10-Unit Courtyard Apartment
For Sale
$1,495,000
Pending
2010 Southeast Sherman Street, Portland, OR 97214
RM2-zoned apartment property with a central courtyard, new walkways, basement storage, and laundry facilities.
Property Size6,229 SF
Days on Market157
Property Features for 2010 Southeast Sherman Street
General Information
Standard status
Pending
Size
6,229 SF
Property subtype
Multi Family
Zoning
RM2
Units
Unit Mix
8 x 1BR/1BA, 2 x Studio
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$19,396
Amenities
courtyard
laundry
storage
2
Crawl Space, Partial Basement, Storage Space
Concrete Perimeter
Flat, Membrane, Tile
Stucco
Building Details
Year Built
1927
Buildings
1
Construction
Mediterranean
Listing Agency:
Equity Pacific Real Estate LLC
Listed By:
Jason Waxberg · License #980500059
(503) 750-7734
Source:
Compass
Added: Apr 1
Changed: Sep 1
Last Checked: Sep 2 at 11:40PM
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 Equity Pacific Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1927, this 6,229-square-foot apartment property contains 10 units: eight one-bedroom, one-bath residences and two studios. The building has a stucco exterior, newer vinyl windows, and a membrane roof with tile accents at the apartment entries. Interior details include hardwood flooring, tiled kitchens and baths, basement laundry, and individual storage areas.
A courtyard organizes the property, with six units opening directly onto it and four additional units arranged across two rear levels. New concrete walkways reinforced with steel rebar improve circulation through the courtyard, while a new sewer line adds to the property's infrastructure. The building is professionally managed and located at 2010 Southeast Sherman Street in Portland, two blocks north of Division. Zoning is RM2.
A courtyard organizes the property, with six units opening directly onto it and four additional units arranged across two rear levels. New concrete walkways reinforced with steel rebar improve circulation through the courtyard, while a new sewer line adds to the property's infrastructure. The building is professionally managed and located at 2010 Southeast Sherman Street in Portland, two blocks north of Division. Zoning is RM2.
Key Highlights
- 10‑unit configuration with eight 1BR/1BA apartments and two studio units
- 6,229 SF apartment building constructed in 1927
- Central courtyard with new steel‑reinforced concrete walkways
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
$79,980
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
5.35%
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%
$1,599,600
$1.6M
Cap Rate 7%
$1,142,571
$1.1M
Cap Rate 9%
$888,667
$888.7K
Market Conditions
NOI Build-Up for 6,229 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
$153.2K $24.60/SF
− Vacancy
−$7.8K −$1.25/SF
EGI
$145.4K $23.35/SF
− OpEx
−$65.4K −$10.51/SF
NOI
$80.0K $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%
$1,599,600
Cap Rate 7%
$1,142,571
Cap Rate 9%
$888,667
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$999.8K – $1.33M
NOI $79,980 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,448 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,534
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - RM2-zoned apartment property with a central courtyard, new walkways, basement storage, and laundry facilities.
Where is this apartment building located?
The property is located at 2010 Southeast Sherman Street Portland, OR.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 10‑unit configuration with eight 1BR/1BA apartments and two studio units; 6,229 SF apartment building constructed in 1927; Central courtyard with new steel‑reinforced concrete walkways
