11-Unit Townhome-Style
For Sale
$1,540,000
3548 SE 119TH AVE, Portland, OR 97266
Two-bedroom residences offer private patios, laundry hookups, and off-street parking in a residential-style layout.
Property Size9,866 SF
Days on Market28
Property Features for 3548 SE 119TH AVE
General Information
Standard status
Active
Size
9,866 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
11 x 2BR/1BA
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$20,828
Amenities
washer & dryer hookups
private patio areas
ample off-street parking
Building Details
Building Size
9,866 SF
Year Built
2003
Buildings
2
Listing Agency:
Barry Investment Real Estate
Listed By:
Phillip Barry · License #200807134
(503) 593-9707
Source:
Eleeterealestate
Added: Aug 11
Changed: Aug 31
Last Checked: Sep 7 at 9:57AM
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.
This 11-unit apartment community was constructed in 2003 and consists entirely of two-bedroom, one-bath residences. The townhome-style layout gives each home a functional two-story configuration, with units averaging approximately 897 square feet. Private patios, washer and dryer hookups, and ample off-street parking are included across the property. Interior updates have been completed as apartments turned over, and the roof on one of the two buildings was replaced in early 2025.
The property is located at 3548 SE 119th Avenue in Portland’s Powellhurst-Gilbert neighborhood. Its apartment homes combine a larger floor plan with features associated with a residential setting, including individual patio areas and two-level interiors. The community is composed of two buildings and offers a consistent unit mix of two-bedroom, one-bath apartments.
The property is located at 3548 SE 119th Avenue in Portland’s Powellhurst-Gilbert neighborhood. Its apartment homes combine a larger floor plan with features associated with a residential setting, including individual patio areas and two-level interiors. The community is composed of two buildings and offers a consistent unit mix of two-bedroom, one-bath apartments.
Key Highlights
- 11‑unit apartment community constructed in 2003
- All units are two‑bedroom, one‑bath townhome‑style apartments
- Units average approximately 897 square feet
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
$126,679
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
8.23%
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%
$2,533,580
$2.5M
Cap Rate 7%
$1,809,700
$1.8M
Cap Rate 9%
$1,407,544
$1.4M
Market Conditions
NOI Build-Up for 9,866 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
$242.7K $24.60/SF
− Vacancy
−$12.4K −$1.25/SF
EGI
$230.3K $23.35/SF
− OpEx
−$103.6K −$10.51/SF
NOI
$126.7K $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 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%
$2,533,580
Cap Rate 7%
$1,809,700
Cap Rate 9%
$1,407,544
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,679 @ 7.0% cap · market cap 8.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,943 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
754
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 - Two-bedroom residences offer private patios, laundry hookups, and off-street parking in a residential-style layout.
Where is this apartment building located?
The property is located at 3548 SE 119TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,540,000.
What are key features of this property?
This property features: 11‑unit apartment community constructed in 2003; All units are two‑bedroom, one‑bath townhome‑style apartments; Units average approximately 897 square feet
