Back to Search

24-Unit Multifamily Investment Opportunity

2219 - 2231 SE 66th Ave, Portland, OR 97215

View on Map

For Sale

$3,600,000

24-unit multifamily property with long-term tenant in South Tabor.

Type:Multifamily

Property size:

19,800 SF

Price / SF:

$181/SF

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.

We can help!

Contact an agent

Nicholas Diamond

For Sale

$3,600,000

24-unit multifamily property with long-term tenant in South Tabor.

Type:Multifamily

Property size:

19,800 SF

Price / SF:

$181/SF

Added:: Nov 25, 2025
Days on Market:: 223
Last Refresh:: May 9 at 12:51 am

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

We can help!

Contact an agent

Nicholas Diamond

Listing office Capacity Commercial Group

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.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

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 Uses

Best Use

Apartment 5plus

$3.63M

$3.18M – $4.24M (±1% cap)

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 (±1% cap)

NOI $389,223 @ 7.0% cap · market cap 10.81%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Serviced apartments

Suggested Use

Location Insight

Map
Local Demand

City: Portland
County: Washington
State: Oregon
Longitude: -122.595
Latitude: 45.5068

Nearby Similar for Sale

$2,000,000

6,070 SF

Six-Unit Apartment Community

2019-built six-unit community with in-unit laundry and off-street parking on a low-density lot.

8300 SE Flavel St, Portland, OR 97266

View Details
$1,649,900

3,936 SF

Park-Front Fourplex Opportunity

New North Portland fourplex with four private residences and efficient heating and cooling, positioned directly across from Peninsula Park.

6214 N Kerby Ave, Portland, OR 97217

View Details
$4,313,900

11,578 SF

Detached Cottage Multifamily Portfolio

Twelve new construction detached two-bedroom cottages with modern in-unit features and efficient mini-split climate control.

7033 SE 60th Ave, Portland, OR 97206

View Details
$2,890,000

13,152 SF

21-Unit Apartment Community

Small multifamily with 1- and 2-bedroom homes and on-site parking in Portland’s Rockwood area.

19109 SE YAMHILL St, Portland, OR 97233

View Details
$1,739,900

4,868 SF

New Construction Cottage Portfolio

Four detached homes near St. Johns with strong rental potential.

6603 N Seneca St, Portland, OR 97203

View Details
$555,000

2,640 SF

Nicely Managed Duplex with Private Laundry

Two one-bedroom units each include private laundry, basement bonus space, and dedicated off-street parking.

1036 N AINSWORTH St, Portland, OR 97217

View Details
$1,969,900

4,815 SF

New Multifamily Investment by Park

Five-unit townhome investment across from Peninsula Park in Portland, Oregon.

6179 N Albina Ave, Portland, OR 97217

View Details
$899,000

5,982 SF

Versatile Commercial Property with Warehouse

Mixed-use property featuring storefronts, restaurant, and warehouse space.

1218 N Killingsworth Street, Portland, OR 97217

View Details
$950,000

4,390 SF

Multifamily Home with Permitted ADU

Modern home with a fully permitted 2-bedroom ADU, offering flexible living or rental separation.

1336 NE HOLLAND St, Portland, OR 97211

View Details
$645,000

5,500 SF

Mixed-Use Development Fixer

Two-building mixed-use property with street-level office/retail and multiple apartment units, sold as-is with CM2 zoning.

8325 SE DIVISION St, Portland, OR 97266

View Details
$2,889,900

7,179 SF

Rose City Park Multifamily Investment

New 7-unit multifamily property in Portland's Rose City Park.

2938 NE 62nd Ave, Portland, OR 97213

View Details
$1,979,900

4,588 SF

New Cottage Homes in Beaumont-Wilshire

Four newly built detached cottage homes in NE Portland.

4895 NE CESAR E CHAVEZ Blvd, Portland, OR 97211

View Details

For sale
Apartment buildings
OR
Portland
97215
2219 - 2231 SE 66th Ave

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.