Portland Multifamily Investment
1215 NW 21st Ave, Portland, OR 97209
Vintage 9-unit apartment building in desirable Nob Hill neighborhood.
Type:Multifamily
Property size:
10,870 SFPrice / SF:
$156/SF- Added:
- Sep 25, 2025
- Days on Market:
- 239
- Last Refresh:
- Apr 6 at 12:51 am
Property Features for 1215 NW 21st Ave
General Information
- Standard status
- Active
- Size
- 10,870 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1911
Listing agent David Chatfield License #OR #201208382 (503) 225-8487
Listing office Norris & Stevens, Inc. - Corporate (503) 225-8487
Listing date Sep 25, 2025
Source Tcnworldwide
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 Norris & Stevens, Inc. - Corporate
HighLights
- Prime Nob Hill location, one of Portland's most desirable neighborhoods.
- Strong unit mix featuring primarily 2 bed/1 bath apartments.
- Convenient access to restaurants, shops, entertainment, and services.
- Located one block from Legacy Medical Center and close to NW 23rd Avenue, the Pearl District, and Slabtown.
- Secured access with alarm system and security camera.
- Basement storage lockers for each apartment.
Overview
The Evelyn Apartments, a 9-unit property, is located in the Nob Hill neighborhood of downtown Portland. The unit mix includes seven 2-bedroom/1-bath units, one 1-bedroom/1-bath unit, and one 3-bedroom/1-bath unit. The property is conveniently located with access to restaurants, shops, entertainment, and services. It is on the same block as Legacy Medical Center and two blocks from NW 23rd Avenue, and a few blocks from the Pearl District and Slabtown. The property features four small office spaces in the basement, basement storage lockers for each apartment, secured access with an alarm system and security camera. The building is well maintained and operated. Nob Hill is a desirable neighborhood with historic charm and a central location. The area offers a mix of local businesses and quiet residential streets. The property size is 10,870 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.55M
NOI $139,570 @ 9.00% cap · cautious / downside scenario
Moderate
$1.99M
NOI $139,570 @ 7.00% cap · market / base-case scenario
Aggressive
$2.79M
NOI $139,570 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $267.4k | $24.60 |
| − Vacancy | −$13.6k | −$1.25 |
| EGI | $253.8k | $23.35 |
| − OpEx | −$114.2k | −$10.51 |
| NOI | $139.6k | $12.84 |
10,870 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$1.99M
$1.74M – $2.33M
NOI $139,570 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,680 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Evelyn Apartments
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.695
- Latitude
- 45.5316
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Vintage 9-unit apartment building in desirable Nob Hill neighborhood.
Where is this apartment building located?
The property is located at 1215 NW 21st Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Prime Nob Hill location, one of Portland's most desirable neighborhoods.; Strong unit mix featuring primarily 2 bed/1 bath apartments.; Convenient access to restaurants, shops, entertainment, and services.
