New Condo Near Legacy
For Sale
$300,000
3558 NE Garfield AVE #5, Portland, OR 97212
New construction condo near restaurants, shops, and Legacy Emanuel Hospital.
Property Size915 SF
Price / SF$327.87
Days on Market731
Property Features for 3558 NE Garfield AVE #5
General Information
Standard status
Active
Size
915 SF
Property subtype
Condominium
Amenities
Heat Pump
Mini Split
Dishwasher
Free-Standing Range
Microwave
Solid Surface Countertop
Stainless Steel Appliance
Tile
Patio, Composition
Building Details
Building Size
915 SF
Year Built
2024
Stories
2
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle II · License #199910100
(503) 709-4632
Source:
Kw
Added: Sep 18, 2024
Changed: Sep 18
Last Checked: Sep 18 at 11:40AM
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
Investment Insights
Based on property information with market context.
This new construction condo features an open concept floor plan with expansive windows, a private fenced patio, and AC. The interior includes a custom kitchen with modern cabinetry, quartz counters, tile backsplash, and stainless steel appliances. Sleek black fixtures, lofty ceilings, and designer tones complete the 2-bedroom, 2.1-bath interior. Located near restaurants, shops, and coffee, the property is less than 0.5 miles from Legacy Emanuel Hospital. A 1-year builder warranty is included.
Key Highlights
- Phenomenal location: 95 WalkScore/100 BikeScore, near restaurants, shops, coffee, Vancouver/Williams Corridor, and Legacy Emanuel Hospital (less than 0.5mi).
- New construction condo with modern architecture and high‑end finishes throughout.
- Open concept floor plan with expansive windows, private fenced patio, and coveted AC.
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
$11,749
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
3.92%
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%
$234,980
$235.0K
Cap Rate 7%
$167,843
$167.8K
Cap Rate 9%
$130,544
$130.5K
Market Conditions
NOI Build-Up for 915 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
$22.5K $24.60/SF
− Vacancy
−$1.1K −$1.25/SF
EGI
$21.4K $23.35/SF
− OpEx
−$9.6K −$10.51/SF
NOI
$11.7K $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%
$234,980
Cap Rate 7%
$167,843
Cap Rate 9%
$130,544
Alternative Uses
Best Use
Apartment 5plus
$167.8K
$146.9K – $195.8K
NOI $11,749 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$257.0K
$224.8K – $299.8K
NOI $17,987 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - New construction condo near restaurants, shops, and Legacy Emanuel Hospital.
Where is this apartment building located?
The property is located at 3558 NE Garfield AVE #5 Portland, OR.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Phenomenal location: 95 WalkScore/100 BikeScore, near restaurants, shops, coffee, Vancouver/Williams Corridor, and Legacy Emanuel Hospital (less than 0.5mi).; New construction condo with modern architecture and high‑end finishes throughout.; Open concept floor plan with expansive windows, private fenced patio, and coveted AC.
