Mixed-Use Building with Loft
New
For Sale
$2,600,000
1515 N Rosa Parks Way, Portland, OR 97217
A three-story property combines fourteen one-bedroom residences with a ground-floor commercial space.
Property Size8,143 SF
Price / SF$319.29
Days on Market3
Property Features for 1515 N Rosa Parks Way
General Information
Standard status
Active
Size
8,143 SF
Occupancy
76%
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
14 x 1BR loft-style
Multifamily Units
14
Amenities
engineered hardwood floors
custom cabinetry
built-in shelves
stainless steel appliances
wood-framed windows
tiled floors and showers
in-unit washer and dryer
tall ceilings
ductless mini-splits
secure access
courtyard
secure bike storage room
Building Details
Year Built
2021
Buildings
1
Stories
3
Listing Agency:
Legend Real Estate Services
Listed By:
Marjorie Wells
(503) 502-9678
Source:
Thesanchezteamoregon
Added: Sep 29
Last Checked: Sep 30 at 5:40PM
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 Legend Real Estate Services
Investment Insights
Based on property information with market context.
Built in 2021, this three-story mixed-use property contains fourteen one-bedroom loft apartments and a commercial space. Apartment floor plans range from 391 to 476 square feet and include engineered hardwood flooring, custom cabinetry, built-in shelving, stainless steel appliances, wood-framed windows, tiled floors and showers, in-unit washers and dryers, tall ceilings, and ductless mini-split systems. Residents have secure building access, a courtyard, and a dedicated bike storage room; units 101 and 102 also have backyards.
The property stands at N Rosa Parks Way and N Interstate Ave in Portland’s Arbor Lodge neighborhood. A MAX station and New Seasons are located on N Interstate Ave. The property’s reported occupancy is 76%, with a stated goal of full occupancy by the end of October. The September 2026 actual monthly rent and pro forma cap rate are omitted under pricing policy.
The property stands at N Rosa Parks Way and N Interstate Ave in Portland’s Arbor Lodge neighborhood. A MAX station and New Seasons are located on N Interstate Ave. The property’s reported occupancy is 76%, with a stated goal of full occupancy by the end of October. The September 2026 actual monthly rent and pro forma cap rate are omitted under pricing policy.
Key Highlights
- Fourteen one‑bedroom loft apartments plus a commercial space
- Built in 2021; three stories
- Apartment sizes range from 391 to 476 square feet
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
$109,931
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
4.23%
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%
$2,198,620
$2.2M
Cap Rate 7%
$1,570,443
$1.6M
Cap Rate 9%
$1,221,456
$1.2M
Market Conditions
NOI Build-Up for 8,143 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
$195.4K $24.00/SF
− Vacancy
−$19.5K −$2.40/SF
EGI
$175.9K $21.60/SF
− OpEx
−$66.0K −$8.10/SF
NOI
$109.9K $13.50/SF
Area
Portland, OR
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,198,620
Cap Rate 7%
$1,570,443
Cap Rate 9%
$1,221,456
Alternative Uses
Best Use
Mixed Use
$1.57M
$1.37M – $1.83M
NOI $109,931 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$1.49M
$1.31M – $1.74M
NOI $104,556 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,073 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
14
Residential units
76%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A three-story property combines fourteen one-bedroom residences with a ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 1515 N Rosa Parks Way Portland, OR.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Fourteen one‑bedroom loft apartments plus a commercial space; Built in 2021; three stories; Apartment sizes range from 391 to 476 square feet
