32-Unit Apartment
New
For Sale
$3,500,000
16 SW PORTER St SW, Portland, OR 97201
MultiFamily, Portland, OR
Property Size10,734 SF
Lot Size0.11 Acres
Price / SF$326.07
Days on Market3
Property Features for 16 SW PORTER St SW
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM1
Bedrooms
1
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1
Subdivision
Caruthers
View
City
Elementary school
Ainsworth
Middle school
West Sylvan
High school
Lincoln
Directions
W Ross Island Bridge 10, R SW Nato Pkwy,R SW Curry St,R SW First St, R S Porter St
Standard status
Active
APN
R128854
Size
10,734 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
CARUTHERS ADD, BLOCK 56, W 46.01' OF LOT 1&2
Tax Annual Amount
18781
Legal Description
CARUTHERS ADD, BLOCK 56, W 46.01' OF LOT 1&2
Amenities
coin-operated laundry
Building Details
Year built
1913
Floors in Building
3
Number of units
32
Roof type
Membrane, Flat
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Allen Riddle · License #200203103
(503) 740-3786
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 10:06PM
MLS# 186056133
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 32-unit apartment property at 16 SW Porter Street includes 31 studio apartments and one one-bedroom, one-bathroom unit. The 10,734-square-foot building was constructed in 1913 and carries RM1 zoning. A membrane flat roof was installed on August 21, 2026, and the property also received an ENERGY STAR water heater system in August 2026.
Individual tenant metering supports unit-level utility allocation. Most occupants are on year-long leases, while 6 tenants rent month to month. On-site coin-operated laundry equipment provides an additional operating feature. The property occupies 0.11 acres in Portland's Caruthers neighborhood, within ZIP Code 97201. Its reported capitalization rate is 6.78%.
Individual tenant metering supports unit-level utility allocation. Most occupants are on year-long leases, while 6 tenants rent month to month. On-site coin-operated laundry equipment provides an additional operating feature. The property occupies 0.11 acres in Portland's Caruthers neighborhood, within ZIP Code 97201. Its reported capitalization rate is 6.78%.
Key Highlights
- 32‑unit apartment property with 31 studios and 1 one‑bedroom, one‑bathroom unit
- 10,734 square feet on 0.11 acres
- RM1 zoning in Portland's Caruthers neighborhood
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
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 - Thirty-one studios and one one-bedroom unit create a compact multifamily configuration with individually metered tenants.
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 property with 31 studios and 1 one‑bedroom, one‑bathroom unit; 10,734 square feet on 0.11 acres; RM1 zoning in Portland's Caruthers neighborhood
