New Construction Eight-Home
For Sale
$735,000
5818 NE 35TH PL, Portland, OR 97206
Eight newly built two- and three-bedroom rentals with private outdoor space and energy-efficient ductless heat pumps.
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
Building Details
Building Size
2,034 SF
Year Built
2026
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Emily Hetrick · License #199910100
(503) 927-3663
Source:
Realestatepdx
Added: Jun 26
Changed: Aug 7
Last Checked: Aug 12 at 3:12AM
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 includes all eight homes within a newly constructed small-scale rental community, designed with efficient, tenant-friendly two-story floor plans. The mix consists of four three-bedroom homes and four two-bedroom homes, and every residence features two and a half bathrooms. Main levels center on an open concept great room with seamless living, dining, and kitchen flow, supported by a convenient half bath on the main floor. Kitchens include solid surface countertop space, stainless steel appliances, ample cabinetry, and large islands with eat-bar seating. Upper levels provide primary suites with ensuite baths, a hall bath for secondary bedrooms, and upstairs laundry positioned between bedrooms. Each home also includes private outdoor space, with rear homes offering larger yard areas for added flexibility.
The community is located about 2.5–3 miles from the dining and neighborhood retail on SE Woodstock Blvd. Daily conveniences are within roughly half a mile along SE 82nd Avenue, and Lents Park is approximately 1.1 miles away, offering expansive greenspace, walking paths, and sports facilities.
With a thoughtfully planned unit mix and durable construction, the property is well suited for operators seeking a cohesive, turnkey rental portfolio that supports long-term livability. Energy-efficient ductless heat pump systems provide year-round comfort, and the combination of open layouts, in-home laundry, and private outdoor space aligns with tenant expectations for day-to-day convenience.
The community is located about 2.5–3 miles from the dining and neighborhood retail on SE Woodstock Blvd. Daily conveniences are within roughly half a mile along SE 82nd Avenue, and Lents Park is approximately 1.1 miles away, offering expansive greenspace, walking paths, and sports facilities.
With a thoughtfully planned unit mix and durable construction, the property is well suited for operators seeking a cohesive, turnkey rental portfolio that supports long-term livability. Energy-efficient ductless heat pump systems provide year-round comfort, and the combination of open layouts, in-home laundry, and private outdoor space aligns with tenant expectations for day-to-day convenience.
Key Highlights
- Newly built 8‑home rental community (Year Built 2026) in Southeast Portland, offering four 3‑bedroom homes and four 2‑bedroom homes.
- All units include 2.5 bathrooms and two‑story floor plans with main‑level open concept great rooms and a convenient main‑level half bath.
- Kitchens feature solid surface countertops, stainless steel appliances, ample cabinetry, and large islands with eat bar seating.
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
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 - Eight newly built two- and three-bedroom rentals with private outdoor space and energy-efficient ductless heat pumps.
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 8‑home rental community (Year Built 2026) in Southeast Portland, offering four 3‑bedroom homes and four 2‑bedroom homes.; All units include 2.5 bathrooms and two‑story floor plans with main‑level open concept great rooms and a convenient main‑level half bath.; Kitchens feature solid surface countertops, stainless steel appliances, ample cabinetry, and large islands with eat bar seating.
