30-Unit Studio Apartment
5605 SE Milwaukie Avenue, Portland, OR 97202
For Sale
Contact for pricing
LIHTC-regulated affordable housing with granite counters, vinyl plank floors, and shared laundry and bike storage.
Property Size11,339 SF
Price / SF$264.57
Days on Market47
Property Features for 5605 SE Milwaukie Avenue
General Information
Standard status
Size
Net Rentable
Property subtype
Net Operating Income
Financials
Asking Price
Cap Rate
Site & Location
Neighborhood
Public Transit
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
secure bike storage
on-site laundry
Building Details
Year Built
Listing Agency:
Marcus & Millichap - Portland
Listed By:
Aiden Susak · License OR #201253912
(503) 200-2026
Source:
Crexi
Added: Sep 29
Changed: Nov 9
Last Checked: Nov 12 at 8:05AM
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 Marcus & Millichap - Portland
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Investment Insights
Based on property information with market context.
Built in 2020, this 30-unit apartment community consists entirely of studio residences and totals 11,339 square feet, with 7,009 rentable SF. Interior features include granite countertops, vinyl plank flooring, and full appliance packages. Residents have access to on-site laundry and secure bicycle storage. The property operates under a LIHTC regulatory structure and provides affordable housing.
At 5605 SE Milwaukie Avenue in Portland, the community is near the MAX Orange Line and multiple bus routes. Sellwood Riverfront Park and Oaks Bottom Wildlife Refuge are also identified nearby. The property is located in the Sellwood-Moreland submarket.
At 5605 SE Milwaukie Avenue in Portland, the community is near the MAX Orange Line and multiple bus routes. Sellwood Riverfront Park and Oaks Bottom Wildlife Refuge are also identified nearby. The property is located in the Sellwood-Moreland submarket.
Key Highlights
- 30 studio apartments
- Constructed in 2020
- 11,339 square feet total, including 7,009 rentable SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$152,978
Cap Rate
5.10%
Suggested Prices Based on Cap Rates
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
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 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 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.16M
NOI $189,361 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
941
Businesses Nearby
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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
$684,800
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Portland, OR
Properties on Market for Apartment buildings in Portland
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - LIHTC-regulated affordable housing with granite counters, vinyl plank floors, and shared laundry and bike storage.
Where is this apartment building located?
The property is located at 5605 SE Milwaukie Avenue Portland, OR.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 30 studio apartments; Constructed in 2020; 11,339 square feet total, including 7,009 rentable SF
