Modern 16-Unit Apartment
For Sale
Contact for pricing
1535 N Alberta St, Portland, OR 97217
New construction apartment complex in the heart of Overlook Neighborhood.
Property Size10,606 SF
Price / SF$320.57
Days on Market931
Property Features for 1535 N Alberta St
General Information
Standard status
Active
Size
10,606 SF
Property subtype
Multifamily
Building Details
Year Built
2024
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
Source:
Crexi
Added: Jan 15, 2024
Changed: Jul 6
Last Checked: Aug 3 at 12:13PM
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
Investment Insights
Based on property information with market context.
This is a new construction, 16-unit apartment complex featuring a mix of six studio units and ten 1-bedroom units. The property also includes two common rooms with kitchenettes, electric fireplaces, and extensive windows. Each unit features expansive ceilings and an open concept floor plan, designed to maximize natural light. Designer finishes and colors are incorporated throughout. Sleek custom cabinetry and stainless steel appliances are included, as well as in-unit washer/dryers and a bike room. The property is located in the Overlook Neighborhood, with proximity to interstates, restaurants, shops, parks and transit. The property has a bike score of 99.
Key Highlights
- New construction (2024) modern apartment complex.
- Prime location in the heart of the popular Overlook Neighborhood, near restaurants, shops, parks, and transit.
- Mix of studio and 1‑bedroom units with designer finishes and abundant natural light.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $260.9k | $24.60 |
| − Vacancy | −$13.3k | −$1.25 |
| EGI | $247.6k | $23.35 |
| − OpEx | −$111.4k | −$10.51 |
| NOI | $136.2k | $12.84 |
10,606 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.95M
$1.70M – $2.27M
NOI $136,181 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.61M – $3.47M
NOI $208,490 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
680
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
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 - New construction apartment complex in the heart of Overlook Neighborhood.
Where is this apartment building located?
The property is located at 1535 N Alberta St Portland, OR.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: New construction (2024) modern apartment complex.; Prime location in the heart of the popular Overlook Neighborhood, near restaurants, shops, parks, and transit.; Mix of studio and 1‑bedroom units with designer finishes and abundant natural light.
