24-Unit Multifamily Investment
For Sale
$3,600,000
2219 - 2231 SE 66th Ave, Portland, OR 97215
24-unit multifamily property with long-term tenant in South Tabor.
Property Size19,800 SF
Price / SF$181.82
Days on Market269
Property Features for 2219 - 2231 SE 66th Ave
General Information
Standard status
Active
Size
19,800 SF
Property subtype
Multifamily
Building Details
Building Size
19,800 SF
Year Built
1960
Listing Agency:
Capacity Commercial Group
(503) 222-2655
Listed By:
Nicholas Diamond · License #OR #200403266
Source:
Corfac
Added: Nov 25, 2025
Changed: Aug 21
Last Checked: Aug 21 at 5:46AM
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 Capacity Commercial Group
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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.
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
$254,231
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
7.06%
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%
$5,084,620
$5.1M
Cap Rate 7%
$3,631,871
$3.6M
Cap Rate 9%
$2,824,789
$2.8M
Market Conditions
NOI Build-Up for 19,800 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
$487.1K $24.60/SF
− Vacancy
−$24.8K −$1.25/SF
EGI
$462.2K $23.35/SF
− OpEx
−$208.0K −$10.51/SF
NOI
$254.2K $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%
$5,084,620
Cap Rate 7%
$3,631,871
Cap Rate 9%
$2,824,789
Alternative Uses
Best Use
Apartment 5plus
$3.63M
$3.18M – $4.24M
NOI $254,231 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.56M
$4.87M – $6.49M
NOI $389,223 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
511
Businesses Nearby
Explore this area
Business Placement
Demographics for 97215, OR
18,221
Population
7,855
Households
2.3
Avg Household Size
40
Median Age
64%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,922
Density / Sq Mi
$114,361
Median Household Income
$62,704
Median Earnings
$1,587
Median Rent
$658,500
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 - 24-unit multifamily property with long-term tenant in South Tabor.
Where is this apartment building located?
The property is located at 2219 - 2231 SE 66th Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,600,000.
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.
