New Construction 15-Unit Apartment
For Sale
$3,999,900
232 NE 61ST Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size12,240 SF
Lot Size0.15 Acres
Price / SF$326.79
Days on Market937
Property Features for 232 NE 61ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
11
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 5, Bathroom 1, Bedroom 9, Bedroom 8, Bedroom 10, Bedroom 4, Bedroom 7, Bedroom 11, Bathroom 7, Bedroom 1, Bedroom 2, Bathroom 8, Bathroom 2, Bathroom 3, Bathroom 6, Bedroom 3, Bedroom 6, Bathroom 4, Bedroom 5
Subdivision
NORTH TABOR
Elementary school
Vestal
Middle school
Mt Tabor
High school
Franklin
Directions
NE Glisan St, S on NE 61st Ave
Standard status
Active
APN
R230713
Size
12,240 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
ORCHARD HOMES, BLOCK 6, LOT 27
Tax Annual Amount
40890
Legal Description
ORCHARD HOMES, BLOCK 6, LOT 27
Utilities
Heating system
Zoned
Amenities
indoor bike storage
enclosed trash area
Building Details
Year built
2024
Floors in Building
3
Number of units
15
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Feb 14, 2024
Changed: Sep 7
Last Checked: Sep 8 at 3:06PM
MLS# 24473358
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2024, this 15-unit apartment building contains 12,240 square feet on a 0.15-acre parcel and is fully leased. The property offers a combination of one- and two-bedroom residences with contemporary interiors, tall ceilings, open layouts, custom cabinetry, stainless-steel appliances, and stackable washers and dryers. Zoned heating serves the building, which also has a composition roof.
Located at 232 NE 61ST Ave in Portland’s North Tabor area, the property includes indoor bicycle storage and an enclosed trash area. RM2 zoning supports the multifamily configuration, while the new-construction rent-control exemption has a 15-year term.
Located at 232 NE 61ST Ave in Portland’s North Tabor area, the property includes indoor bicycle storage and an enclosed trash area. RM2 zoning supports the multifamily configuration, while the new-construction rent-control exemption has a 15-year term.
Key Highlights
- 15‑unit apartment building completed in 2024
- 12,240 square feet on a 0.15‑acre parcel
- Fully leased with a mix of one- and two‑bedroom units
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
$157,161
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
3.93%
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%
$3,143,220
$3.1M
Cap Rate 7%
$2,245,157
$2.2M
Cap Rate 9%
$1,746,233
$1.7M
Market Conditions
NOI Build-Up for 12,240 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
$301.1K $24.60/SF
− Vacancy
−$15.4K −$1.25/SF
EGI
$285.7K $23.35/SF
− OpEx
−$128.6K −$10.51/SF
NOI
$157.2K $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%
$3,143,220
Cap Rate 7%
$2,245,157
Cap Rate 9%
$1,746,233
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.96M – $2.62M
NOI $157,161 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,611 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,073
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 - Fully leased apartment property offering a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 232 NE 61ST Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,999,900.
What are key features of this property?
This property features: 15‑unit apartment building completed in 2024; 12,240 square feet on a 0.15‑acre parcel; Fully leased with a mix of one- and two‑bedroom units
