R5 Multifamily
For Sale
$1,750,000
2940 SE BROOKLYN ST, Portland, OR 97202
Multifamily property with central air, forced-air heating, and an attached garage.
Property Size9,072 SF
Days on Market12
Property Features for 2940 SE BROOKLYN ST
General Information
Standard status
Active
Size
9,072 SF
Property subtype
Residential Income
Zoning
R5
Net Operating Income
$109,806
Taxes and HOA fees
Annual Taxes
$25,455
Amenities
Central Air
Forced Air
Unfinished
Gas Water Heater
Attached, Garage
Building Details
Building Size
9,072 SF
Year Built
1959
Stories
1
Listing Agency:
Rarebird Real Estate
(971) 273-5547
Listed By:
Benjamin Ficker · License #200412166,OR
(971) 273-5547
Source:
Evrealestate
Added: Jul 31
Changed: Aug 11
Last Checked: Aug 11 at 7:11AM
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 Rarebird Real Estate
Investment Insights
Based on property information with market context.
This multifamily property at 2940 SE Brooklyn St. in Portland includes central air, forced-air heating, a gas water heater, and an attached garage. The interior is identified as unfinished, providing a straightforward physical profile for evaluation.
The property is zoned R5 and was built in 1959. Access directions run from Powell north on 29th, then east on Brooklyn, placing the asset within Multnomah County.
The property is zoned R5 and was built in 1959. Access directions run from Powell north on 29th, then east on Brooklyn, placing the asset within Multnomah County.
Key Highlights
- R5 zoning
- Built in 1959
- Central air
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
$122,393
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
6.99%
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%
$2,447,860
$2.4M
Cap Rate 7%
$1,748,471
$1.7M
Cap Rate 9%
$1,359,922
$1.4M
Market Conditions
NOI Build-Up for 9,072 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
$236.2K $26.04/SF
− Vacancy
−$13.7K −$1.51/SF
EGI
$222.5K $24.53/SF
− OpEx
−$100.1K −$11.04/SF
NOI
$122.4K $13.49/SF
Area
ZIP 97202
Vacancy
5.80%
Lease Rate
$26.04 /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%
$2,447,860
Cap Rate 7%
$1,748,471
Cap Rate 9%
$1,359,922
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,393 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.16M
$1.89M – $2.53M
NOI $151,502 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,472
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property with central air, forced-air heating, and an attached garage.
Where is this multifamily property located?
The property is located at 2940 SE BROOKLYN ST Portland, OR.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: R5 zoning; Built in 1959; Central air
