Modern 24-Unit Apartment
For Sale
$4,350,000
4620 N Maryland Avenue, Portland, OR 97217
Built in 2018 and fully occupied, this 24-unit community offers newer construction and established rental operations.
Property Size10,596 SF
Price / SF$410.53
Days on Market484
Property Features for 4620 N Maryland Avenue
General Information
Standard status
Active
Size
10,596 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
24
Building Details
Year Built
2018
Tenancy
Multi
Listing Agency:
Kelly Right Real Estate of Portland,LLC
Listed By:
Jacob Serrill
(877) 319-7625
Source:
Century21northhomes
Added: Apr 17, 2025
Changed: Aug 12
Last Checked: Aug 12 at 3:23AM
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 Kelly Right Real Estate of Portland,LLC
Investment Insights
Based on property information with market context.
Savona Apartments is a 24-unit apartment community built in 2018, offering modern construction and spacious floor plans. The property is described as well-maintained, and it is currently fully occupied, so please do not disturb tenants.
The building is located at 4620 N Maryland Avenue in Portland, with immediate access to major transit connections including the I-5 freeway and the MAX light rail. The public remarks also describe direct access to the Mississippi Avenue district and its nearby dining, breweries, boutiques, and arts scene.
For buyers seeking a newer, stabilized multifamily asset, this property presents an opportunity to acquire a fully occupied community with an existing financing option referenced as an assumable loan at 3.370% interest until June 2030. As with any investment decision, prospective buyers and their advisors should review current lease terms and operating details as part of their due diligence.
The building is located at 4620 N Maryland Avenue in Portland, with immediate access to major transit connections including the I-5 freeway and the MAX light rail. The public remarks also describe direct access to the Mississippi Avenue district and its nearby dining, breweries, boutiques, and arts scene.
For buyers seeking a newer, stabilized multifamily asset, this property presents an opportunity to acquire a fully occupied community with an existing financing option referenced as an assumable loan at 3.370% interest until June 2030. As with any investment decision, prospective buyers and their advisors should review current lease terms and operating details as part of their due diligence.
Key Highlights
- 24‑unit apartment community built in 2018
- Fully occupied property
- Assumable loan with a 3.370% interest rate until June 2030
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
$136,052
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
3.13%
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%
$2,721,040
$2.7M
Cap Rate 7%
$1,943,600
$1.9M
Cap Rate 9%
$1,511,689
$1.5M
Market Conditions
NOI Build-Up for 10,596 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
$260.7K $24.60/SF
− Vacancy
−$13.3K −$1.25/SF
EGI
$247.4K $23.35/SF
− OpEx
−$111.3K −$10.51/SF
NOI
$136.1K $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%
$2,721,040
Cap Rate 7%
$1,943,600
Cap Rate 9%
$1,511,689
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.70M – $2.27M
NOI $136,052 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.60M – $3.47M
NOI $208,293 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
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 - Built in 2018 and fully occupied, this 24-unit community offers newer construction and established rental operations.
Where is this apartment building located?
The property is located at 4620 N Maryland Avenue Portland, OR.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 24‑unit apartment community built in 2018; Fully occupied property; Assumable loan with a 3.370% interest rate until June 2030
