Seven-Unit Apartment
For Sale
$1,500,000
1804 NE 14th Avenue and 1407 NE Schuyler Street, Portland, OR 97212
Seven-unit property built in 1909 with extensive renovations and full occupancy, professionally managed for steady operations.
Property Size4,211 SF
Days on Market51
Property Features for 1804 NE 14th Avenue and 1407 NE Schuyler Street
General Information
Standard status
Active
Size
4,211 SF
Property subtype
Multifamily
Building Details
Building Size
4,211 SF
Year Built
1909
Listing Agency:
Norris & Stevens, Inc. - Corporate
Listed By:
Raymond Duchek · License #970300314
(503) 225-8492
Source:
Tcnworldwide
Added: Jul 17
Changed: Sep 4
Last Checked: Sep 5 at 5:57AM
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
Investment Insights
Based on property information with market context.
Irvington Seven is a seven-unit apartment building originally constructed in 1909 and extensively renovated throughout. The property is fully occupied and has an established operating history, with experienced professional management in place to support day-to-day operations.
The building is located at 1804 NE 14th Avenue and 1407 NE Schuyler Street in Portland. Residents have walkable access to NE Broadway, Fremont Street, the Lloyd District, public transit, and nearby dining and shopping, placing the property close to major employment centers.
The building is located at 1804 NE 14th Avenue and 1407 NE Schuyler Street in Portland. Residents have walkable access to NE Broadway, Fremont Street, the Lloyd District, public transit, and nearby dining and shopping, placing the property close to major employment centers.
Key Highlights
- Seven‑unit multifamily property built in 1909 with extensive renovations
- Fully occupied (7 units) with an immediate income stream
- Professionally managed asset with management in place for operational efficiency
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
$54,069
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
3.60%
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%
$1,081,380
$1.1M
Cap Rate 7%
$772,414
$772.4K
Cap Rate 9%
$600,767
$600.8K
Market Conditions
NOI Build-Up for 4,211 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
$103.6K $24.60/SF
− Vacancy
−$5.3K −$1.25/SF
EGI
$98.3K $23.35/SF
− OpEx
−$44.2K −$10.51/SF
NOI
$54.1K $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%
$1,081,380
Cap Rate 7%
$772,414
Cap Rate 9%
$600,767
Alternative Uses
Best Use
Apartment 5plus
$772.4K
$675.9K – $901.2K
NOI $54,069 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,779 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,959
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
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 - Seven-unit property built in 1909 with extensive renovations and full occupancy, professionally managed for steady operations.
Where is this apartment building located?
The property is located at 1804 NE 14th Avenue and 1407 NE Schuyler Street Portland, OR.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Seven‑unit multifamily property built in 1909 with extensive renovations; Fully occupied (7 units) with an immediate income stream; Professionally managed asset with management in place for operational efficiency
