Historically Significant Apartment
1638 SE 12th Avenue Portland, OR 97214
For Sale
Contact for pricing
Mulberry Apartments offer classic design and distinctive unit configurations, with recent rent lifts noted despite no upgrades.
Property Size19,650 SF
Price / SF$241.73
Days on Market39
Property Features for 1638 SE 12th Avenue
General Information
- Standard status
- Active
- Size
- 19,650 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1925
Listing Agency:
Northmarq
Listed By:
Robert Black · License #990700125
Source:
Crexi
Added: Jun 15
Changed: Jul 23
Last Checked: Jul 23 at 10:43AM
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 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 | $483.4k | $24.60 |
| − Vacancy | −$24.7k | −$1.25 |
| EGI | $458.7k | $23.35 |
| − OpEx | −$206.4k | −$10.51 |
| NOI | $252.3k | $12.84 |
19,650 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Aberration Film Studios
Film Production
Mulberry Apartments
Apartment Building
FAQs
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
