aug 26
Last Checked: Sep 7 at 7:23PM
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 Keller Williams Realty S.W. Portland
Investment Insights
Based on property information with market context.
This University Park condo is situated in the heart of the Cultural District, offering affordable city living with views overlooking Portland's historical Park Blocks. The move-in ready unit features 1 bedroom and 1 bathroom, with a property size of 597 square feet. It includes deeded underground parking and a deeded storage unit. The location provides convenient access to PSU, the Farmer's Market, freeways, the streetcar, Max lines, restaurants, and shopping. Residents can enjoy a private secured courtyard, a fitness center, a shared community room, and a rooftop deck with city views. The building offers safe and secure elevator access from the underground parking garage to the unit. The condo provides easy access to The Schnitzer, the Portland Art Museum, the Keller Auditorium, and other cultural attractions. A washer, dryer, and refrigerator are included.
Key Highlights
- Deeded underground parking and deeded storage unit in a prime location.
- Move‑in ready 1 bedroom, 1 bathroom condo overlooking Portland's historical Park Blocks.
- Enjoy the rooftop deck with city views, private secured courtyard, fitness center, and shared community room.
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
$7,665
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
3.74%
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%
$153,300
$153.3K
Cap Rate 7%
$109,500
$109.5K
Cap Rate 9%
$85,167
$85.2K
Market Conditions
NOI Build-Up for 597 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
$14.7K $24.60/SF
− Vacancy
−$749 −$1.25/SF
EGI
$13.9K $23.35/SF
− OpEx
−$6.3K −$10.51/SF
NOI
$7.7K $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%
$153,300
Cap Rate 7%
$109,500
Cap Rate 9%
$85,167
Alternative Uses
Best Use
Apartment 5plus
$109.5K
$95.8K – $127.8K
NOI $7,665 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$167.7K
$146.7K – $195.6K
NOI $11,736 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,790
Businesses Nearby
Explore this area
Business Placement
Demographics for 97201, OR
17,352
Population
10,748
Households
1.6
Avg Household Size
34
Median Age
67%
College-Educated
95%
High-School Grad
1.9 sq mi
ZIP Area
9,133
Density / Sq Mi
$67,074
Median Household Income
$48,101
Median Earnings
$1,565
Median Rent
$648,400
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 - Move-in ready condo with parking, storage, and city views.
Where is this apartment building located?
The property is located at 1500 SW PARK AVE #303 Portland, OR.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: Deeded underground parking and deeded storage unit in a prime location.; Move‑in ready 1 bedroom, 1 bathroom condo overlooking Portland's historical Park Blocks.; Enjoy the rooftop deck with city views, private secured courtyard, fitness center, and shared community room.
