Renovated 42-Unit Apartment
For Sale
Contact for pricing
Pending
16405 E Burnside St, Portland, OR 97233
Eight-building multifamily property with two-bedroom residences, detached garages, and substantial recent capital improvements.
Property Size36,160 SF
Days on Market149
Property Features for 16405 E Burnside St
General Information
Standard status
Pending
Size
36,160 SF
Property subtype
Multifamily
Zoning
SC
Building Details
Year Built
1992
Year Renovated
2023
Buildings
8
Stories
2
Units
42
Listing Agency:
Barry Investment Real Estate
Listed By:
Phillip Barry · License #200807134
(503) 546-9390
Source:
Crexi
Added: Apr 8
Changed: Sep 2
Last Checked: Aug 31 at 11:49PM
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 Barry Investment Real Estate
Investment Insights
Based on property information with market context.
Trymax Apartments is a 42-unit apartment property comprising eight buildings on a 1.72-acre site in Portland, Oregon. The community was built in 1992 and includes two-bedroom, one-bathroom residences with washer/dryer hookups and functional living areas. Twelve detached garages provide additional physical improvements beyond the apartment buildings, while landscaped grounds and mature trees shape the setting.
Capital work includes new siding, windows, and exterior paint completed in 2023, along with roofing installed on all buildings and garages in 2021. Interior improvements carried out over the past decade include replacements and upgrades to cabinets, countertops, flooring, appliances, doors, and fixtures across numerous units. The property contains 36,160 square feet and is zoned SC.
Capital work includes new siding, windows, and exterior paint completed in 2023, along with roofing installed on all buildings and garages in 2021. Interior improvements carried out over the past decade include replacements and upgrades to cabinets, countertops, flooring, appliances, doors, and fixtures across numerous units. The property contains 36,160 square feet and is zoned SC.
Key Highlights
- 42‑unit apartment community across 8 buildings
- 1.72‑acre site with 36,160 square feet
- Two‑bedroom, one‑bathroom apartment layouts with washer/dryer hookups
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
$464,293
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
7.80%
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%
$9,285,860
$9.3M
Cap Rate 7%
$6,632,757
$6.6M
Cap Rate 9%
$5,158,811
$5.2M
Market Conditions
NOI Build-Up for 36,160 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
$889.5K $24.60/SF
− Vacancy
−$45.4K −$1.25/SF
EGI
$844.2K $23.35/SF
− OpEx
−$379.9K −$10.51/SF
NOI
$464.3K $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%
$9,285,860
Cap Rate 7%
$6,632,757
Cap Rate 9%
$5,158,811
Alternative Uses
Best Use
Apartment 5plus
$6.63M
$5.80M – $7.74M
NOI $464,293 @ 7.0% cap · market cap 7.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.15M
$8.89M – $11.85M
NOI $710,823 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
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 - Eight-building multifamily property with two-bedroom residences, detached garages, and substantial recent capital improvements.
Where is this apartment building located?
The property is located at 16405 E Burnside St Portland, OR.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: 42‑unit apartment community across 8 buildings; 1.72‑acre site with 36,160 square feet; Two‑bedroom, one‑bathroom apartment layouts with washer/dryer hookups
