24-Unit Multifamily Investment
2219 - 2231 SE 66th Ave, Portland, OR 97215
24-unit multifamily property with long-term tenant in South Tabor.
Type:Multifamily
Property size:
19,800 SFPrice / SF:
$181/SF- Added:
- Nov 25, 2025
- Days on Market:
- 177
- Last Refresh:
- Apr 5 at 8:27 pm
Property Features for 2219 - 2231 SE 66th Ave
General Information
- Standard status
- Active
- Size
- 19,800 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1960
Listing agent Nicholas Diamond License #OR #200403266 (503) 222-2655
Listing office Capacity Commercial Group (503) 222-2655
Listing date Nov 25, 2025
Source Corfac
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 Capacity Commercial Group
HighLights
- Absolute Net Lease (NNN) with 10‑Year Term provides stable, long‑term cash flow.
- Strong Credit Tenant: Leased to Warner Pacific University, operating as student housing.
- Attractive 5.50% CAP Rate with a Year 1 NOI of $225,000.
- Annual Rent Increases: 3% provides increasing revenue stream.
- Value‑Add Opportunity: 24‑Unit Apartment Building in the South Tabor Neighborhood.
- Prime Location: Steps from Mount Tabor and Warner Pacific University, near retail corridors of SE Division, Hawthorne, and Belmont.
Overview
This 24-unit multifamily property, operating as student housing for Warner Pacific University, is located in the South Tabor neighborhood, steps from Mount Tabor and Warner Pacific University. The property features three buildings totaling 19,800 square feet on a 40,269 square foot lot. The unit mix consists of 2-bedroom, 1-bath apartments. The property is ideally located near the retail corridors of SE Division, Hawthorne, and Belmont. The sale includes an absolute net lease with a 10-year NNN term. The sale price is $4,090,000, which equates to $170,417 per unit, with a CAP Rate of 5.50%. The net operating income for year one is $225,000, with annual rent increases of 3%. This value-add apartment building offers stable, long-term cash flow and a strong credit tenant.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$2.82M
NOI $254,231 @ 9.00% cap · cautious / downside scenario
Moderate
$3.63M
NOI $254,231 @ 7.00% cap · market / base-case scenario
Aggressive
$5.08M
NOI $254,231 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $487.1k | $24.60 |
| − Vacancy | −$24.8k | −$1.25 |
| EGI | $462.2k | $23.35 |
| − OpEx | −$208.0k | −$10.51 |
| NOI | $254.2k | $12.84 |
19,800 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$3.63M
$3.18M – $4.24M
NOI $254,231 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.56M
$4.87M – $6.49M
NOI $389,223 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Serviced apartments
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.595
- Latitude
- 45.5068
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 24-unit multifamily property with long-term tenant in South Tabor.
Where is this apartment building located?
The property is located at 2219 - 2231 SE 66th Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Absolute Net Lease (NNN) with 10‑Year Term provides stable, long‑term cash flow.; Strong Credit Tenant: Leased to Warner Pacific University, operating as student housing.; Attractive 5.50% CAP Rate with a Year 1 NOI of $225,000.
