15-Unit Cottage
For Sale
$5,499,900
3246 SE 115th Ave, Portland, OR 97266
MULTI_FAMILY - Portland, OR
Property Size14,018 SF
Lot Size0.90 Acres
Price / SF$392.35
Days on Market305
Property Features for 3246 SE 115th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R5
Bedrooms
5
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 6, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 4, Bathroom 5, Bedroom 3, Bedroom 1
Subdivision
Powellhurst-Gilbert
Elementary school
W Powellhurst
Middle school
Ron Russell
High school
David Douglas
Directions
SE 115th between Powell and Division
Standard status
Active
APN
New Construction
Size
14,018 SF
Lot size
0.90 Acres
Utilities
Cooling system
Heat Pump
Amenities
private patios
Building Details
Year built
2025
Floors in Building
2
Number of units
15
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Oct 2, 2025
Changed: Aug 2
Last Checked: Aug 2 at 9:06PM
MLS# 543081098
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2025, this R5 zoned 15-unit cottage cluster features a detached, home-by-home layout designed to support long-term rental performance. The homes offer a mix of two-bedroom/two-and-a-half-bath and three-bedroom/two-and-a-half-bath configurations, with unit sizes ranging from 894 to 970 square feet. Each home is individually metered with no shared walls, helping maintain tenant privacy and enabling clean utility pass-throughs. Heating and cooling are provided by energy-efficient mini splits, and the property uses a composition roof.
The site is located at 3246 SE 115th Ave in Portland’s Powellhurst Gilbert neighborhood. The property includes five off-street parking spaces and private patios for residents. Nearby shopping and dining options include Fubonn Shopping Center, the Jade District, and multiple local restaurants and cafes, along with Raymond Park, Gilbert Heights Park, and Powell Butte Nature Park.
Additional features include full site control and no HOA complications.
The site is located at 3246 SE 115th Ave in Portland’s Powellhurst Gilbert neighborhood. The property includes five off-street parking spaces and private patios for residents. Nearby shopping and dining options include Fubonn Shopping Center, the Jade District, and multiple local restaurants and cafes, along with Raymond Park, Gilbert Heights Park, and Powell Butte Nature Park.
Additional features include full site control and no HOA complications.
Key Highlights
- 15‑unit detached cottage cluster built in 2025
- Zoned R5, with 0.9 acres and 14,018 SF
- Unit mix: two‑bedroom, two‑and‑a‑half‑bath and three‑bedroom, two‑and‑a‑half‑bath homes (894 to 970 SF)
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 | $344.8k | $24.60 |
| − Vacancy | −$17.6k | −$1.25 |
| EGI | $327.3k | $23.35 |
| − OpEx | −$147.3k | −$10.51 |
| NOI | $180.0k | $12.84 |
14,018 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
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.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Explore this area
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
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 - Zoned R5 and built in 2025, this detached 15-unit community offers individually metered homes with private patios and off-street parking.
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‑unit detached cottage cluster built in 2025; Zoned R5, with 0.9 acres and 14,018 SF; Unit mix: two‑bedroom, two‑and‑a‑half‑bath and three‑bedroom, two‑and‑a‑half‑bath homes (894 to 970 SF)
