Multifamily Asset in Eliot
3037-3041 N Williams Ave & 18-20 N Monroe St Portland, OR 97227
For Sale
$2,037,000
Mixed-use property with commercial and residential units in Portland's Eliot neighborhood.
Property Size13,362 SF
Price / SF$152.45
Days on Market244
Property Features for 3037-3041 N Williams Ave & 18-20 N Monroe St
General Information
Standard status
Active
Size
13,362 SF
Property subtype
Multifamily Mixed-Use
Listing Agency:
Commercial Real Estate NW
(971) 280-2222
Listed By:
Marissa Lee
(971) 280-2222
Source:
Commercialrenw
Added: Nov 25, 2025
Changed: Jul 10
Last Checked: Jul 27 at 5:06AM
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 Commercial Real Estate NW
Investment Insights
Based on property information with market context.
This mixed-use multifamily asset features two buildings on a single tax lot, including two commercial units and seven apartments. The Rinehart Building, located on the corner of N. Williams & N. Monroe, contains office and retail storefront suites and five 1-bedroom/1-bathroom apartments on the 2nd level. This historical building was completely renovated in 2014. The Monroe Building, constructed in 2014, is a duplex encompassing a 1-bedroom/1-bathroom apartment and a 2-bedroom/1.5-bathroom apartment with a rooftop terrace. The buildings share secure garbage/recycling, storage, and bike room access. Located along the N Vancouver/N Williams corridor in the heart of the Eliot neighborhood, the property is within walking distance of restaurants, grocery stores, retail options, and more. It offers easy access to I-5 and I-405, as well as public transportation. Williams Avenue provides a prime bike thoroughfare and a vehicle traffic count of over 7,910 cars per day, offering signage/billboard income opportunities on the wall facing Northbound traffic. The property is 100% occupied and seismically upgraded. There are two commercial units with abundant basement storage and seven residential units: six 1-bedroom/1-bathroom units and one 2-bedroom/1.5-bathroom unit with a rooftop terrace. Ample street parking and easy transportation access are available. The property has a Walk Score of 92 and a Bike Score of 100. Two income-producing buildings are situated on a single tax lot.
Key Highlights
- Mixed‑use property with two income‑producing buildings (commercial and residential) on a single tax lot.
- Prime location in the Eliot neighborhood with a high Walk Score (92) and Bike Score (100), near restaurants, grocery, and retail.
- Fully occupied with potential for increased apartment rents.
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $320.7k | $24.00 |
| − Vacancy | −$32.1k | −$2.40 |
| EGI | $288.6k | $21.60 |
| − OpEx | −$108.2k | −$8.10 |
| NOI | $180.4k | $13.50 |
13,362 SF · lease $24.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Mixed Use
$2.58M
$2.25M – $3.01M
NOI $180,387 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$2.45M
$2.14M – $2.86M
NOI $171,568 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$3.75M
$3.28M – $4.38M
NOI $262,667 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with commercial and residential units in Portland's Eliot neighborhood.
Where is this mixed-use property located?
The property is located at 3037-3041 N Williams Ave & 18-20 N Monroe St Portland, OR.
What is the asking price?
The asking price for this property is $2,037,000.
What are key features of this property?
This property features: Mixed‑use property with two income‑producing buildings (commercial and residential) on a single tax lot.; Prime location in the Eliot neighborhood with a high Walk Score (92) and Bike Score (100), near restaurants, grocery, and retail.; Fully occupied with potential for increased apartment rents.
