New 32-Unit Apartment
For Sale
$9,599,900
2465 NE ALBERTA St, Portland, OR 97211
MULTI_FAMILY - Portland, OR
Property Size22,241 SF
Lot Size0.17 Acres
Price / SF$431.63
Days on Market363
Property Features for 2465 NE ALBERTA St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
CM2
Bedrooms
7
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Bathroom 9, Bathroom 8, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 5, Bathroom 6, Bathroom 1, Bathroom 2, Bathroom 7, Bathroom 10, Bedroom 7
Subdivision
CONCORDIA
Elementary school
Vernon
Middle school
Vernon
High school
Jefferson
Directions
Corner of NE Alberta St & NE 25th Ave
Standard status
Active
APN
R186528
Size
22,241 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
INA PK, BLOCK 11, LOT 11&12 EXC PT IN ST & EXC PT IN ALLEY, POTEN
Tax Annual Amount
12889
Legal Description
INA PK, BLOCK 11, LOT 11&12 EXC PT IN ST & EXC PT IN ALLEY, POTEN
Utilities
Cooling system
Heat Pump
Amenities
outdoor common area
Building Details
Year built
2025
Floors in Building
4
Number of units
34
Roof type
Flat
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Aug 5, 2025
Changed: Aug 2
Last Checked: Aug 2 at 10:06AM
MLS# 251497797
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.
Newly constructed apartment building in Portland, OR (2025), currently under construction, offering 32 units plus two retail spaces on site. The property sits on a 0.17-acre lot with a building size of 22,241 square feet.
Building features include elevator access and a welcoming outdoor common area for residents. The property is cooled with heat pump systems, and the roof is flat.
Zoned CM2, the asset combines multifamily living with ground-floor retail space, supporting a mixed-use tenant experience. The exterior is described as modern, and the unit mix includes studios through two-bedroom layouts.
Building features include elevator access and a welcoming outdoor common area for residents. The property is cooled with heat pump systems, and the roof is flat.
Zoned CM2, the asset combines multifamily living with ground-floor retail space, supporting a mixed-use tenant experience. The exterior is described as modern, and the unit mix includes studios through two-bedroom layouts.
Key Highlights
- 32 units in a newly constructed apartment building (under construction, 2025)
- Two retail spaces included
- 0.17‑acre lot and 22,241 SF building size
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $547.1k | $24.60 |
| − Vacancy | −$27.9k | −$1.25 |
| EGI | $519.2k | $23.35 |
| − OpEx | −$233.7k | −$10.51 |
| NOI | $285.6k | $12.84 |
22,241 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.08M
$3.57M – $4.76M
NOI $285,574 @ 7.0% cap · market cap 2.97%
Second Best
Retail
$3.70M
$3.24M – $4.32M
NOI $259,219 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$6.25M
$5.47M – $7.29M
NOI $437,208 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
860
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Under construction 32-unit apartment building with two retail spaces, elevator access, and CM2 zoning in Portland.
Where is this apartment building located?
The property is located at 2465 NE ALBERTA St Portland, OR.
What is the asking price?
The asking price for this property is $9,599,900.
What are key features of this property?
This property features: 32 units in a newly constructed apartment building (under construction, 2025); Two retail spaces included; 0.17‑acre lot and 22,241 SF building size
