Six-Unit Multifamily
For Sale
$1,995,000
485 NE JESSUP St, Portland, OR 97211
MULTI_FAMILY - Portland, OR
Property Size9,860 SF
Price / SF$202.33
Days on Market81
Property Features for 485 NE JESSUP St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RM1
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Bedroom 2
Subdivision
VERNON/ALBERTA ARTS
View
City
Elementary school
MartinL King Jr
Middle school
Harriet Tubman
High school
Jefferson
Directions
NE Jessup and MLK
Standard status
Active
APN
R726763
Size
9,860 SF
Taxes and HOA fees
Tax Description
JESSUP STREET CONDOMINIUMS
Tax Annual Amount
3420
Legal Description
JESSUP STREET CONDOMINIUMS
Building Details
Year built
2025
Floors in Building
3
Number of units
6
Roof type
Composition
Listing Agency:
Kelly Right Real Estate of Portland, LLC
(503) 719-6056
Listed By:
Jordan Tietz · License #201222867
(503) 910-0889
Added: May 14
Changed: Aug 1
Last Checked: Aug 2 at 3:06PM
MLS# 792494151
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 is a six-unit multifamily building constructed in 2025 and currently listed as under construction. All units are two-bedroom, one-bath layouts and are planned at 685 SF each. The building includes a composition roof and is being developed as new construction.
The property is zoned RM1 and located at 485 NE Jessup St in Portland, Oregon 97211 (Multnomah County). Public remarks indicate the six units are all rented on long-term leases.
The overall configuration is a consistent unit mix across the building, with each unit designed around an open floor plan concept and modern finishes as described in the remarks, including large windows and high-end appliances and kitchens.
The property is zoned RM1 and located at 485 NE Jessup St in Portland, Oregon 97211 (Multnomah County). Public remarks indicate the six units are all rented on long-term leases.
The overall configuration is a consistent unit mix across the building, with each unit designed around an open floor plan concept and modern finishes as described in the remarks, including large windows and high-end appliances and kitchens.
Key Highlights
- Six units, all 2BR/1BA
- All units are rented on long‑term leases
- New construction completed in 2025; property condition under construction
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 | $242.6k | $24.60 |
| − Vacancy | −$12.4k | −$1.25 |
| EGI | $230.2k | $23.35 |
| − OpEx | −$103.6k | −$10.51 |
| NOI | $126.6k | $12.84 |
9,860 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,602 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,825 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six new-construction units are under long-term leases in an RM1-zoned building.
Where is this apartment building located?
The property is located at 485 NE JESSUP St Portland, OR.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Six units, all 2BR/1BA; All units are rented on long‑term leases; New construction completed in 2025; property condition under construction
