Six-Unit Apartment
For Sale
$1,090,000
1805 NE 8th Ave, Portland, OR 97212
Six one-bedroom residences offer on-site laundry and individual storage within Northeast Portland.
Property Size2,883 SF
Price / SF$378.08
Days on Market18
Property Features for 1805 NE 8th Ave
General Information
Standard status
Active
Size
2,883 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 1BR
Multifamily Units
6
Amenities
on-site laundry
personal storage
Building Details
Year Built
1940
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Lillie Barr
Source:
Thesanchezteamoregon
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 30 at 8:51PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1940, this apartment property contains six one-bedroom residences totaling 2,883 square feet. The building includes on-site laundry and personal storage areas associated with the residences. Its six-unit configuration provides a straightforward multifamily layout in an established Northeast Portland setting.
The property is located at 1805 NE 8th Ave in Portland, with bus service, dining, coffee, and highway access described nearby. A Home Energy Score of 10 is reported, with the corresponding HES report identified as OR10242478.
The property is located at 1805 NE 8th Ave in Portland, with bus service, dining, coffee, and highway access described nearby. A Home Energy Score of 10 is reported, with the corresponding HES report identified as OR10242478.
Key Highlights
- Six one‑bedroom apartment residences
- 2,883 square feet across six units
- Built in 1940
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
$37,018
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
3.40%
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%
$740,360
$740.4K
Cap Rate 7%
$528,829
$528.8K
Cap Rate 9%
$411,311
$411.3K
Market Conditions
NOI Build-Up for 2,883 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
$70.9K $24.60/SF
− Vacancy
−$3.6K −$1.25/SF
EGI
$67.3K $23.35/SF
− OpEx
−$30.3K −$10.51/SF
NOI
$37.0K $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%
$740,360
Cap Rate 7%
$528,829
Cap Rate 9%
$411,311
Alternative Uses
Best Use
Apartment 5plus
$528.8K
$462.7K – $617.0K
NOI $37,018 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$809.6K
$708.4K – $944.6K
NOI $56,673 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,776
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
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 - Six one-bedroom residences offer on-site laundry and individual storage within Northeast Portland.
Where is this apartment building located?
The property is located at 1805 NE 8th Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: Six one‑bedroom apartment residences; 2,883 square feet across six units; Built in 1940
