32-Unit Apartment Building with
For Sale
$9,499,900
2465 NE ALBERTA St, Portland, OR 97211
MultiFamily, Portland, OR
Property Size22,241 SF
Lot Size0.17 Acres
Price / SF$427.13
Days on Market391
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
Bedroom 3, Bathroom 5, Bathroom 9, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 7, Bathroom 6, Bathroom 8, Bedroom 7, Bedroom 6, Bathroom 10, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
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
elevator
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 30
Last Checked: Aug 30 at 3:06PM
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.
Scheduled for completion in 2025, this 22,241-square-foot apartment property is being developed with 32 residential units and 2 retail spaces. The planned unit mix includes studios, one-bedroom homes, and two-bedroom homes, supported by elevator service, an outdoor common area, contemporary interiors, a flat roof, and heat-pump cooling. The building is currently under construction and is situated on a 0.17-acre parcel with CM2 zoning.
The property is located on NE Alberta Street in Portland’s Alberta Arts area, near Pine State Biscuits, Gumba, Great Notion, art galleries, shops, and restaurants. The surrounding setting is described as walkable and bike-friendly, with access to neighborhood amenities and a car-free lifestyle.
The property is located on NE Alberta Street in Portland’s Alberta Arts area, near Pine State Biscuits, Gumba, Great Notion, art galleries, shops, and restaurants. The surrounding setting is described as walkable and bike-friendly, with access to neighborhood amenities and a car-free lifestyle.
Key Highlights
- 32 residential units plus 2 retail spaces
- 22,241 square feet on a 0.17‑acre parcel
- Studio, one‑bedroom, and two‑bedroom unit mix
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
$300,254
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
3.16%
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%
$6,005,080
$6.0M
Cap Rate 7%
$4,289,343
$4.3M
Cap Rate 9%
$3,336,156
$3.3M
Market Conditions
NOI Build-Up for 22,241 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
$533.8K $24.00/SF
− Vacancy
−$53.4K −$2.40/SF
EGI
$480.4K $21.60/SF
− OpEx
−$180.2K −$8.10/SF
NOI
$300.3K $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%
$6,005,080
Cap Rate 7%
$4,289,343
Cap Rate 9%
$3,336,156
Alternative Uses
Best Use
Mixed Use
$4.29M
$3.75M – $5.00M
NOI $300,254 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$4.08M
$3.57M – $4.76M
NOI $285,574 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$6.25M
$5.47M – $7.29M
NOI $437,208 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Under-construction multifamily property with studio through two-bedroom residences and integrated retail space.
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 $9,499,900.
What are key features of this property?
This property features: 32 residential units plus 2 retail spaces; 22,241 square feet on a 0.17‑acre parcel; Studio, one‑bedroom, and two‑bedroom unit mix
