12-Unit Net-Zero Apartment
For Sale
$3,400,000
6375 N Lombard St, Portland, OR 97203
Newly constructed multifamily property with corner residences, full lease-up, and an energy-efficient operating profile.
Property Size8,325 SF
Price / SF$408.41
Days on Market25
Property Features for 6375 N Lombard St
General Information
Standard status
Active
Size
8,325 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
12
Building Details
Year Built
2025
Listing Agency:
McCleary Realty
Listed By:
George McCleary · License #200409141
(503) 332-1610
Source:
Christiesrealestateevg
Added: Aug 15
Changed: Aug 28
Last Checked: Sep 7 at 12:14PM
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 McCleary Realty
Investment Insights
Based on property information with market context.
Completed in 2025, this 8,325-square-foot apartment building contains 12 modern units, each positioned on a corner. The property was designed around energy-efficient operations and carries a net-zero energy profile. All units are leased, providing a stabilized multifamily configuration for ownership.
The building is located at 6375 N Lombard St in Portland, directly across from New Seasons. Its setting offers access to shopping, dining, parks, and transit along a walkable stretch of N Lombard.
The building is located at 6375 N Lombard St in Portland, directly across from New Seasons. Its setting offers access to shopping, dining, parks, and transit along a walkable stretch of N Lombard.
Key Highlights
- 12‑unit apartment building completed in 2025
- 8,325 square feet of multifamily improvements
- Net‑zero energy profile designed for energy‑efficient operations
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
$106,893
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
3.14%
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%
$2,137,860
$2.1M
Cap Rate 7%
$1,527,043
$1.5M
Cap Rate 9%
$1,187,700
$1.2M
Market Conditions
NOI Build-Up for 8,325 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
$204.8K $24.60/SF
− Vacancy
−$10.4K −$1.25/SF
EGI
$194.4K $23.35/SF
− OpEx
−$87.5K −$10.51/SF
NOI
$106.9K $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%
$2,137,860
Cap Rate 7%
$1,527,043
Cap Rate 9%
$1,187,700
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $106,893 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,651 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
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 - Newly constructed multifamily property with corner residences, full lease-up, and an energy-efficient operating profile.
Where is this apartment building located?
The property is located at 6375 N Lombard St Portland, OR.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 12‑unit apartment building completed in 2025; 8,325 square feet of multifamily improvements; Net‑zero energy profile designed for energy‑efficient operations
