15-Unit Cottage Apartment
For Sale
$5,499,900
3246 SE 115th AVE, Portland, OR 97266
Detached homes offer private patios, individual utility meters, and heating and cooling in every residence.
Property Size14,018 SF
Price / SF$392.35
Days on Market397
Property Features for 3246 SE 115th AVE
General Information
Standard status
Active
Size
14,018 SF
Total Parking Spaces
5
Property subtype
MULTI_FAMILY
Site & Location
Neighborhood
Powellhurst-Gilbert
Units
Multifamily Units
15
Individually Metered Utilities
unspecified utilities
Amenities
private patios
energy efficient mini splits
Building Details
Building Size
14,018 SF
Year Built
2025
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Hustlehearthomes
Added: Oct 2, 2025
Changed: Oct 27
Last Checked: Oct 31 at 6:10PM
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
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Investment Insights
Based on property information with market context.
Completed in 2025, this 15-home apartment community is arranged as detached cottages with no shared walls. Residences range from 894 to 970 square feet and include two- or three-bedroom layouts, each with 2.1 bathrooms. Individual utility meters serve each home, and mini-split systems provide heating and cooling. Private patios and five off-street parking spaces are part of the site plan.
The property is at 3246 SE 115th Ave in Portland’s Powellhurst-Gilbert neighborhood. Nearby destinations named for the area include Fubonn Shopping Center, the Jade District, Raymond Park, Gilbert Heights Park, and Powell Butte Nature Park, along with local restaurants, cafes, and Starbucks.
The property is at 3246 SE 115th Ave in Portland’s Powellhurst-Gilbert neighborhood. Nearby destinations named for the area include Fubonn Shopping Center, the Jade District, Raymond Park, Gilbert Heights Park, and Powell Butte Nature Park, along with local restaurants, cafes, and Starbucks.
Key Highlights
- 15 detached cottage residences, completed in 2025
- Two- and three‑bedroom floor plans from 894 to 970 square feet; each home has 2.1 bathrooms
- No shared walls; every residence is individually metered
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$179,991
Cap Rate
3.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,599,820
$3.6M
Cap Rate 7%
$2,571,300
$2.6M
Cap Rate 9%
$1,999,900
$2.0M
Market Conditions
NOI Build-Up for 14,018 SF
Gross rent
$344.8K $24.60/SF
− Vacancy
−$17.6K −$1.25/SF
EGI
$327.3K $23.35/SF
− OpEx
−$147.3K −$10.51/SF
NOI
$180.0K $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%
$3,599,820
Cap Rate 7%
$2,571,300
Cap Rate 9%
$1,999,900
Alternative Uses
Best Use
Apartment 5plus
$2.57M
$2.25M – $3.00M
NOI $179,991 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.94M
$3.44M – $4.59M
NOI $275,562 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
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Business Placement
Demographics for 97266, OR
36,095
Population
13,863
Households
2.6
Avg Household Size
37
Median Age
29%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
5,917
Density / Sq Mi
$71,791
Median Household Income
$39,856
Median Earnings
$1,532
Median Rent
$420,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Detached homes offer private patios, individual utility meters, and heating and cooling in every residence.
Where is this apartment building located?
The property is located at 3246 SE 115th AVE Portland, OR.
What is the asking price?
The asking price for this property is $5,499,900.
What are key features of this property?
This property features: 15 detached cottage residences, completed in 2025; Two- and three‑bedroom floor plans from 894 to 970 square feet; each home has 2.1 bathrooms; No shared walls; every residence is individually metered
