2020-Studio LIHTC Apartment
For Sale
$3,350,000
5605 SE Milwaukie Ave, Portland, OR 97202
30-unit studio apartment community built in 2020, operating under the LIHTC program with on-site laundry and secure bike storage.
Property Size11,339 SF
Price / SF$295.44
Days on Market27
Property Features for 5605 SE Milwaukie Ave
General Information
Standard status
Active
Size
11,339 SF
Property subtype
Multifamily
Additional Details
Cap Rate
5.37%
Multifamily Units
30
Building Details
Year Built
2020
Listing Agency:
Portland Office
(503) 200-2026
Listed By:
Aiden P. Susak · License #License(s): OR: 201253912
(503) 200-2026
Source:
Marcusmillichap
Added: Jul 8
Changed: Jul 10
Last Checked: Aug 3 at 2:43AM
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 Portland Office
Investment Insights
Based on property information with market context.
Studio Pointe is a 30-unit apartment community built in 2020 featuring an efficient studio layout. The units are described as having modern, durable finishes, including granite countertops, vinyl plank flooring, contemporary appliance packages with microwaves, and updated bathrooms. The property also includes secure bike storage and on-site laundry.
Studio Pointe operates under the Low-Income Housing Tax Credit (LIHTC) program, supporting an income-qualified tenant base and consistent occupancy performance. The community is located in Portland’s Sellwood-Moreland neighborhood of Southeast Portland.
The listing describes Studio Pointe as a newer-vintage, stabilized LIHTC asset designed to align with workforce housing demand in a supply-constrained submarket, with tenant and operations anchored by the LIHTC structure.
Studio Pointe operates under the Low-Income Housing Tax Credit (LIHTC) program, supporting an income-qualified tenant base and consistent occupancy performance. The community is located in Portland’s Sellwood-Moreland neighborhood of Southeast Portland.
The listing describes Studio Pointe as a newer-vintage, stabilized LIHTC asset designed to align with workforce housing demand in a supply-constrained submarket, with tenant and operations anchored by the LIHTC structure.
Key Highlights
- 30‑unit studio apartment community built in 2020, totaling 11,339 SF
- Operates under the Low‑Income Housing Tax Credit (LIHTC) program with income‑qualified tenants
- Each studio features granite countertops, vinyl plank flooring, updated bathrooms, and contemporary appliance packages including microwaves
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $295.3k | $26.04 |
| − Vacancy | −$17.1k | −$1.51 |
| EGI | $278.1k | $24.53 |
| − OpEx | −$125.2k | −$11.04 |
| NOI | $153.0k | $13.49 |
11,339 SF · lease $26.04/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.19M
$1.91M – $2.55M
NOI $152,978 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,361 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
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 - 30-unit studio apartment community built in 2020, operating under the LIHTC program with on-site laundry and secure bike storage.
Where is this apartment building located?
The property is located at 5605 SE Milwaukie Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: 30‑unit studio apartment community built in 2020, totaling 11,339 SF; Operates under the Low‑Income Housing Tax Credit (LIHTC) program with income‑qualified tenants; Each studio features granite countertops, vinyl plank flooring, updated bathrooms, and contemporary appliance packages including microwaves
