New Multifamily Building in
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2387 SE 43rd Ave, Portland, OR 97215
New 6-unit building with high-end finishes in Richmond neighborhood.
Property Size5,896 SF
Price / SF$428.26
Days on Market166
Property Features for 2387 SE 43rd Ave
General Information
Standard status
Active
Size
5,896 SF
Property subtype
Multifamily
Zoning
R5
Building Details
Year Built
2025
Stories
2
Units
6
Listing Agency:
Macadam Forbes
(503) 729-3253
Listed By:
Cooper Collins · License #OR 201250793
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 8 at 6:40AM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
This newly constructed 6-unit multi-family building is located in the Richmond neighborhood of Portland. All units are street-facing and feature premium engineered hardwood floors. Bathrooms include white Carrara marble and heated floors. Kitchens feature Carrara quartz counters with full slab backsplashes. Each unit is equipped with a washer and dryer. The building offers a modern design and high-end finishes. The property is located in one of Southeast Portland's most in-demand rental corridors, with a Walk Score of 93. The property size is 5896 square feet.
Key Highlights
- Turnkey investment property in a high‑demand rental corridor.
- Projected $15,000/month total rental income.
- Prime location in Portland's Richmond neighborhood with an impressive Walk Score of 93.
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
$75,704
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
3.00%
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%
$1,514,080
$1.5M
Cap Rate 7%
$1,081,486
$1.1M
Cap Rate 9%
$841,156
$841.2K
Market Conditions
NOI Build-Up for 5,896 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
$145.0K $24.60/SF
− Vacancy
−$7.4K −$1.25/SF
EGI
$137.6K $23.35/SF
− OpEx
−$61.9K −$10.51/SF
NOI
$75.7K $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%
$1,514,080
Cap Rate 7%
$1,081,486
Cap Rate 9%
$841,156
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$946.3K – $1.26M
NOI $75,704 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $115,902 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,036
Businesses Nearby
Explore this area
Business Placement
Demographics for 97215, OR
18,221
Population
7,855
Households
2.3
Avg Household Size
40
Median Age
64%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,922
Density / Sq Mi
$114,361
Median Household Income
$62,704
Median Earnings
$1,587
Median Rent
$658,500
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 - New 6-unit building with high-end finishes in Richmond neighborhood.
Where is this apartment building located?
The property is located at 2387 SE 43rd Ave Portland, OR.
What is the asking price?
The asking price for this property is $2,525,000.
What are key features of this property?
This property features: Turnkey investment property in a high‑demand rental corridor.; Projected $15,000/month total rental income.; Prime location in Portland's Richmond neighborhood with an impressive Walk Score of 93.
