Detached Multifamily Cottage
For Sale
$1,549,900
6603 N Seneca St, Portland, OR 97203
MultiFamily, Portland, OR
Property Size4,868 SF
Lot Size0.13 Acres
Price / SF$318.39
Days on Market95
Property Features for 6603 N Seneca St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
9
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 8, Bedroom 2, Bedroom 5, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 8, Bedroom 7, Bathroom 9, Bathroom 7, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 9, Bathroom 5, Bathroom 6
Subdivision
ST. JOHNS
Elementary school
James John
Middle school
George
High school
Roosevelt
Directions
At the corner of NE Seneca and Macrum in trendy St Johns
Standard status
Active
APN
New Construction
Size
4,868 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
SENECA ST COTTAGES, LOT 1, LOT 2, LOT 3, LOT 4
Legal Description
SENECA ST COTTAGES, LOT 1, LOT 2, LOT 3, LOT 4
Utilities
Heating system
Forced Air
Cooling system
Heat Pump
Building Details
Year built
2026
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: May 26
Changed: Aug 28
Last Checked: Aug 28 at 9:06PM
MLS# 207223178
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction multifamily offering comprises four detached residences in one Portland-area portfolio. The homes total 4,868 square feet and provide 12 bedrooms, 8 full bathrooms, and 4 half bathrooms. Each residence is arranged with living, dining, kitchen, and half-bath areas on the main floor, while the upper level contains three bedrooms, two full bathrooms, and laundry. Two homes measure 1,253 square feet each, and the other two measure 1,181 square feet each.
The residences have separate addresses and individual outdoor areas. One home includes the community’s largest yard, while an end-position residence has patio space. Ducted heat pump systems provide heating and cooling, with whole-house ventilation and one-year builder warranties included in the construction package. The property is near downtown St. Johns, Cathedral Park, Pier Park, New Seasons Market University Park, transit, bike routes, Lombard access, and local food and beverage businesses. Zoning is R2.5, and completion is identified for 2026.
The residences have separate addresses and individual outdoor areas. One home includes the community’s largest yard, while an end-position residence has patio space. Ducted heat pump systems provide heating and cooling, with whole-house ventilation and one-year builder warranties included in the construction package. The property is near downtown St. Johns, Cathedral Park, Pier Park, New Seasons Market University Park, transit, bike routes, Lombard access, and local food and beverage businesses. Zoning is R2.5, and completion is identified for 2026.
Key Highlights
- Four detached residences totaling 4,868 square feet
- 12 bedrooms, 8 full bathrooms, and 4 half bathrooms across the portfolio
- Two homes measure 1,253 square feet; two interior homes measure 1,181 square feet
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
$67,839
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
4.38%
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%
$1,356,780
$1.4M
Cap Rate 7%
$969,129
$969.1K
Cap Rate 9%
$753,767
$753.8K
Market Conditions
NOI Build-Up for 4,868 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
$102.2K $21.00/SF
− Vacancy
−$5.3K −$1.09/SF
EGI
$96.9K $19.91/SF
− OpEx
−$29.1K −$5.97/SF
NOI
$67.8K $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%
$1,356,780
Cap Rate 7%
$969,129
Cap Rate 9%
$753,767
Alternative Uses
Best Use
Multifamily LT 5
$969.1K
$848.0K – $1.13M
NOI $67,839 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$892.9K
$781.3K – $1.04M
NOI $62,505 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$1.37M
$1.20M – $1.59M
NOI $95,694 @ 7.0% cap · market cap 6.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
436
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?
Multifamily property - Four separate residences combine individual outdoor areas with efficient layouts and whole-home heat pump systems.
Where is this multifamily property located?
The property is located at 6603 N Seneca St Portland, OR.
What is the asking price?
The asking price for this property is $1,549,900.
What are key features of this property?
This property features: Four detached residences totaling 4,868 square feet; 12 bedrooms, 8 full bathrooms, and 4 half bathrooms across the portfolio; Two homes measure 1,253 square feet; two interior homes measure 1,181 square feet
