New 7-Unit Multifamily
For Sale
$735,000
5818 NE 35TH PL, Portland, OR 97213
Newly constructed 7-unit property with multi-level layouts and flexible ground-floor space in Portland’s Montavilla neighborhood.
Property Size2,034 SF
Days on Market49
Property Features for 5818 NE 35TH PL
General Information
Standard status
Active
Size
2,034 SF
Property subtype
Single Family Residence
Additional Details
Multifamily Units
7
Building Details
Building Size
2,034 SF
Year Built
2025
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Emily Hetrick · License #199910100
(503) 927-3663
Source:
Realestatepdx
Added: Jun 25
Changed: Aug 7
Last Checked: Aug 12 at 3:15AM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
Newly constructed 7-unit multifamily community offers residences across three thoughtfully designed levels. Apartment homes range from approximately 1,190 to 1,390 square feet and include 2.5 bathrooms. The unit mix includes five units with efficient three-bedroom layouts, plus two units featuring a flexible ground-floor space that can be used as a home office or potentially converted to an additional bedroom. Finishes and design elements are presented as modern and low-maintenance.
The property is located in Portland’s Montavilla neighborhood, an area described as having strong rental demand and convenient access to downtown Portland, the Central Eastside, and I-84. Nearby amenities called out in the materials include Montavilla Brew Works, Roscoe’s, Academy Theater, and a variety of coffee shops, restaurants, and neighborhood services along SE Stark Street. Montavilla Park is also described as being just minutes from home.
For tenants seeking a newer, low-maintenance living environment, the larger multi-level floorplans and the option for flexible ground-floor use may fit a range of work-from-home and household needs. For investors, the mix of predominantly three-bedroom units and the two adaptable configurations provides variety within a newly built 7-unit community positioned in a neighborhood centered on walkable local retail and established conveniences.
The property is located in Portland’s Montavilla neighborhood, an area described as having strong rental demand and convenient access to downtown Portland, the Central Eastside, and I-84. Nearby amenities called out in the materials include Montavilla Brew Works, Roscoe’s, Academy Theater, and a variety of coffee shops, restaurants, and neighborhood services along SE Stark Street. Montavilla Park is also described as being just minutes from home.
For tenants seeking a newer, low-maintenance living environment, the larger multi-level floorplans and the option for flexible ground-floor use may fit a range of work-from-home and household needs. For investors, the mix of predominantly three-bedroom units and the two adaptable configurations provides variety within a newly built 7-unit community positioned in a neighborhood centered on walkable local retail and established conveniences.
Key Highlights
- Newly built 7‑unit community completed in 2025
- Spacious unit sizes approx. 1,190–1,390 SF across three levels
- Unit mix includes two ground‑floor flexible spaces for a home office or potential 4th bedroom
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
$26,116
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
3.55%
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%
$522,320
$522.3K
Cap Rate 7%
$373,086
$373.1K
Cap Rate 9%
$290,178
$290.2K
Market Conditions
NOI Build-Up for 2,034 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
$50.0K $24.60/SF
− Vacancy
−$2.6K −$1.25/SF
EGI
$47.5K $23.35/SF
− OpEx
−$21.4K −$10.51/SF
NOI
$26.1K $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%
$522,320
Cap Rate 7%
$373,086
Cap Rate 9%
$290,178
Alternative Uses
Best Use
Apartment 5plus
$373.1K
$326.5K – $435.3K
NOI $26,116 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$571.2K
$499.8K – $666.4K
NOI $39,984 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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 - Newly constructed 7-unit property with multi-level layouts and flexible ground-floor space in Portland’s Montavilla neighborhood.
Where is this apartment building located?
The property is located at 5818 NE 35TH PL Portland, OR.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Newly built 7‑unit community completed in 2025; Spacious unit sizes approx. 1,190–1,390 SF across three levels; Unit mix includes two ground‑floor flexible spaces for a home office or potential 4th bedroom
