15-Unit Apartment
For Sale
$3,999,900
232 NE 61st Ave, Portland, OR 97213
Recently built, fully occupied apartments offer a mix of one- and two-bedroom layouts with in-unit appliances.
Property Size12,240 SF
Price / SF$326.79
Days on Market994
Property Features for 232 NE 61st Ave
General Information
Standard status
Active
Size
12,240 SF
Property subtype
Multi Family Home
Zoning
RM2
Occupancy
100%
Site & Location
Neighborhood
North Tabor
Additional Details
Multifamily Units
15
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$40,889
Amenities
Indoor bike storage
enclosed trash area
Building Details
Building Size
12,240 SF
Year Built
2024
Stories
3
Units
15
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Eaglecaprealty
Added: Feb 14, 2024
Changed: Oct 25
Last Checked: Oct 29 at 9:07AM
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 Realty Portland Premiere
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Investment Insights
Based on property information with market context.
Completed in 2024, this 12,240-square-foot apartment property contains 15 units and is fully leased. The residential mix includes one- and two-bedroom apartments, with open layouts, high ceilings, and contemporary interior finishes. Kitchens feature custom cabinetry and stainless-steel appliances, while each unit has a stackable washer and dryer.
The property is located in the North Tabor area of Portland and is zoned RM2. Shared amenities include indoor bicycle storage and an enclosed refuse area. The new construction is covered by a 15-year rent-control exemption.
The property is located in the North Tabor area of Portland and is zoned RM2. Shared amenities include indoor bicycle storage and an enclosed refuse area. The new construction is covered by a 15-year rent-control exemption.
Key Highlights
- 15 apartments totaling 12,240 square feet; built in 2024
- Fully leased, with a mix of one- and two‑bedroom units
- RM2 zoning and a 15‑year rent‑control exemption for new construction
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$157,161
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,143,220
$3.1M
Cap Rate 7%
$2,245,157
$2.2M
Cap Rate 9%
$1,746,233
$1.7M
Market Conditions
NOI Build-Up for 12,240 SF
Gross rent
$301.1K $24.60/SF
− Vacancy
−$15.4K −$1.25/SF
EGI
$285.7K $23.35/SF
− OpEx
−$128.6K −$10.51/SF
NOI
$157.2K $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 Rate 5%
$3,143,220
Cap Rate 7%
$2,245,157
Cap Rate 9%
$1,746,233
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.96M – $2.62M
NOI $157,161 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,611 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
15
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,075
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Recently built, fully occupied apartments offer a mix of one- and two-bedroom layouts with in-unit appliances.
Where is this apartment building located?
The property is located at 232 NE 61st Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,999,900.
What are key features of this property?
This property features: 15 apartments totaling 12,240 square feet; built in 2024; Fully leased, with a mix of one- and two‑bedroom units; RM2 zoning and a 15‑year rent‑control exemption for new construction
