Stabilized Multifamily Apartment
3240 SE 90th Pl Portland, OR 97266
For Sale
Contact for pricing
Fully stabilized 29-unit portfolio with studio, one-, and two-bedroom layouts across two adjacent buildings.
Property Size17,350 SF
Lot Size1.00 Acre
Price / SF$345.53
Days on Market107
Property Features for 3240 SE 90th Pl
General Information
- Standard status
- Active
- Size
- 17,350 SF
- Lot size
- 1.00 Acre
- Property subtype
- Multifamily
Building Details
- Year Built
- 1973
Listing Agency:
Barry Investment Real Estate
(503) 546-9390
Listed By:
Phillip Barry · License #200807134
Source:
Crexi
Added: Apr 9
Changed: Jul 21
Last Checked: Jul 23 at 7:17AM
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.
Powell Heights & Powell Place Apartments offer a fully stabilized multifamily investment comprised of two adjacent properties: Powell Heights with 21 units and Powell Place with 8 units. The portfolio totals 29 apartments and features a mix of studio, one-bedroom, and two-bedroom homes, supported by a shared, common parking lot. The properties sit on nearly one acre, combining two distinct product profiles within a single, efficiently managed footprint.
Powell Heights is brand-new construction completed in 2025. Powell Place is a 1973 vintage asset that has been fully renovated, with a demonstrated track record of achieving top-of-market rents per the seller’s remarks.
Together, the portfolio pairs modern new-construction units with renovated vintage residences in a low-density setting, supporting rental performance across a consistent mix of apartment sizes.
Powell Heights is brand-new construction completed in 2025. Powell Place is a 1973 vintage asset that has been fully renovated, with a demonstrated track record of achieving top-of-market rents per the seller’s remarks.
Together, the portfolio pairs modern new-construction units with renovated vintage residences in a low-density setting, supporting rental performance across a consistent mix of apartment sizes.
Key Highlights
- Fully stabilized 29‑unit multifamily portfolio across two adjacent buildings: Powell Heights (21 units) and Powell Place (8 units)
- Unit mix includes studio, 1‑bedroom, and 2‑bedroom apartment layouts
- Powell Heights: brand‑new construction (2025) represents 72% of the total units (21 of 29)
Financial Insights For Apartment 5plus
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 | $426.8k | $24.60 |
| − Vacancy | −$21.8k | −$1.25 |
| EGI | $405.0k | $23.35 |
| − OpEx | −$182.3k | −$10.51 |
| NOI | $222.8k | $12.84 |
17,350 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.18M
$2.78M – $3.71M
NOI $222,773 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.87M
$4.26M – $5.68M
NOI $341,062 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Fully stabilized 29-unit portfolio with studio, one-, and two-bedroom layouts across two adjacent buildings.
Where is this apartment building located?
The property is located at 3240 SE 90th Pl Portland, OR.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: Fully stabilized 29‑unit multifamily portfolio across two adjacent buildings: Powell Heights (21 units) and Powell Place (8 units); Unit mix includes studio, 1‑bedroom, and 2‑bedroom apartment layouts; Powell Heights: brand‑new construction (2025) represents 72% of the total units (21 of 29)
