Forest Grove Multifamily Investment
For Sale
Contact for pricing
3118-3124 19th Pl, Forest Grove, OR 97116
Well-maintained, 8-unit apartment complex with operational upside.
Property Size6,348 SF
Price / SF$235.51
Days on Market79
Property Features for 3118-3124 19th Pl
General Information
Standard status
Active
Size
6,348 SF
Property subtype
Multifamily
Zoning
CC
Investment Type
Stabilized
Net Operating Income
$87,134
Building Details
Year Built
1972
Buildings
1
Stories
1
Units
8
Tenancy
Multi
Listing Agency:
Barry Investment Real Estate
(503) 546-9390
Listed By:
Phillip Barry · License #200807134
Source:
Crexi
Added: May 26
Changed: Aug 8
Last Checked: Jul 15 at 5:13PM
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 Barry Investment Real Estate
Investment Insights
Based on property information with market context.
The Donna Place Apartments, constructed in 1972, is an 8-unit multifamily property situated in the Forest Grove submarket of Washington County. The property features a low-density, single-level courtyard setting. The unit mix includes two one-bedroom units and six two-bedroom units. Most units have access to private patios. The property generates income supported by a mix of long-term residents and updated units. There is potential for rent increases, along with additional revenue sources, including the addition of Utility Bill back and storage locker rentals. A new roof was installed in 2017. Many ongoing interior updates have been completed at unit turnovers. New PEX water lines and new energy efficient vinyl windows & sliders were installed roughly 15-20 years ago. The property size is 6348 square feet. The Donna Place Apartments offer investors the opportunity to acquire a stabilized asset with operational upside in Forest Grove.
Key Highlights
- Stable, well‑maintained 8‑unit multifamily asset in desirable Forest Grove submarket.
- Opportunity for rental income upside through utility bill back and storage locker rentals.
- Mix of one and two‑bedroom units offering broad tenant appeal.
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
$81,508
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
5.45%
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%
$1,630,160
$1.6M
Cap Rate 7%
$1,164,400
$1.2M
Cap Rate 9%
$905,644
$905.6K
Market Conditions
NOI Build-Up for 6,348 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
$156.2K $24.60/SF
− Vacancy
−$8.0K −$1.25/SF
EGI
$148.2K $23.35/SF
− OpEx
−$66.7K −$10.51/SF
NOI
$81.5K $12.84/SF
Area
Washington County, 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%
$1,630,160
Cap Rate 7%
$1,164,400
Cap Rate 9%
$905,644
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,508 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,944 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 97116, OR
29,351
Population
10,229
Households
2.9
Avg Household Size
36
Median Age
33%
College-Educated
90%
High-School Grad
82.1 sq mi
ZIP Area
358
Density / Sq Mi
$87,308
Median Household Income
$42,330
Median Earnings
$1,397
Median Rent
$479,800
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 - Well-maintained, 8-unit apartment complex with operational upside.
Where is this apartment building located?
The property is located at 3118-3124 19th Pl Forest Grove, OR.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Stable, well‑maintained 8‑unit multifamily asset in desirable Forest Grove submarket.; Opportunity for rental income upside through utility bill back and storage locker rentals.; Mix of one and two‑bedroom units offering broad tenant appeal.
