Stabilized 24-Unit Apartment
For Sale
$735,000
5818 NE 35TH PL, Portland, OR 97071
Fully stabilized 24-unit apartment community with six two-story buildings and identically configured two-bedroom units.
Property Size2,034 SF
Lot Size1.27 Acres
Days on Market49
Property Features for 5818 NE 35TH PL
General Information
Standard status
Active
Size
2,034 SF
Lot size
1.27 Acres
Property subtype
Single Family Residence
Additional Details
Multifamily Units
24
Building Details
Building Size
2,034 SF
Year Built
1970
Year Renovated
2018
Stories
2
Listing Agency:
Constant Commercial Real Estate Inc
(503) 927-3663
Listed By:
Emily Hetrick · License #200106001
(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 Constant Commercial Real Estate Inc
Investment Insights
Based on property information with market context.
Willamette Pointe Apartments is a fully stabilized 24-unit apartment community consisting of six two-story buildings. The property was built in 1970 and extensively renovated in 2018, including updated interiors, roofing, and exterior improvements.
All 24 units are identically configured with two bedrooms and one-and-a-half baths, providing a consistent management and leasing profile. Units are set up as 931 SF floor plans.
The community is located in Woodburn, Oregon, midway between Portland (30 miles) and Salem (20 miles). In-place rents average $1,737 per unit.
All 24 units are identically configured with two bedrooms and one-and-a-half baths, providing a consistent management and leasing profile. Units are set up as 931 SF floor plans.
The community is located in Woodburn, Oregon, midway between Portland (30 miles) and Salem (20 miles). In-place rents average $1,737 per unit.
Key Highlights
- Fully stabilized 24‑unit apartment community in Woodburn, built in 1970
- Six two‑story buildings on 1.27 acres
- All 24 units feature identical 2‑bedroom, 1.5‑bath layouts with 931 SF each
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
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Explore this area
Business Placement
Demographics for 97071, OR
30,777
Population
10,595
Households
2.9
Avg Household Size
35
Median Age
17%
College-Educated
72%
High-School Grad
51.7 sq mi
ZIP Area
595
Density / Sq Mi
$70,130
Median Household Income
$35,927
Median Earnings
$1,382
Median Rent
$316,500
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 - Fully stabilized 24-unit apartment community with six two-story buildings and identically configured two-bedroom units.
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: Fully stabilized 24‑unit apartment community in Woodburn, built in 1970; Six two‑story buildings on 1.27 acres; All 24 units feature identical 2‑bedroom, 1.5‑bath layouts with 931 SF each
