Renovated Apartment
For Sale
Contact for pricing
2520 SE Madison St, Portland, OR 97214
Turnkey seven-unit apartment building renovated down to the studs in 2013 with updated in-unit amenities.
Property Size3,716 SF
Price / SF$430.57
Days on Market151
Property Features for 2520 SE Madison St
General Information
Standard status
Active
Size
3,716 SF
Property subtype
Multifamily
Zoning
R2.5
Occupancy
100%
Net Operating Income
$99,623
Additional Details
Multifamily Units
7
Amenities
bike storage
Building Details
Year Built
1905
Year Renovated
2013
Buildings
1
Units
7
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Palo Alto
Listed By:
Robert Johnston · License #01853816
Source:
Crexi
Added: Apr 11
Changed: Sep 3
Last Checked: Sep 8 at 7:59AM
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 Marcus & Millichap - Palo Alto
Investment Insights
Based on property information with market context.
Three Sisters on Madison is a seven-unit apartment building originally built in 1905 and completely renovated down to the studs in 2013. The property features remodeled units to meet current seismic code requirements, with in-unit washer/dryers, new appliances, and air conditioners in most units (except for the lower east-facing unit). All units are presented as remodeled interior living spaces within a low-maintenance, turnkey configuration.
The building is offered for sale at 2520 SE Madison St in Portland, Oregon. Public remarks also note bike storage for tenant convenience.
The building consists of seven one-bedroom units, making the property a straightforward, resident-focused income asset with updated interiors and in-unit laundry amenities throughout most units.
The building is offered for sale at 2520 SE Madison St in Portland, Oregon. Public remarks also note bike storage for tenant convenience.
The building consists of seven one-bedroom units, making the property a straightforward, resident-focused income asset with updated interiors and in-unit laundry amenities throughout most units.
Key Highlights
- 7 one‑bedroom units in Three Sisters on Madison
- Originally built in 1905; completely renovated down to the studs in 2013
- Units remodeled to current seismic code
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
$47,713
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
2.98%
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%
$954,260
$954.3K
Cap Rate 7%
$681,614
$681.6K
Cap Rate 9%
$530,144
$530.1K
Market Conditions
NOI Build-Up for 3,716 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
$91.4K $24.60/SF
− Vacancy
−$4.7K −$1.25/SF
EGI
$86.8K $23.35/SF
− OpEx
−$39.0K −$10.51/SF
NOI
$47.7K $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%
$954,260
Cap Rate 7%
$681,614
Cap Rate 9%
$530,144
Alternative Uses
Best Use
Apartment 5plus
$681.6K
$596.4K – $795.2K
NOI $47,713 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$913.1K – $1.22M
NOI $73,048 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,960
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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 - Turnkey seven-unit apartment building renovated down to the studs in 2013 with updated in-unit amenities.
Where is this apartment building located?
The property is located at 2520 SE Madison St Portland, OR.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 7 one‑bedroom units in Three Sisters on Madison; Originally built in 1905; completely renovated down to the studs in 2013; Units remodeled to current seismic code
