Stabilized 10-Unit Apartment
For Sale
$1,720,000
8130 N Willamette Blvd, Portland, OR 97203
Stabilized 10-unit apartment building with an all–two-bedroom unit mix, off-street parking, and on-site laundry.
Property Size8,420 SF
Days on Market123
Property Features for 8130 N Willamette Blvd
General Information
Standard status
Active
Size
8,420 SF
Property subtype
Multifamily
Occupancy
95%
Additional Details
Multifamily Units
10
Amenities
on-site laundry
bike and motorcycle storage
off-street parking
garage spaces
STABILIZED VINTAGE ASSET: Well-Maintained 1968 Apartment Community Featuring 10 Two-Bedroom Units
SELLER-FINANCING POTENTIAL - Ownership Will Consider Financing for Qualified Buyers, Offering Flexibility Through Competitive Terms and Pricing
PRIME ST. JOHNS LOCATION: Blocks from the Iconic St Johns Bridge and Downtown St Johns, Providing Tenants with Convenient, Walkable Access to Retail, Food, Parks, and Employment
STRONG TENANT APPEAL: On-Site Laundry, Off-Street Parking, Two Garage Spaces, and Walkability Enhance Tenant Satisfaction and Long-Term Retention
VALUE-ADD POTENTIAL: Approximately 15% Rent Upside and Room for Further Strategic Upgrades
RECENT IMPROVEMENTS: New Roof In 2026 and New Siding replacement in 2012 Lead to Higher Curb Appeal and Long-Term Durability
Building Details
Building Size
8,420 SF
Year Built
1968
Stories
2
Units
10
Tenancy
Multi
Listed By:
Matthew Bruegge · License #License(s): OR: 201260802
(503) 200-2088
Source:
Marcusmillichap
Added: May 8
Changed: Aug 27
Last Checked: Sep 7 at 4:48AM
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 Matthew Bruegge
Investment Insights
Based on property information with market context.
Built in 1968, this stabilized 10-unit apartment community features an all two-bedroom unit mix in a two-story layout with individual exterior entries. Shared amenities include on-site laundry, bike and motorcycle storage, and off-street parking, including two garage spaces. Recent exterior capital improvements include a new roof installed in 2026 and siding replacement completed circa 2012.
Several units have undergone interior renovations, including LVP flooring, updated IKEA cabinetry and appliances, refreshed bathrooms, and open-concept layouts with abundant natural light. Select units also offer private outdoor space. The property is located just blocks from downtown St. Johns and the St. Johns Bridge, with walkability to neighborhood retail, dining, coffee shops, parks, and essential services.
Several units have undergone interior renovations, including LVP flooring, updated IKEA cabinetry and appliances, refreshed bathrooms, and open-concept layouts with abundant natural light. Select units also offer private outdoor space. The property is located just blocks from downtown St. Johns and the St. Johns Bridge, with walkability to neighborhood retail, dining, coffee shops, parks, and essential services.
Key Highlights
- Stabilized 10‑unit apartment community in Portland’s St. Johns neighborhood
- All two‑bedroom unit mix supports tenant demand and consistent leasing interest
- Built in 1968 with a two‑story layout and individual exterior entries
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
$108,113
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
6.29%
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%
$2,162,260
$2.2M
Cap Rate 7%
$1,544,471
$1.5M
Cap Rate 9%
$1,201,256
$1.2M
Market Conditions
NOI Build-Up for 8,420 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
$207.1K $24.60/SF
− Vacancy
−$10.6K −$1.25/SF
EGI
$196.6K $23.35/SF
− OpEx
−$88.5K −$10.51/SF
NOI
$108.1K $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%
$2,162,260
Cap Rate 7%
$1,544,471
Cap Rate 9%
$1,201,256
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.35M – $1.80M
NOI $108,113 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M
NOI $165,518 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
933
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
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 - Stabilized 10-unit apartment building with an all–two-bedroom unit mix, off-street parking, and on-site laundry.
Where is this apartment building located?
The property is located at 8130 N Willamette Blvd Portland, OR.
What is the asking price?
The asking price for this property is $1,720,000.
What are key features of this property?
This property features: Stabilized 10‑unit apartment community in Portland’s St. Johns neighborhood; All two‑bedroom unit mix supports tenant demand and consistent leasing interest; Built in 1968 with a two‑story layout and individual exterior entries
