Portland Apartment
For Sale
$1,300,000
5203 NE 16th Avenue, Portland, OR 97211
Six studio units and one three-bedroom unit are fully occupied, with recent exterior and interior updates.
Property Size4,864 SF
Price / SF$267.27
Days on Market262
Property Features for 5203 NE 16th Avenue
General Information
Standard status
Active
Size
4,864 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
7
Building Details
Year Built
1926
Listing Agency:
Living Room Realty
Listed By:
Devin Arthurs
(877) 319-7625
Source:
Century21northhomes
Added: Dec 20, 2025
Changed: Sep 7
Last Checked: Sep 7 at 11:36AM
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 Living Room Realty
Investment Insights
Based on property information with market context.
This classic apartment building includes six studio units and one three-bedroom unit. All units are currently occupied. The property has been carefully maintained and managed by the same owners for the last few decades.
Recent updates include new exterior paint in 2025, updated PEX water lines, newer water heaters, flooring and counter updates, and newer gas furnaces for each unit.
With a mix of studio and three-bedroom layouts, the building provides rental housing variety within a single multifamily property.
Recent updates include new exterior paint in 2025, updated PEX water lines, newer water heaters, flooring and counter updates, and newer gas furnaces for each unit.
With a mix of studio and three-bedroom layouts, the building provides rental housing variety within a single multifamily property.
Key Highlights
- Apartment building built in 1926 with six studio units and one 3‑bedroom unit
- All units are currently occupied
- Recent updates include new exterior paint (2025)
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
$62,454
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
4.80%
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%
$1,249,080
$1.2M
Cap Rate 7%
$892,200
$892.2K
Cap Rate 9%
$693,933
$693.9K
Market Conditions
NOI Build-Up for 4,864 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
$119.7K $24.60/SF
− Vacancy
−$6.1K −$1.25/SF
EGI
$113.6K $23.35/SF
− OpEx
−$51.1K −$10.51/SF
NOI
$62.5K $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%
$1,249,080
Cap Rate 7%
$892,200
Cap Rate 9%
$693,933
Alternative Uses
Best Use
Apartment 5plus
$892.2K
$780.7K – $1.04M
NOI $62,454 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.59M
NOI $95,615 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,128
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Six studio units and one three-bedroom unit are fully occupied, with recent exterior and interior updates.
Where is this apartment building located?
The property is located at 5203 NE 16th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Apartment building built in 1926 with six studio units and one 3‑bedroom unit; All units are currently occupied; Recent updates include new exterior paint (2025)
