Modern Multifamily Income
For Sale
$735,000
5818 NE 35TH PL, Portland, OR 97266
Built in 2021 and fully leased, with contemporary finishes and tenant-paid utilities.
Property Size2,034 SF
Days on Market50
Property Features for 5818 NE 35TH PL
General Information
Standard status
Active
Size
2,034 SF
Property subtype
Single Family Residence
Occupancy
100%
Building Details
Building Size
2,034 SF
Year Built
2021
Listing Agency:
Windermere Community Realty
(503) 249-1706
Listed By:
Emily Hetrick · License #930400088
(503) 927-3663
Source:
Realestatepdx
Added: Jun 25
Changed: Aug 7
Last Checked: Aug 13 at 3:05AM
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 Windermere Community Realty
Investment Insights
Based on property information with market context.
Built in 2021, this multifamily income property is currently fully rented/leased. The units feature slab granite countertops, stainless steel appliances, and laminate flooring. Interior images were taken when the building was completed in late 2021. Please note offers are subject to interior inspection.
The property is positioned near a bus line and a transit center, supporting convenient access for residents. Tenant responsibilities include their own utilities, while the owner maintains the landscaping and handles recycle/garbage.
For prospective buyers and operators, the combination of newer construction and in-unit finishes may appeal to tenants seeking a modern living environment. With utilities paid by tenants and landscaping plus recycle/garbage maintained by the owner, the property’s operating responsibilities are clearly defined. As with any leased multifamily asset, underwriting should account for existing lease status and the requirement that offers be subject to interior inspection.
The property is positioned near a bus line and a transit center, supporting convenient access for residents. Tenant responsibilities include their own utilities, while the owner maintains the landscaping and handles recycle/garbage.
For prospective buyers and operators, the combination of newer construction and in-unit finishes may appeal to tenants seeking a modern living environment. With utilities paid by tenants and landscaping plus recycle/garbage maintained by the owner, the property’s operating responsibilities are clearly defined. As with any leased multifamily asset, underwriting should account for existing lease status and the requirement that offers be subject to interior inspection.
Key Highlights
- Built in 2021
- All units are rented/leased and currently fully rented
- Contemporary interior finishes include slab granite countertops and stainless steel appliances
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
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 97266, OR
36,095
Population
13,863
Households
2.6
Avg Household Size
37
Median Age
29%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
5,917
Density / Sq Mi
$71,791
Median Household Income
$39,856
Median Earnings
$1,532
Median Rent
$420,800
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?
Multifamily property - Built in 2021 and fully leased, with contemporary finishes and tenant-paid utilities.
Where is this multifamily property 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: Built in 2021; All units are rented/leased and currently fully rented; Contemporary interior finishes include slab granite countertops and stainless steel appliances
