Detached Cottage Multifamily
For Sale
$735,000
5818 NE 35TH PL, Portland, OR 97206
Twelve new detached 2-bedroom cottages with in-unit laundry and mini-split heating and cooling for an easy, modern rental setup.
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
Cap Rate
5.83%
Multifamily Units
12
Building Details
Building Size
2,034 SF
Year Built
2026
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 12 at 3:10AM
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.
This offering consists of twelve newly constructed detached cottage homes designed for efficient, consistent operations. Each unit includes 2 bedrooms and 2.1 bathrooms, solid surface countertops, and a peninsula island with an eat bar. Homes also feature practical in-unit storage, tasteful coffered ceilings in the bedroom, and private entries with a two-level layout that supports separated living and sleeping areas. Each cottage is delivered with a provided refrigerator, washer and dryer, and window coverings. Heating and cooling are handled via mini-split systems, including a main-level unit and a mini split in each bedroom. Outdoor space includes patio areas and low-maintenance yards, with the back two homes offering larger yard space.
The portfolio is located in Brentwood Darlington in Southeast Portland, with Brentwood Park and the Brentwood Community Garden within easy reach. Additional nearby options mentioned include the Mt. Scott Community Center, Woodstock New Seasons, and local dining and errands around the Foster area, along with bike routes and parks.
For tenants, the combination of detached living, private entries, and move-in-ready inclusions supports a straightforward transition from day one. For owners, the uniform unit mix is built around two measured sizes, with two cottages at 899 square feet and ten cottages at 978 square feet, helping streamline underwriting, leasing, and long-term property management.
The portfolio is located in Brentwood Darlington in Southeast Portland, with Brentwood Park and the Brentwood Community Garden within easy reach. Additional nearby options mentioned include the Mt. Scott Community Center, Woodstock New Seasons, and local dining and errands around the Foster area, along with bike routes and parks.
For tenants, the combination of detached living, private entries, and move-in-ready inclusions supports a straightforward transition from day one. For owners, the uniform unit mix is built around two measured sizes, with two cottages at 899 square feet and ten cottages at 978 square feet, helping streamline underwriting, leasing, and long-term property management.
Key Highlights
- Year built 2026: 12 detached cottages in a single portfolio in Brentwood‑Darlington
- All units feature 2 bedrooms and 2.1 bathrooms with solid‑surface countertops and a peninsula island with eat bar
- Unit sizes: 2 cottages at 899 SF and 10 cottages at 978 SF
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
$26,782
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
3.64%
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%
$535,640
$535.6K
Cap Rate 7%
$382,600
$382.6K
Cap Rate 9%
$297,578
$297.6K
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
$51.3K $25.20/SF
− Vacancy
−$2.6K −$1.26/SF
EGI
$48.7K $23.94/SF
− OpEx
−$21.9K −$10.77/SF
NOI
$26.8K $13.17/SF
Area
ZIP 97206
Vacancy
5.00%
Lease Rate
$25.20 /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%
$535,640
Cap Rate 7%
$382,600
Cap Rate 9%
$297,578
Alternative Uses
Best Use
Apartment 5plus
$382.6K
$334.8K – $446.4K
NOI $26,782 @ 7.0% cap · market cap 3.64%
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
12
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
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 - Twelve new detached 2-bedroom cottages with in-unit laundry and mini-split heating and cooling for an easy, modern rental setup.
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: Year built 2026: 12 detached cottages in a single portfolio in Brentwood‑Darlington; All units feature 2 bedrooms and 2.1 bathrooms with solid‑surface countertops and a peninsula island with eat bar; Unit sizes: 2 cottages at 899 SF and 10 cottages at 978 SF
