New Construction Cottage in
For Sale
$322,900
6028 NE Mason ST #1, Portland, OR 97218
New 2-bedroom, 2.1-bathroom cottage with high-end finishes and fenced yard.
Property Size886 SF
Price / SF$364.45
Days on Market493
Property Features for 6028 NE Mason ST #1
General Information
Standard status
Active
Size
886 SF
Property subtype
Condominium
Amenities
Mini Split
Dishwasher
Free-Standing Range
Microwave
Solid Surface Countertop
Stainless Steel Appliance
Tile
Composition
Building Details
Building Size
886 SF
Year Built
2025
Stories
2
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 709-4632
Listed By:
Darryl Bodle II · License #199910100
(503) 709-4632
Source:
Kw
Added: Apr 15, 2025
Changed: Aug 19
Last Checked: Aug 18 at 10:38PM
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 new construction cottage is located in Portland’s Cully neighborhood. One of several 2-bedroom, 2.1-bathroom cottages, it features high-end finishes and on-trend design. The interiors are light-filled, with bold backsplashes and light cabinetry in the kitchen. The layout includes a dining nook, spacious bedrooms, and coffered ceilings upstairs, including in the primary suite. The primary bath features a custom tile-surround shower. It also offers a private, fenced yard. The cottage is part of a newly built community and is close to shops, dining, and parks. It is a front unit.
Key Highlights
- Seller pays buyer's first year of HOA dues.
- New construction in the desirable Cully neighborhood.
- Built by a local Street of Dreams builder known for quality.
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
$12,347
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
3.82%
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%
$246,940
$246.9K
Cap Rate 7%
$176,386
$176.4K
Cap Rate 9%
$137,189
$137.2K
Market Conditions
NOI Build-Up for 886 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
$18.6K $21.00/SF
− Vacancy
−$968 −$1.09/SF
EGI
$17.6K $19.91/SF
− OpEx
−$5.3K −$5.97/SF
NOI
$12.3K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
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%
$246,940
Cap Rate 7%
$176,386
Cap Rate 9%
$137,189
Alternative Uses
Best Use
Multifamily LT 5
$176.4K
$154.3K – $205.8K
NOI $12,347 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$162.5K
$142.2K – $189.6K
NOI $11,376 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$248.8K
$217.7K – $290.3K
NOI $17,417 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
655
Businesses Nearby
Explore this area
Business Placement
Demographics for 97218, OR
14,748
Population
6,440
Households
2.3
Avg Household Size
38
Median Age
51%
College-Educated
91%
High-School Grad
6.7 sq mi
ZIP Area
2,201
Density / Sq Mi
$81,367
Median Household Income
$45,830
Median Earnings
$1,440
Median Rent
$493,300
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?
Duplex - New 2-bedroom, 2.1-bathroom cottage with high-end finishes and fenced yard.
Where is this duplex located?
The property is located at 6028 NE Mason ST #1 Portland, OR.
What is the asking price?
The asking price for this property is $322,900.
What are key features of this property?
This property features: Seller pays buyer's first year of HOA dues.; New construction in the desirable Cully neighborhood.; Built by a local Street of Dreams builder known for quality.
