32-Unit Apartment
For Sale
$3,500,000
16 SW PORTER ST SW, Portland, OR 97201
Individually metered apartments with on-site coin-operated laundry and a mix of studio and one-bedroom residences.
Property Size10,734 SF
Days on Market8
Property Features for 16 SW PORTER ST SW
General Information
Standard status
Active
Size
10,734 SF
Property subtype
MULTI_FAMILY
Net Operating Income
$237,317
Units
Unit Mix
31 x studio, 1 x 1BR/1BA
Multifamily Units
32
Additional Details
Cap Rate
6.78%
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$18,781
Amenities
coin-op washer and dryer
Building Details
Building Size
10,734 SF
Year Built
1913
Listing Agency:
MORE Realty
Listed By:
Allen Riddle · License #200203103
(503) 740-3786
Source:
Eleeterealestate
Added: Sep 11
Changed: Sep 17
Last Checked: Sep 17 at 12:26AM
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 MORE Realty
Investment Insights
Based on property information with market context.
This 32-unit apartment property, built in 1913, contains 31 studio apartments and one one-bedroom, one-bathroom unit. Each residence is individually metered. The property includes coin-operated laundry equipment that provides an additional income stream, while the tenant base includes both annual and month-to-month lease arrangements.
Recent capital improvements include a membrane roof installed August 21, 2026, and an ENERGY STAR water heater system added in August 2026. The property is located at 16 SW Porter St SW in Portland, within the Caruthers Neighborhood. The reported capitalization rate is 6.78%.
Recent capital improvements include a membrane roof installed August 21, 2026, and an ENERGY STAR water heater system added in August 2026. The property is located at 16 SW Porter St SW in Portland, within the Caruthers Neighborhood. The reported capitalization rate is 6.78%.
Key Highlights
- 32‑unit apartment complex with 31 studios and 1 one‑bedroom, 1‑bathroom unit
- Built in 1913
- All tenants are individually metered
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
$137,824
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
3.94%
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%
$2,756,480
$2.8M
Cap Rate 7%
$1,968,914
$2.0M
Cap Rate 9%
$1,531,378
$1.5M
Market Conditions
NOI Build-Up for 10,734 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
$264.1K $24.60/SF
− Vacancy
−$13.5K −$1.25/SF
EGI
$250.6K $23.35/SF
− OpEx
−$112.8K −$10.51/SF
NOI
$137.8K $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%
$2,756,480
Cap Rate 7%
$1,968,914
Cap Rate 9%
$1,531,378
Alternative Uses
Best Use
Apartment 5plus
$1.97M
$1.72M – $2.30M
NOI $137,824 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.64M – $3.52M
NOI $211,006 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
32
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,774
Businesses Nearby
Explore this area
Business Placement
Demographics for 97201, OR
17,352
Population
10,748
Households
1.6
Avg Household Size
34
Median Age
67%
College-Educated
95%
High-School Grad
1.9 sq mi
ZIP Area
9,133
Density / Sq Mi
$67,074
Median Household Income
$48,101
Median Earnings
$1,565
Median Rent
$648,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Individually metered apartments with on-site coin-operated laundry and a mix of studio and one-bedroom residences.
Where is this apartment building located?
The property is located at 16 SW PORTER ST SW Portland, OR.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 32‑unit apartment complex with 31 studios and 1 one‑bedroom, 1‑bathroom unit; Built in 1913; All tenants are individually metered
