Six-Plex with Private Fenced
For Sale
$2,150,000
1318 NE 46th AVE, Portland, OR 97213
Meticulously maintained new construction 6-plex with 2-bedroom, 2-bath units and private fenced yard spaces.
Property Size6,121 SF
Price / SF$351.25
Days on Market655
Property Features for 1318 NE 46th AVE
General Information
Standard status
Active
Size
6,121 SF
Property subtype
Multi-Family
Zoning
RM2
Net Operating Income
$122,053
Additional Details
Highway Access
Yes
Multifamily Units
6
Amenities
Electricity
UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4,UnitTypeType5,UnitTypeType6
2
AirConditioning,Dishwasher,Microwave,Range
2195
1
2150
2250
2095
Level
PublicWater
117.5' x 46'
0.12
Paved
ConcretePerimeter,Slab
6121.0
CementSiding
Building Details
Building Size
6,121 SF
Year Built
2024
Stories
2
Listing Agency:
Keller Williams PDX Central
(503) 702-0999
Listed By:
Angela Gardner
(503) 702-0999
Source:
Premierepropertygroup
Added: Nov 7, 2024
Changed: Aug 24
Last Checked: Aug 24 at 3:34AM
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 Keller Williams PDX Central
Investment Insights
Based on property information with market context.
This meticulously maintained six-plex is identified as new construction and consists of individual 2-bedroom, 2-bathroom units. Each unit is laid out with an open-concept design featuring expansive windows, naturally bright interiors, and a main-floor full bathroom with a walk-in shower. The living areas flow into the kitchen with warm cabinetry, stainless steel appliances, and tile accents. Upstairs, both bedrooms are supported by a second bathroom that includes a soaking tub. For outdoor use, every unit includes a private, fenced yard space intended for relaxation or light outdoor enjoyment. A 1-year builder warranty is also in place.
The property is described as being located about 0.3 miles from coffee shops, grocery stores, restaurants, and parks. Connectivity is supported by easy access to I-84, and the remarks reference an 89 BikeScore.
For buyers seeking an income-oriented residential asset, the uniform unit mix and repeatable in-unit amenities may simplify leasing and day-to-day operations. The combination of bright open layouts, two-bathroom functionality, and private fenced yard space can also align with tenant preferences for more usable living and outdoor space within a low-maintenance, recently built configuration, backed by a builder warranty term.
The property is described as being located about 0.3 miles from coffee shops, grocery stores, restaurants, and parks. Connectivity is supported by easy access to I-84, and the remarks reference an 89 BikeScore.
For buyers seeking an income-oriented residential asset, the uniform unit mix and repeatable in-unit amenities may simplify leasing and day-to-day operations. The combination of bright open layouts, two-bathroom functionality, and private fenced yard space can also align with tenant preferences for more usable living and outdoor space within a low-maintenance, recently built configuration, backed by a builder warranty term.
Key Highlights
- New construction 6‑plex built in 2024 with 2‑bedroom, 2‑bath units
- Each unit includes air conditioning plus a dishwasher, microwave, and range
- Rents range from $2,095 to $2,250 per unit (1 unit each): Unit 1 $2,195; Unit 2 $2,150; Unit 3 $2,250; Unit 4 $2,150; Unit 5 $2,250; Unit 6 $2,095
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
$78,593
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
3.66%
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%
$1,571,860
$1.6M
Cap Rate 7%
$1,122,757
$1.1M
Cap Rate 9%
$873,256
$873.3K
Market Conditions
NOI Build-Up for 6,121 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
$150.6K $24.60/SF
− Vacancy
−$7.7K −$1.25/SF
EGI
$142.9K $23.35/SF
− OpEx
−$64.3K −$10.51/SF
NOI
$78.6K $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%
$1,571,860
Cap Rate 7%
$1,122,757
Cap Rate 9%
$873,256
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$982.4K – $1.31M
NOI $78,593 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.01M
NOI $120,325 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,012
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 - Meticulously maintained new construction 6-plex with 2-bedroom, 2-bath units and private fenced yard spaces.
Where is this apartment building located?
The property is located at 1318 NE 46th AVE Portland, OR.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: New construction 6‑plex built in 2024 with 2‑bedroom, 2‑bath units; Each unit includes air conditioning plus a dishwasher, microwave, and range; Rents range from $2,095 to $2,250 per unit (1 unit each): Unit 1 $2,195; Unit 2 $2,150; Unit 3 $2,250; Unit 4 $2,150; Unit 5 $2,250; Unit 6 $2,095
