Tabor Apartment
For Sale
$6,350,000
5607 E Burnside St, Portland, OR 97215
39-unit gated community with varied layouts, landscaped common space, and convenient access to transit and neighborhood amenities.
Property Size20,892 SF
Days on Market156
Property Features for 5607 E Burnside St
General Information
Standard status
Active
Size
20,892 SF
Property subtype
Multifamily
Occupancy
95%
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Cap Rate
6%
Multifamily Units
39
Amenities
gated community
landscaped courtyard
fireplaces
private patios or balconies
extra-tall ceilings
in-unit laundry
shared laundry facilities
interior bike storage
granite countertops
stainless steel appliances
walnut cabinetry
vinyl flooring
2016 Construction Asset with Recent Capital Upgrades Including Recently Painted Fiberboard Siding, Natural Wood Accents, and Professionally Landscaped Grounds
Varied Unit Mix: Studios, One Bedroom Flats, Two- and Three-Bedroom Townhomes with High End Finishes
Located in North Tabor Neighborhood with Walkable Access to Local Businesses and Parks
Building Details
Building Size
20,892 SF
Year Built
2016
Buildings
3
Units
39
Listing Agency:
Portland Office
(503) 200-2000
Listed By:
Whitney Rhoades · License #OR: 201204200, WA: 25012784
(503) 200-2022
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 5:02PM
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.
Built in 2016, this 39-unit apartment community comprises three buildings arranged around a landscaped courtyard. The gated property includes controlled access to the community and individual buildings. Floor plans span studios, one-bedroom flats, and two- and three-bedroom townhomes, with select residences offering fireplaces, extra-tall ceilings, private patios or balconies, and individual entries. Interior features include granite countertops, stainless steel appliances, walnut cabinetry, vinyl flooring, and a mix of in-unit and shared laundry facilities. Interior bike storage is also provided.
The property is located at 5607 E Burnside St in Portland, Oregon, with visibility along East Burnside and on-street parking along adjacent residential side streets. Downtown Portland is four miles away. The location records a Walk Score of 83 and a Bike Score of 91, with access to transit, parks, and neighborhood amenities. Five-mile population is 494,980, while the one-mile average household income is $133,625.
The property is located at 5607 E Burnside St in Portland, Oregon, with visibility along East Burnside and on-street parking along adjacent residential side streets. Downtown Portland is four miles away. The location records a Walk Score of 83 and a Bike Score of 91, with access to transit, parks, and neighborhood amenities. Five-mile population is 494,980, while the one-mile average household income is $133,625.
Key Highlights
- 39‑unit apartment community built in 2016
- Three separate buildings organized around a landscaped courtyard
- Studios, one‑bedroom flats, and two- and three‑bedroom townhomes
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
$268,253
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
4.22%
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%
$5,365,060
$5.4M
Cap Rate 7%
$3,832,186
$3.8M
Cap Rate 9%
$2,980,589
$3.0M
Market Conditions
NOI Build-Up for 20,892 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
$513.9K $24.60/SF
− Vacancy
−$26.2K −$1.25/SF
EGI
$487.7K $23.35/SF
− OpEx
−$219.5K −$10.51/SF
NOI
$268.3K $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%
$5,365,060
Cap Rate 7%
$3,832,186
Cap Rate 9%
$2,980,589
Alternative Uses
Best Use
Apartment 5plus
$3.83M
$3.35M – $4.47M
NOI $268,253 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.87M
$5.13M – $6.84M
NOI $410,689 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
39
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,453
Businesses Nearby
Explore this area
Business Placement
Demographics for 97215, OR
18,221
Population
7,855
Households
2.3
Avg Household Size
40
Median Age
64%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,922
Density / Sq Mi
$114,361
Median Household Income
$62,704
Median Earnings
$1,587
Median Rent
$658,500
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 - 39-unit gated community with varied layouts, landscaped common space, and convenient access to transit and neighborhood amenities.
Where is this apartment building located?
The property is located at 5607 E Burnside St Portland, OR.
What is the asking price?
The asking price for this property is $6,350,000.
What are key features of this property?
This property features: 39‑unit apartment community built in 2016; Three separate buildings organized around a landscaped courtyard; Studios, one‑bedroom flats, and two- and three‑bedroom townhomes
