12-Unit Apartment
611 SE 139th Avenue Portland, OR 97233
For Sale
$1,925,000
Well-maintained 12-unit multifamily property with all single-level two-bedroom layouts and private fenced patios.
Property Size10,180 SF
Lot Size0.75 Acres
Price / SF$189.10
Days on Market58
Property Features for 611 SE 139th Avenue
General Information
- Standard status
- Active
- Size
- 10,180 SF
- Lot size
- 0.75 Acres
- Property subtype
- Multi-family
Building Details
- Year Built
- 1968
Listing Agency:
Barry Investment Real Estate
Listed By:
Phillip Barry
(877) 319-7625
Source:
Century21northhomes
Added: May 27
Changed: Jul 23
Last Checked: Jul 23 at 7:40AM
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 Barry Investment Real Estate
Investment Insights
Based on property information with market context.
Walnut Manor Apartments is a well-maintained 12-unit multifamily community constructed in 1968. The property features entirely single-level two-bedroom, one-bath apartments with private fenced patio areas. Unit amenities include washer/dryer hookups with owner-provided appliances, ductless mini-split heating and air conditioning, and double-pane vinyl windows. Interiors across the community include bamboo flooring and luxury vinyl plank flooring in nearly all units. Kitchens are described as spacious with ample cabinet storage and full appliance packages, with sliding glass doors providing direct access to the outdoor patio spaces.
The community is situated on approximately 0.75 acres and is described as having an efficient site layout with ample off-street parking and strong overall curb appeal. Unit mix includes eleven units at approximately 830 square feet and one unit at approximately 900 square feet.
Current ownership has completed capital improvements over time, including a full roof replacement in 2017 and gutter replacement in 2024. The property also participated in Energy Trust of Oregon efficiency programs, with upgrades noted such as improved insulation and vinyl windows, along with additional energy-efficiency improvements. Unit interiors have been upgraded during turnover periods.
The community is situated on approximately 0.75 acres and is described as having an efficient site layout with ample off-street parking and strong overall curb appeal. Unit mix includes eleven units at approximately 830 square feet and one unit at approximately 900 square feet.
Current ownership has completed capital improvements over time, including a full roof replacement in 2017 and gutter replacement in 2024. The property also participated in Energy Trust of Oregon efficiency programs, with upgrades noted such as improved insulation and vinyl windows, along with additional energy-efficiency improvements. Unit interiors have been upgraded during turnover periods.
Key Highlights
- 12‑unit multifamily built in 1968, consisting of all single‑level 2‑bedroom, 1‑bath units
- Unit mix includes eleven ~830 SF 2BD/1BA units and one ~900 SF 2BD/1BA unit
- Each unit includes a private fenced patio, plus washer/dryer hookups with owner‑provided appliances
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $250.4k | $24.60 |
| − Vacancy | −$12.8k | −$1.25 |
| EGI | $237.7k | $23.35 |
| − OpEx | −$106.9k | −$10.51 |
| NOI | $130.7k | $12.84 |
10,180 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.63M – $2.18M
NOI $130,711 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.86M
$2.50M – $3.34M
NOI $200,116 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Walnut Manor
Real Estate Agency
FAQs
What type of property is this?
Apartment building - Well-maintained 12-unit multifamily property with all single-level two-bedroom layouts and private fenced patios.
Where is this apartment building located?
The property is located at 611 SE 139th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $1,925,000.
What are key features of this property?
This property features: 12‑unit multifamily built in 1968, consisting of all single‑level 2‑bedroom, 1‑bath units; Unit mix includes eleven ~830 SF 2BD/1BA units and one ~900 SF 2BD/1BA unit; Each unit includes a private fenced patio, plus washer/dryer hookups with owner‑provided appliances
