24-Unit Apartment
For Sale
$4,350,000
4620 N MARYLAND Ave, Portland, OR 97217
MultiFamily, Portland, OR
Property Size10,596 SF
Lot Size0.11 Acres
Price / SF$410.53
Days on Market465
Property Features for 4620 N MARYLAND Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CM3
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
View
City
Elementary school
Beach
Middle school
Ockley Green
High school
Jefferson
Directions
N Interstate Ave & N Blandena St
Subdivision
_141
Standard status
Active
APN
R210471
Size
10,596 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
M PATTONS ADD & 2ND, BLOCK 9, LOT 1 TL 4800
Tax Annual Amount
51333
Legal Description
M PATTONS ADD & 2ND, BLOCK 9, LOT 1 TL 4800
Utilities
Heating system
Ductless (Heating)
Building Details
Year built
2018
Floors in Building
3
Number of units
24
Roof type
Flat
Listing Agency:
Kelly Right Real Estate of Portland, LLC
(503) 719-6056
Listed By:
Jacob Serrill · License #201228311
(503) 780-7521
Added: Jun 11, 2025
Changed: Sep 5
Last Checked: Sep 18 at 5:06AM
MLS# 713931810
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.
This 24-unit apartment building contains 10,596 square feet on a 0.11-acre parcel and was completed in 2018. The property is fully occupied and features a flat roof, ductless heating, and CM3 zoning. Its apartment configuration includes bedroom and bathroom accommodations, with contemporary construction suited to current residential use.
Located at 4620 N Maryland Ave in Portland, the property is near the Mississippi Avenue district and offers access to I-5 and MAX light rail. The property also includes an assumable loan at 3.370% interest through June 2030.
Located at 4620 N Maryland Ave in Portland, the property is near the Mississippi Avenue district and offers access to I-5 and MAX light rail. The property also includes an assumable loan at 3.370% interest through June 2030.
Key Highlights
- 24‑unit apartment building completed in 2018
- 10,596 square feet on a 0.11‑acre parcel
- Fully occupied residential property
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
$136,052
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
3.13%
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%
$2,721,040
$2.7M
Cap Rate 7%
$1,943,600
$1.9M
Cap Rate 9%
$1,511,689
$1.5M
Market Conditions
NOI Build-Up for 10,596 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
$260.7K $24.60/SF
− Vacancy
−$13.3K −$1.25/SF
EGI
$247.4K $23.35/SF
− OpEx
−$111.3K −$10.51/SF
NOI
$136.1K $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%
$2,721,040
Cap Rate 7%
$1,943,600
Cap Rate 9%
$1,511,689
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.70M – $2.27M
NOI $136,052 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.98M
$2.60M – $3.47M
NOI $208,293 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
24
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,430
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Fully occupied 2018 apartment property near Mississippi Avenue, I-5, and MAX light rail access.
Where is this apartment building located?
The property is located at 4620 N MARYLAND Ave Portland, OR.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 24‑unit apartment building completed in 2018; 10,596 square feet on a 0.11‑acre parcel; Fully occupied residential property
