Historically Significant Apartment
For Sale
Contact for pricing
Pending
1638 SE 12th Avenue, Portland, OR 97214
Mulberry Apartments offer classic design and distinctive unit configurations, with recent rent lifts noted despite no upgrades.
Property Size19,650 SF
Days on Market86
Property Features for 1638 SE 12th Avenue
General Information
Standard status
Pending
Size
19,650 SF
Class
C
Total Parking Spaces
16
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1925
Buildings
1
Stories
2
Units
30
Tenancy
Multi
Listing Agency:
Northmarq
Listed By:
Tyler Smith · License #78400
(206) 612-2475
Source:
Crexi
Added: Jun 15
Changed: Aug 8
Last Checked: Jul 29 at 7:09AM
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 Northmarq
Investment Insights
Based on property information with market context.
The Mulberry Apartments are a historically significant apartment property featuring classic design, generous layouts, and enduring construction quality. The offering highlights distinctive unit configurations and “exceptional bones,” along with the opportunity for a strategic interior and common-area refresh as part of a renovation program.
Located in the affluent Ladd’s Addition neighborhood on Portland’s Central Eastside, the property benefits from continued demand for character-rich housing in the surrounding area.
Recent unit tradeouts are described as generating significant rent lifts without upgrades, underscoring the property’s existing rent performance and the value of updating interiors and common areas for the next ownership cycle.
Located in the affluent Ladd’s Addition neighborhood on Portland’s Central Eastside, the property benefits from continued demand for character-rich housing in the surrounding area.
Recent unit tradeouts are described as generating significant rent lifts without upgrades, underscoring the property’s existing rent performance and the value of updating interiors and common areas for the next ownership cycle.
Key Highlights
- Mulberry Apartments built in 1925
- Classic design and distinctive unit configurations
- Recent unit tradeouts have delivered significant rent lifts despite no upgrades
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
$252,305
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
5.31%
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%
$5,046,100
$5.0M
Cap Rate 7%
$3,604,357
$3.6M
Cap Rate 9%
$2,803,389
$2.8M
Market Conditions
NOI Build-Up for 19,650 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
$483.4K $24.60/SF
− Vacancy
−$24.7K −$1.25/SF
EGI
$458.7K $23.35/SF
− OpEx
−$206.4K −$10.51/SF
NOI
$252.3K $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%
$5,046,100
Cap Rate 7%
$3,604,357
Cap Rate 9%
$2,803,389
Alternative Uses
Best Use
Apartment 5plus
$3.60M
$3.15M – $4.21M
NOI $252,305 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.52M
$4.83M – $6.44M
NOI $386,274 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,847
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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 - Mulberry Apartments offer classic design and distinctive unit configurations, with recent rent lifts noted despite no upgrades.
Where is this apartment building located?
The property is located at 1638 SE 12th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Mulberry Apartments built in 1925; Classic design and distinctive unit configurations; Recent unit tradeouts have delivered significant rent lifts despite no upgrades
