8-Unit Historic Apartment
New
For Sale
$925,000
2626 NE 16th AVE, Portland, OR 97212
Three-story rental property with studio and one-bedroom layouts, shared laundry, basement storage, and a detached garage.
Property Size5,494 SF
Lot Size0.11 Acres
Price / SF$168.37
Days on Market3
Property Features for 2626 NE 16th AVE
General Information
Standard status
Active
Size
5,494 SF
Lot size
0.11 Acres
Property subtype
Multi-Family
Units
Unit Mix
6 x studio, 2 x 1BR
Multifamily Units
8
Additional Details
Asking Price
$925,000
Utilities to Site
Yes
Sprinkler System
Yes
Amenities
shared laundry
basement storage
limited-access entry
Building Details
Year Built
1910
Buildings
1
Stories
3
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 709-4632
Listed By:
Realty Portland Team
(503) 966-4371
Source:
Realtyportland
Added: Oct 7
Last Checked: Oct 7 at 10:54AM
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.
Built in 1910, this three-story apartment building contains eight units: six studios and two one-bedroom layouts. Unit interiors range from approximately 200 to 570 square feet, and the building totals approximately 5,494 square feet, including 1,410 square feet of unfinished basement and approximately 4,084 square feet above grade. Bathrooms are a mix of private and shared. Common areas, basement storage, shared laundry, limited-access entry, and a fire sprinkler system are among the building features.
The property occupies an approximately 5,000-square-foot lot in Portland’s Irvington Historic District and is identified as a contributing building in the district. Mature landscaping, a detached single-car garage, and driveway parking are on site. Public water and sewer serve the property.
The units have been used for furnished B&B/Airbnb stays as well as longer-term rentals. The property package includes a unit schedule and conventional-rental financial presentation.
The property occupies an approximately 5,000-square-foot lot in Portland’s Irvington Historic District and is identified as a contributing building in the district. Mature landscaping, a detached single-car garage, and driveway parking are on site. Public water and sewer serve the property.
The units have been used for furnished B&B/Airbnb stays as well as longer-term rentals. The property package includes a unit schedule and conventional-rental financial presentation.
Key Highlights
- Eight rental units: six studios and two one‑bedroom layouts
- Approximately 5,494 square feet, including 1,410 square feet of unfinished basement
- Approximately 4,084 square feet above grade; unit interiors range from approximately 200 to 570 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,543
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,410,860
$1.4M
Cap Rate 7%
$1,007,757
$1.0M
Cap Rate 9%
$783,811
$783.8K
Market Conditions
NOI Build-Up for 5,494 SF
Gross rent
$135.2K $24.60/SF
− Vacancy
−$6.9K −$1.25/SF
EGI
$128.3K $23.35/SF
− OpEx
−$57.7K −$10.51/SF
NOI
$70.5K $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 Rate 5%
$1,410,860
Cap Rate 7%
$1,007,757
Cap Rate 9%
$783,811
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$881.8K – $1.18M
NOI $70,543 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,000 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,402
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
Median Home Value
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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 - Three-story rental property with studio and one-bedroom layouts, shared laundry, basement storage, and a detached garage.
Where is this apartment building located?
The property is located at 2626 NE 16th AVE Portland, OR.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Eight rental units: six studios and two one‑bedroom layouts; Approximately 5,494 square feet, including 1,410 square feet of unfinished basement; Approximately 4,084 square feet above grade; unit interiors range from approximately 200 to 570 square feet
