Humboldt Neighborhood Home with
For Sale
$360,000
251 N Skidmore ST #6, Portland, OR 97217
Home in vibrant North Portland, close to shops and restaurants.
Property Size914 SF
Days on Market436
Property Features for 251 N Skidmore ST #6
General Information
Standard status
Active
Size
914 SF
Property subtype
Condominium
Amenities
Mini Split
Dishwasher
Free-Standing Range
Microwave
Solid Surface Countertop
Stainless Steel Appliance
Patio, Composition
Building Details
Building Size
914 SF
Year Built
2025
Stories
2
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle II · License #199910100
(503) 709-4632
Source:
Kw
Added: Jul 10, 2025
Changed: Sep 16
Last Checked: Sep 16 at 8:12PM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
Located in the Humboldt neighborhood of North Portland, this home offers convenient, car-free living with a bike score of 100. Situated near the Vancouver/Williams corridor and N Mississippi Avenue, it is surrounded by shops, restaurants, and parks. The residence features an open-concept floor plan with natural light, tall ceilings, and large windows. The interior is finished in warm, modern tones. A private yard provides outdoor space, and air conditioning is included. The custom kitchen is equipped with modern cabinetry, slab countertops, a tile backsplash, and stainless steel appliances. The home includes two bedrooms, two and a half bathrooms, stylish lighting, and sleek fixtures. Built by a local builder, it comes with a 1-year builder warranty.
Key Highlights
- Prime North Portland location in the Humboldt neighborhood, steps from Vancouver/Williams corridor and N Mississippi Avenue, with a 100 Bike Score.
- Open‑concept floor plan with tall ceilings, expansive windows, and air conditioning.
- Custom kitchen with modern cabinetry, slab countertops, tile backsplash, and stainless steel appliances.
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
$11,736
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
3.26%
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%
$234,720
$234.7K
Cap Rate 7%
$167,657
$167.7K
Cap Rate 9%
$130,400
$130.4K
Market Conditions
NOI Build-Up for 914 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
$22.5K $24.60/SF
− Vacancy
−$1.1K −$1.25/SF
EGI
$21.3K $23.35/SF
− OpEx
−$9.6K −$10.51/SF
NOI
$11.7K $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%
$234,720
Cap Rate 7%
$167,657
Cap Rate 9%
$130,400
Alternative Uses
Best Use
Apartment 5plus
$167.7K
$146.7K – $195.6K
NOI $11,736 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$256.7K
$224.6K – $299.5K
NOI $17,967 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,895
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Home in vibrant North Portland, close to shops and restaurants.
Where is this apartment building located?
The property is located at 251 N Skidmore ST #6 Portland, OR.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Prime North Portland location in the Humboldt neighborhood, steps from Vancouver/Williams corridor and N Mississippi Avenue, with a 100 Bike Score.; Open‑concept floor plan with tall ceilings, expansive windows, and air conditioning.; Custom kitchen with modern cabinetry, slab countertops, tile backsplash, and stainless steel appliances.
