13-Unit Apartment
For Sale
$735,000
5818 NE 35TH PL, Portland, OR 97128
Apartment complex with a mix of 2- and 3-bedroom units plus on-site laundry and recent exterior updates.
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
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
13
Building Details
Building Size
2,034 SF
Year Built
1970
Listing Agency:
MORE Realty
(503) 939-7481
Listed By:
Emily Hetrick · License #200308168
(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 MORE Realty
Investment Insights
Based on property information with market context.
This for-sale apartment complex consists of 13 units, including four 3-bedroom, 2-bath apartments at approximately 1,200 square feet and nine 2-bedroom, 1-bath apartments at approximately 800 square feet. The property includes an on-site laundry room. Public remarks also note updates including a new fence and a newer roof.
The building is located at 547 SW Fellers St in McMinnville, Oregon. The seller reports the property has maintained 100% occupancy most of the time. Public remarks also state that current rents are not close to market rents.
For buyers evaluating a small multifamily holding, this configuration provides multiple unit types within one asset, which can support day-to-day leasing flexibility. The offering is also described as a 1031 exchange by the seller “at no cost to buyer,” with internal inspection scheduled after a mutual accepted offer. The laundry amenity and reported occupancy history may be practical considerations for operators seeking an income-generating residential property with recently addressed exterior components.
The building is located at 547 SW Fellers St in McMinnville, Oregon. The seller reports the property has maintained 100% occupancy most of the time. Public remarks also state that current rents are not close to market rents.
For buyers evaluating a small multifamily holding, this configuration provides multiple unit types within one asset, which can support day-to-day leasing flexibility. The offering is also described as a 1031 exchange by the seller “at no cost to buyer,” with internal inspection scheduled after a mutual accepted offer. The laundry amenity and reported occupancy history may be practical considerations for operators seeking an income-generating residential property with recently addressed exterior components.
Key Highlights
- 13‑unit apartment complex built in 1970 with 2- and 3‑bedroom unit mix
- Unit mix includes 4 units with 3 bed/2 bath at approx. 1,200 SF and 9 units with 2 bed/1 bath at approx. 800 SF
- Recent exterior updates include a new roof and new fence
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
13
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 97128, OR
38,394
Population
15,291
Households
2.5
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
112.2 sq mi
ZIP Area
342
Density / Sq Mi
$72,055
Median Household Income
$37,427
Median Earnings
$1,295
Median Rent
$419,200
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 - Apartment complex with a mix of 2- and 3-bedroom units plus on-site laundry and recent exterior updates.
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: 13‑unit apartment complex built in 1970 with 2- and 3‑bedroom unit mix; Unit mix includes 4 units with 3 bed/2 bath at approx. 1,200 SF and 9 units with 2 bed/1 bath at approx. 800 SF; Recent exterior updates include a new roof and new fence
