Multifamily Property with Separate
For Sale
$749,900
5623 N GAY Ave, Portland, OR 97217
MultiFamily, Portland, OR
Property Size2,557 SF
Price / SF$293.27
Days on Market156
Property Features for 5623 N GAY Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bathroom 4, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Subdivision
OVERLOOK
Elementary school
Beach
Middle school
Ockley Green
High school
Jefferson
Directions
N Killingsworth St, N on N Gay Ave
Standard status
Active
APN
R716360
Size
2,557 SF
Taxes and HOA fees
Tax Description
FIFTY-SIX TWENTY-THREE CONDOMINIUMS, UNIT 2
Tax Annual Amount
10697
Legal Description
FIFTY-SIX TWENTY-THREE CONDOMINIUMS, UNIT 2
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
covered deck
fully fenced yard
Building Details
Year built
2020
Floors in Building
3
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Apr 15
Changed: Sep 17
Last Checked: Sep 17 at 2:06PM
MLS# 593159608
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 2020 multifamily property offers 2,557 square feet across three levels, with a primary residence and distinct living quarters. The main floor combines kitchen, dining, and living areas with an island, stainless steel appliances, custom cabinetry, a half bathroom, covered deck, and fenced yard. Upstairs are three bedrooms and two bathrooms, including an ensuite bedroom with a walk-in closet and walk-in shower. Laundry is positioned on the upper level.
The ground floor adds an attached garage and separate quarters with one bedroom, one full bathroom, and exterior access. Those quarters are currently rented. The property is near Arbor Lodge Park, New Seasons Market, and the dining, cafes, and retail along N Lombard St and St Johns. Zoning is R2.5, with forced-air heating, central air, and a composition roof. The property has a Home Energy Score of 10.
The ground floor adds an attached garage and separate quarters with one bedroom, one full bathroom, and exterior access. Those quarters are currently rented. The property is near Arbor Lodge Park, New Seasons Market, and the dining, cafes, and retail along N Lombard St and St Johns. Zoning is R2.5, with forced-air heating, central air, and a composition roof. The property has a Home Energy Score of 10.
Key Highlights
- 2,557 square feet across three levels
- Separate ground‑level quarters with 1 bedroom, 1 full bathroom, and exterior access
- Upper level includes 3 bedrooms and 2 bathrooms
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
$32,832
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
4.38%
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%
$656,640
$656.6K
Cap Rate 7%
$469,029
$469.0K
Cap Rate 9%
$364,800
$364.8K
Market Conditions
NOI Build-Up for 2,557 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
$62.9K $24.60/SF
− Vacancy
−$3.2K −$1.25/SF
EGI
$59.7K $23.35/SF
− OpEx
−$26.9K −$10.51/SF
NOI
$32.8K $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%
$656,640
Cap Rate 7%
$469,029
Cap Rate 9%
$364,800
Alternative Uses
Best Use
Apartment 5plus
$469.0K
$410.4K – $547.2K
NOI $32,832 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$718.1K
$628.3K – $837.8K
NOI $50,265 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
728
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three-level layout includes a separately accessed living area and attached garage.
Where is this multifamily property located?
The property is located at 5623 N GAY Ave Portland, OR.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 2,557 square feet across three levels; Separate ground‑level quarters with 1 bedroom, 1 full bathroom, and exterior access; Upper level includes 3 bedrooms and 2 bathrooms
