2020-Studio LIHTC Apartment
For Sale
$3,350,000
5605 SE Milwaukie Ave, Portland, OR 97202
30-unit studio apartment community built in 2020, operating under the LIHTC program with on-site laundry and secure bike storage.
Property Size11,339 SF
Price / SF$295.44
Days on Market49
Property Features for 5605 SE Milwaukie Ave
General Information
Standard status
Active
Size
11,339 SF
Property subtype
Multifamily
Occupancy
93%
Additional Details
Cap Rate
5.37%
Multifamily Units
30
Amenities
The LIHTC income-restricted structure provides stable occupancy and predictable cash flow, reducing exposure to market volatility.
The 2020 construction with modern, durable finishes minimizes near-term capex and supports a low-maintenance, operationally efficient asset.
The efficient studio unit mix aligns with strong workforce housing demand, supporting consistent leasing velocity and tenant retention.
Proven rent structure within the LIHTC framework ensures reliable collections and minimizes downside risk during economic cycles.
Location in the highly desirable Sellwood-Moreland submarket positions the asset within a supply-constrained area with strong long-term demand drivers.
Walkable access to parks, retail, dining, and lifestyle amenities enhances tenant satisfaction and supports sustained occupancy.
Transit access via bus lines and MAX Orange Line connects residents to Downtown Portland and major employment centers, strengthening leasing stability.
The combination of newer-vintage construction and regulated affordability creates a defensive investment profile focused on stable, long-term returns.
Building Details
Building Size
11,339 SF
Year Built
2020
Units
30
Listing Agency:
Portland Office
(503) 200-2026
Listed By:
Aiden Susak · License #License(s): OR: 201253912
(503) 200-2026
Source:
Marcusmillichap
Added: Jul 8
Changed: Aug 8
Last Checked: Aug 24 at 3:28AM
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 Portland Office
Investment Insights
Based on property information with market context.
Studio Pointe is a 30-unit apartment community built in 2020 featuring an efficient studio layout. The units are described as having modern, durable finishes, including granite countertops, vinyl plank flooring, contemporary appliance packages with microwaves, and updated bathrooms. The property also includes secure bike storage and on-site laundry.
Studio Pointe operates under the Low-Income Housing Tax Credit (LIHTC) program, supporting an income-qualified tenant base and consistent occupancy performance. The community is located in Portland’s Sellwood-Moreland neighborhood of Southeast Portland.
The listing describes Studio Pointe as a newer-vintage, stabilized LIHTC asset designed to align with workforce housing demand in a supply-constrained submarket, with tenant and operations anchored by the LIHTC structure.
Studio Pointe operates under the Low-Income Housing Tax Credit (LIHTC) program, supporting an income-qualified tenant base and consistent occupancy performance. The community is located in Portland’s Sellwood-Moreland neighborhood of Southeast Portland.
The listing describes Studio Pointe as a newer-vintage, stabilized LIHTC asset designed to align with workforce housing demand in a supply-constrained submarket, with tenant and operations anchored by the LIHTC structure.
Key Highlights
- 30‑unit studio apartment community built in 2020, totaling 11,339 SF
- Operates under the Low‑Income Housing Tax Credit (LIHTC) program with income‑qualified tenants
- Each studio features granite countertops, vinyl plank flooring, updated bathrooms, and contemporary appliance packages including microwaves
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
$152,978
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
4.57%
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%
$3,059,560
$3.1M
Cap Rate 7%
$2,185,400
$2.2M
Cap Rate 9%
$1,699,756
$1.7M
Market Conditions
NOI Build-Up for 11,339 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
$295.3K $26.04/SF
− Vacancy
−$17.1K −$1.51/SF
EGI
$278.1K $24.53/SF
− OpEx
−$125.2K −$11.04/SF
NOI
$153.0K $13.49/SF
Area
ZIP 97202
Vacancy
5.80%
Lease Rate
$26.04 /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%
$3,059,560
Cap Rate 7%
$2,185,400
Cap Rate 9%
$1,699,756
Alternative Uses
Best Use
Apartment 5plus
$2.19M
$1.91M – $2.55M
NOI $152,978 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,361 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
941
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
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 - 30-unit studio apartment community built in 2020, operating under the LIHTC program with on-site laundry and secure bike storage.
Where is this apartment building located?
The property is located at 5605 SE Milwaukie Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,350,000.
What are key features of this property?
This property features: 30‑unit studio apartment community built in 2020, totaling 11,339 SF; Operates under the Low‑Income Housing Tax Credit (LIHTC) program with income‑qualified tenants; Each studio features granite countertops, vinyl plank flooring, updated bathrooms, and contemporary appliance packages including microwaves
