Elevator-Served 32-Unit Apartment
For Sale
$735,000
5818 NE 35TH PL, Portland, OR 97211
Newly constructed multifamily building with elevator access and an on-site retail component for diversified occupancy needs.
Property Size2,034 SF
Days on Market48
Property Features for 5818 NE 35TH PL
General Information
Standard status
Active
Size
2,034 SF
Property subtype
Single Family Residence
Additional Details
Business Included
Yes
Multifamily Units
32
Building Details
Building Size
2,034 SF
Year Built
2025
Tenancy
Multi
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 11 at 4:42AM
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.
Introducing a newly constructed 32-unit apartment building that also includes 2 retail spaces, combining residential and street-level use in one property. The building is described as featuring modern design and a sleek exterior, with elevator access serving residents. Unit layouts range from efficient studios to spacious two-bedrooms, with contemporary interiors designed to support a broad range of renter needs. The property also includes a welcoming outdoor common area, adding shared space for tenants.
Located at 2465 NE Alberta St in Portland, Oregon, the asset is positioned within one of the city’s most walkable, arts-forward areas. The public remarks note proximity to local favorites such as Pine State Biscuits, Gumba, and Great Notion, along with nearby art galleries, shops, and eateries.
For tenants, the mix of studio through two-bedroom apartments paired with on-site elevator service can support day-to-day convenience. For owners and operators, the combination of 32 residential units with 2 retail spaces provides a practical configuration for managing both apartment living and a retail component under one roof, backed by features called out in the offering such as new construction, contemporary finishes, and shared outdoor space.
Located at 2465 NE Alberta St in Portland, Oregon, the asset is positioned within one of the city’s most walkable, arts-forward areas. The public remarks note proximity to local favorites such as Pine State Biscuits, Gumba, and Great Notion, along with nearby art galleries, shops, and eateries.
For tenants, the mix of studio through two-bedroom apartments paired with on-site elevator service can support day-to-day convenience. For owners and operators, the combination of 32 residential units with 2 retail spaces provides a practical configuration for managing both apartment living and a retail component under one roof, backed by features called out in the offering such as new construction, contemporary finishes, and shared outdoor space.
Key Highlights
- Newly constructed 32‑unit apartment building with elevator access
- Includes 2 retail spaces, offering diversified occupancy
- Unit mix ranges from studios to two‑bedroom apartments
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
Retail
$338.7K
$296.3K – $395.1K
NOI $23,706 @ 7.0% cap · market cap 3.23%
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
32
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
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 - Newly constructed multifamily building with elevator access and an on-site retail component for diversified occupancy needs.
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 constructed 32‑unit apartment building with elevator access; Includes 2 retail spaces, offering diversified occupancy; Unit mix ranges from studios to two‑bedroom apartments
