Roseway Annex Apartment
For Sale
Contact for pricing
Pending
4405 NE 82nd Ave, Portland, OR 97220
Nine-unit apartment community in Northeast Portland with value-add potential.
Property Size8,040 SF
Days on Market200
Property Features for 4405 NE 82nd Ave
General Information
Standard status
Pending
Size
8,040 SF
Class
C
Property subtype
Multifamily
Investment Type
Value Add
Building Details
Year Built
1977
Buildings
2
Stories
2
Units
9
Listing Agency:
Marcus & Millichap - Portland
(503) 200-2000
Listed By:
Whitney Rhoades · License #201204200
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 8 at 3:21PM
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 Marcus & Millichap - Portland
Investment Insights
Based on property information with market context.
Roseway Annex is a nine-unit apartment community located at 4405 NE 82nd Avenue in Northeast Portland. Constructed in 1977, the property features a mix of one-bedroom, two-bedroom, and one townhouse-style unit. The building is constructed with wood-frame materials and includes pitched roofs, aluminum windows, mature landscaping, off-street parking, and shared laundry facilities. Select units include private patios, and the two-bedroom units feature fireplaces. Interior specifications consist of carpet flooring, laminate countertops, dishwashers, and baseboard heating. Located within the Roseway/Sumner area, the property provides convenient access to grocery stores, restaurants, coffee shops, and everyday retail, along with nearby parks such as Sacajawea City Park and Glenhaven Park. Transit service along NE 82nd Avenue and close proximity to I-205 and I-84 support strong regional connectivity. The surrounding 5-mile trade area includes a population of 394,433 residents and a median household income of $82,380, with continued growth projected. The neighborhood combines suburban-style residential streets with urban convenience, attracting renters seeking affordability, accessibility, and proximity to major employment centers. The property offers a path for value creation through targeted renovations and ongoing stabilization efforts. The property’s manageable nine-unit size and historically consistent occupancy contribute to operational efficiency.
Key Highlights
- Value‑add opportunity through targeted renovations to capture stronger rents.
- Historically consistent occupancy and manageable nine‑unit size contribute to operational efficiency.
- Convenient access to grocery stores, restaurants, parks, and everyday retail in the Roseway/Sumner area.
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
$103,233
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
8.75%
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%
$2,064,660
$2.1M
Cap Rate 7%
$1,474,757
$1.5M
Cap Rate 9%
$1,147,033
$1.1M
Market Conditions
NOI Build-Up for 8,040 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
$197.8K $24.60/SF
− Vacancy
−$10.1K −$1.25/SF
EGI
$187.7K $23.35/SF
− OpEx
−$84.5K −$10.51/SF
NOI
$103.2K $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%
$2,064,660
Cap Rate 7%
$1,474,757
Cap Rate 9%
$1,147,033
Alternative Uses
Best Use
Apartment 5plus
$1.47M
$1.29M – $1.72M
NOI $103,233 @ 7.0% cap · market cap 8.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.26M
$1.98M – $2.63M
NOI $158,048 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
677
Businesses Nearby
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
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 - Nine-unit apartment community in Northeast Portland with value-add potential.
Where is this apartment building located?
The property is located at 4405 NE 82nd Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: Value‑add opportunity through targeted renovations to capture stronger rents.; Historically consistent occupancy and manageable nine‑unit size contribute to operational efficiency.; Convenient access to grocery stores, restaurants, parks, and everyday retail in the Roseway/Sumner area.
