121-Unit Apartment
For Sale
$30,875,000
2425 NE Alberta St, Portland, OR 97211
MultiFamily, Portland, OR
Property Size67,286 SF
Lot Size1.11 Acres
Price / SF$458.86
Days on Market388
Property Features for 2425 NE Alberta St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
remarks
Bedrooms
7
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 3, Bedroom 2, Bathroom 7, Bedroom 4, Bathroom 5, Bedroom 3, Bathroom 6, Bedroom 5, Bedroom 7, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 6, Bedroom 1
View
City
Elementary school
Vernon
Middle school
Vernon
High school
Jefferson
Subdivision
_142
Standard status
Active
APN
New Construction
Size
67,286 SF
Lot size
1.11 Acres
Taxes and HOA fees
Tax Annual Amount
240282
Utilities
Cooling system
Heat Pump
Building Details
Year built
2025
Number of units
121
Roof type
Flat, Metal, Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Aug 8, 2025
Changed: Aug 29
Last Checked: Aug 30 at 11:06AM
MLS# 792913119
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.
This under-construction apartment portfolio comprises 9 buildings and 121 units across a combined 67,286 square feet on 1.11 acres. The unit mix includes townhomes and apartments, with retail space also incorporated into the collection. Modern construction is represented by a 2025 year-built designation, while heat-pump cooling and a combination of flat, composition, and metal roofing are identified for the property.
The portfolio is distributed across Portland locations that include the Alberta Arts District, Hollywood, and South Waterfront. One listed address is 2425 NE Alberta St, Portland, OR 97211. The asset is offered for sale and includes both multifamily and retail components within the overall property group.
The portfolio is distributed across Portland locations that include the Alberta Arts District, Hollywood, and South Waterfront. One listed address is 2425 NE Alberta St, Portland, OR 97211. The asset is offered for sale and includes both multifamily and retail components within the overall property group.
Key Highlights
- 9‑building portfolio with 121 units
- 67,286 square feet across 1.11 acres
- Mix of townhomes, apartments, and retail space
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
$908,361
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
2.94%
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%
$18,167,220
$18.2M
Cap Rate 7%
$12,976,586
$13.0M
Cap Rate 9%
$10,092,900
$10.1M
Market Conditions
NOI Build-Up for 67,286 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
$1.61M $24.00/SF
− Vacancy
−$161.5K −$2.40/SF
EGI
$1.45M $21.60/SF
− OpEx
−$545.0K −$8.10/SF
NOI
$908.4K $13.50/SF
Area
Portland, OR
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$18,167,220
Cap Rate 7%
$12,976,586
Cap Rate 9%
$10,092,900
Alternative Uses
Best Use
Mixed Use
$12.98M
$11.35M – $15.14M
NOI $908,361 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$12.34M
$10.80M – $14.40M
NOI $863,950 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$18.90M
$16.53M – $22.04M
NOI $1,322,690 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
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 - Under-construction multifamily portfolio combines townhomes, apartments, and retail space across Portland.
Where is this apartment building located?
The property is located at 2425 NE Alberta St Portland, OR.
What is the asking price?
The asking price for this property is $30,875,000.
What are key features of this property?
This property features: 9‑building portfolio with 121 units; 67,286 square feet across 1.11 acres; Mix of townhomes, apartments, and retail space
