5-Unit Apartment
1511 NE TILLAMOOK ST, Portland, OR 97212
For Sale
$1,080,000
The residences include renovated interiors and shared basement laundry and storage.
Property Size4,902 SF
Price / SF$220.32
Days on Market215
Property Features for 1511 NE TILLAMOOK ST
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
laundry
storage
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Coldwell Banker Bain
Listed By:
Atussa Valenti
(971) 217-7606
Source:
Leedavies
Added: Apr 10
Changed: Nov 10
Last Checked: Nov 9 at 3:27PM
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 Coldwell Banker Bain
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Investment Insights
Based on property information with market context.
This 4,902-square-foot apartment property dates to 1891 and contains five units. The largest residence features hardwood flooring, abundant natural light, a soaking tub, and a custom kitchen with marble countertops. Several additional units have also received updates. A shared basement provides laundry and storage space.
The property is in Portland’s Irvington neighborhood, with shops and restaurants within walking distance.
The property is in Portland’s Irvington neighborhood, with shops and restaurants within walking distance.
Key Highlights
- Five‑unit apartment property totaling 4,902 square feet
- Built in 1891
- Largest residence includes hardwood floors, a soaking tub, and a custom kitchen with marble countertops
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,942
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,258,840
$1.3M
Cap Rate 7%
$899,171
$899.2K
Cap Rate 9%
$699,356
$699.4K
Market Conditions
NOI Build-Up for 4,902 SF
Gross rent
$120.6K $24.60/SF
− Vacancy
−$6.2K −$1.25/SF
EGI
$114.4K $23.35/SF
− OpEx
−$51.5K −$10.51/SF
NOI
$62.9K $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%
$1,258,840
Cap Rate 7%
$899,171
Cap Rate 9%
$699,356
Alternative Uses
Best Use
Apartment 5plus
$899.2K
$786.8K – $1.05M
NOI $62,942 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.20M – $1.61M
NOI $96,362 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,499
Businesses Nearby
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Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Portland, OR
Properties on Market for Apartment buildings in Portland
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The residences include renovated interiors and shared basement laundry and storage.
Where is this apartment building located?
The property is located at 1511 NE TILLAMOOK ST Portland, OR.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: Five‑unit apartment property totaling 4,902 square feet; Built in 1891; Largest residence includes hardwood floors, a soaking tub, and a custom kitchen with marble countertops
