SE Portland Condo Near
For Sale
$305,000
6600 SE DIVISION ST #202, Portland, OR 97206
Corner unit condo with updated kitchen and access to amenities.
Property Size983 SF
Price / SF$310.27
Days on Market442
Property Features for 6600 SE DIVISION ST #202
General Information
Standard status
Active
Size
983 SF
Property subtype
Condominium
Amenities
Fireplace
Wall Unit
Forced Air
Appliance Garage
Built-in Range
Dishwasher
Disposal
Free-Standing Refrigerator
Microwave
Range Hood
Stainless Steel Appliance
Built Up
Building Details
Building Size
983 SF
Year Built
1983
Stories
1
Listing Agency:
Keller Williams Realty Portland Elite
(503) 791-1829
Listed By:
Seiji Blume · License #201211922
(503) 351-2233
Source:
Kw
Added: Jun 5, 2025
Changed: Aug 17
Last Checked: Aug 18 at 10:22PM
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 Elite
Investment Insights
Based on property information with market context.
This corner unit condo is located in Southeast Portland, across the street from Mt. Tabor Park and Warner Pacific University. The 983 square-foot unit features laminate flooring, forced air, air conditioning, and vinyl windows. A kitchen and dining room remodel in 2022 included quartz countertops, new tile backsplash and tile accents, expanded cabinetry, and updated stainless steel appliances. The layout includes a primary suite with double sinks and ample closet space, a wood-burning fireplace, in-unit laundry, and a private balcony. The carpet was replaced in 2022, and custom window insulation inserts offer added efficiency. Building amenities include secure entry, an elevator, a landscaped courtyard, community bike storage, and assigned deeded off-street parking with a private storage unit. The building is pet-friendly and investor-ready with no rental cap, with only 10 of 27 units currently rented. It is located minutes away from Portland Community College and near the shopping, breweries, restaurants, and coffee shops in the Division, Hawthorne, and Montavilla neighborhoods.
Key Highlights
- Prime SE Portland location directly across from Mt. Tabor Park.
- Remodeled kitchen and dining room (2022) with QUARTZ COUNTERTOPS, tile backsplash, expanded cabinetry, and STAINLESS STEEL APPLIANCES.
- Spacious primary suite with DOUBLE SINKS and ample closet space.
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
$12,943
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
4.24%
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%
$258,860
$258.9K
Cap Rate 7%
$184,900
$184.9K
Cap Rate 9%
$143,811
$143.8K
Market Conditions
NOI Build-Up for 983 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
$24.8K $25.20/SF
− Vacancy
−$1.2K −$1.26/SF
EGI
$23.5K $23.94/SF
− OpEx
−$10.6K −$10.77/SF
NOI
$12.9K $13.17/SF
Area
ZIP 97206
Vacancy
5.00%
Lease Rate
$25.20 /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%
$258,860
Cap Rate 7%
$184,900
Cap Rate 9%
$143,811
Alternative Uses
Best Use
Apartment 5plus
$184.9K
$161.8K – $215.7K
NOI $12,943 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$276.1K
$241.6K – $322.1K
NOI $19,324 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
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 - Corner unit condo with updated kitchen and access to amenities.
Where is this apartment building located?
The property is located at 6600 SE DIVISION ST #202 Portland, OR.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Prime SE Portland location directly across from Mt. Tabor Park.; Remodeled kitchen and dining room (2022) with QUARTZ COUNTERTOPS, tile backsplash, expanded cabinetry, and STAINLESS STEEL APPLIANCES.; Spacious primary suite with DOUBLE SINKS and ample closet space.
