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    2219 SE 66Th Ave Portland, OR 97215

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    For Sale
    $4,090,000

    24-unit multifamily property with long-term tenant in South Tabor.

    Property size:
    19,800 SF

    Property Features for 2219 SE 66Th Ave

    General Information

    Size
    19,800 SF

    Building Details

    Year built
    1960

    Source: Nicholas Diamond Agent Nicholas Diamond

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

    Overview

    24-Unit Multifamily Investment Opportunity

    This 24-unit multifamily property, operating as student housing for Warner Pacific University, is located in the South Tabor neighborhood, steps from Mount Tabor and Warner Pacific University. The property features three buildings totaling 19,800 square feet on a 40,269 square foot lot. The unit mix consists of 2-bedroom, 1-bath apartments. The property is ideally located near the retail corridors of SE Division, Hawthorne, and Belmont. The sale includes an absolute net lease with a 10-year NNN term. The sale price is $4,090,000, which equates to $170,417 per unit, with a CAP Rate of 5.50%. The net operating income for year one is $225,000, with annual rent increases of 3%. This value-add apartment building offers stable, long-term cash flow and a strong credit tenant.
    Insight Report Location Intelligence

    Current Use by Public Records

    Serviced apartments

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.5953698
    Latitude
    45.5068399

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    FAQs

    What type of property is this?
    Apartment building - 24-unit multifamily property with long-term tenant in South Tabor.
    Where is this apartment building located?
    The property is located at 2219 SE 66Th Ave Portland, OR.
    What is the asking price?
    The asking price for this property is $4,090,000.
    What are key features of this property?
    This property features: - Absolute Net Lease (NNN) with 10-Year Term provides stable, long-term cash flow.; - Strong Credit Tenant: Leased to Warner Pacific University, operating as student housing.; - Attractive 5.50% CAP Rate with a Year 1 NOI of $225,000.
    (503) 222-2655
    Request Owner's contact information
    2219 SE 66Th Ave Portland, OR 97215
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    Portland, OR 97215
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    2219 SE 66Th Ave Portland, OR 97215
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