East Portland Apartment
For Sale
$3,290,000
14455 E Burnside St, Portland, OR 97233
25-unit apartment complex in East Portland with convenient access.
Property Size20,000 SF
Price / SF$164.50
Days on Market207
Property Features for 14455 E Burnside St
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Multifamily
Building Details
Year Built
1994
Listing Agency:
(503) 726-6701
Listed By:
Elliot Rask
(503) 726-6701
Source:
Corfac
Added: Jan 26
Changed: Jul 6
Last Checked: Aug 21 at 4:12AM
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 Elliot Rask
Investment Insights
Based on property information with market context.
Glenfair Apartments is a 25-unit apartment complex situated in East Portland. The property is located on E Burnside St near SE Division St and I-205, centrally located with easy access to Downtown and the numerous amenities in the area. It is ideally situated just a short walk away from the vibrant shopping and dining attractions on E Burnside Street and conveniently located 1.5 miles from SE Division Street, where you’ll find a plethora of amenities. The property is also within a block of a Portland MAX stop, offering convenient transportation to various parts of the inner urban area. With the proximity of Hwy 26, I-205, and I-84, tenants will enjoy easy access to Downtown Portland. The property has desirable unit floor plans and parking and high-quality property management in place. The property size is 20000 square feet.
Key Highlights
- Convenient access to Downtown Portland via Hwy 26, I‑205, and I‑84.
- Located within a block of a Portland MAX stop (Blue Line) for easy transportation.
- Walking distance to shopping and dining on E Burnside Street.
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
$256,799
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
7.81%
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%
$5,135,980
$5.1M
Cap Rate 7%
$3,668,557
$3.7M
Cap Rate 9%
$2,853,322
$2.9M
Market Conditions
NOI Build-Up for 20,000 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
$492.0K $24.60/SF
− Vacancy
−$25.1K −$1.25/SF
EGI
$466.9K $23.35/SF
− OpEx
−$210.1K −$10.51/SF
NOI
$256.8K $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%
$5,135,980
Cap Rate 7%
$3,668,557
Cap Rate 9%
$2,853,322
Alternative Uses
Best Use
Apartment 5plus
$3.67M
$3.21M – $4.28M
NOI $256,799 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.62M
$4.91M – $6.55M
NOI $393,155 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
421
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
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 - 25-unit apartment complex in East Portland with convenient access.
Where is this apartment building located?
The property is located at 14455 E Burnside St Portland, OR.
What is the asking price?
The asking price for this property is $3,290,000.
What are key features of this property?
This property features: Convenient access to Downtown Portland via Hwy 26, I‑205, and I‑84.; Located within a block of a Portland MAX stop (Blue Line) for easy transportation.; Walking distance to shopping and dining on E Burnside Street.
