Single-Story 6-Plex with
For Sale
$980,000
54 Northwest 13th Street, Gresham, OR 97030
Single-story 6-plex offers 2-bedroom, 1-bath units with private back patios and fenced parking.
Property Size5,304 SF
Price / SF$184.77
Days on Market349
Property Features for 54 Northwest 13th Street
General Information
Standard status
Active
Size
5,304 SF
Total Parking Spaces
6
Property subtype
Multi Family
Zoning
DRL-1
Additional Details
Fenced Yard
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,491
Amenities
1
Crawl Space
Concrete Perimeter
Composition
Brick, Other
Building Details
Year Built
1965
Stories
1
Tenancy
Multi
Listing Agency:
Kelly Right Real Estate of Portland, LLC
Listed By:
Kelvin Chao · License #201258480
(425) 310-2033
Source:
Compass
Added: Sep 21, 2025
Changed: Aug 8
Last Checked: Jul 20 at 10:48PM
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 Kelly Right Real Estate of Portland, LLC
Investment Insights
Based on property information with market context.
Located at 54 Northwest 13th Street in Gresham, Oregon, this single-story 6-plex features 2-bedroom, 1-bath units with private back patios for each resident. The property includes a fenced lot and a designated parking lot, along with a dedicated owner/manager office on-site for day-to-day management.
Recent improvements include a newer roof from 2021. Additional on-site income is generated through coin-operated laundry machines. Public remarks also note a history of low vacancy rates and long-term tenants, and that current rents are slightly below market rate.
For tenants, the configuration supports straightforward residential living, with each unit having direct private outdoor space and parking contained within the property’s fenced area.
Recent improvements include a newer roof from 2021. Additional on-site income is generated through coin-operated laundry machines. Public remarks also note a history of low vacancy rates and long-term tenants, and that current rents are slightly below market rate.
For tenants, the configuration supports straightforward residential living, with each unit having direct private outdoor space and parking contained within the property’s fenced area.
Key Highlights
- Single‑story 6‑plex built in 1965 with 2‑bedroom, 1‑bath units
- Private back patios for each unit and a fenced property with a designated parking lot
- Newer roof installed in 2021; composition roof with brick and other exterior
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
$63,311
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
6.46%
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%
$1,266,220
$1.3M
Cap Rate 7%
$904,443
$904.4K
Cap Rate 9%
$703,456
$703.5K
Market Conditions
NOI Build-Up for 5,304 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 $22.56/SF
− Vacancy
−$4.5K −$0.86/SF
EGI
$115.1K $21.70/SF
− OpEx
−$51.8K −$9.77/SF
NOI
$63.3K $11.94/SF
Area
Gresham, OR
Vacancy
3.80%
Lease Rate
$22.56 /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%
$1,266,220
Cap Rate 7%
$904,443
Cap Rate 9%
$703,456
Alternative Uses
Best Use
Apartment 5plus
$904.4K
$791.4K – $1.06M
NOI $63,311 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,843 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
Explore this area
Business Placement
Demographics for 97030, OR
39,492
Population
16,500
Households
2.4
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,266
Density / Sq Mi
$61,793
Median Household Income
$40,352
Median Earnings
$1,604
Median Rent
$418,100
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 - Single-story 6-plex offers 2-bedroom, 1-bath units with private back patios and fenced parking.
Where is this apartment building located?
The property is located at 54 Northwest 13th Street Gresham, OR.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Single‑story 6‑plex built in 1965 with 2‑bedroom, 1‑bath units; Private back patios for each unit and a fenced property with a designated parking lot; Newer roof installed in 2021; composition roof with brick and other exterior
