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    New Construction Cottage Portfolio Title is generated by Realmo AI

    6603 North Seneca Street, Portland, OR 97203

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    For Sale
    $1,739,900

    Four detached homes near St. Johns with strong rental potential.

    Type:Multi Family
    Property size:
    4,868 SF
    Price / SF:
    $357/SF
    Added:
    May 26, 2026
    Days on Market:
    8
    Last Refresh:
    May 27 at 7:48 am

    Property Features for 6603 North Seneca Street

    General Information

    Standard status
    Active
    Size
    4,868 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    2026

    We can help!

    Listing Contact
    Darryl Bodle
    Darryl Bodle

    Listing agent Darryl Bodle License #199910100

    Listing office Keller Williams Realty Portland Premiere

    Listing date May 26, 2026

    Source Compass

    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

    HighLights

    • New construction: Four detached homes in one portfolio.
    • Projected 5.09% cap rate at stabilization.
    • Each residence features 3 bedrooms and 2.1 bathrooms.
    • Efficient year‑round heating and cooling with whole‑home ducted heat pump systems.
    • Desirable location near St. Johns, Cathedral Park, and other amenities.
    • One‑year builder warranties included.

    Overview

    This new construction detached cottage portfolio is located near St. Johns and comprises four detached homes in one North Portland location. The properties, located at 6605 N Seneca St, 9411 N Macrum Ave, 9415 N Macrum Ave, and 9421 N Macrum Ave, total 4,868 square feet and include 12 bedrooms, 8 full bathrooms, and 4 half bathrooms across the four homes. Each residence features 3 bedrooms and 2.1 bathrooms, with living, dining, kitchen, and a half bath on the main level, plus all bedrooms, 2 full bathrooms, and laundry upstairs. Two of the homes offer 1,253 square feet each, while the other two provide 1,181 square feet each. The property at 6605 N Seneca St includes the premium yard space, while 9421 N Macrum Ave offers an end position with patio space. Each home is equipped with a whole-home ducted heat pump system for efficient year-round heating and cooling, whole-house ventilation, and a one-year builder warranty. The location provides convenient access to downtown St. Johns, Cathedral Park, Pier Park, New Seasons Market University Park, local coffee shops, food carts, restaurants, transit options, bike routes, Lombard access, and connections toward University Park, Kenton, and downtown Portland, supporting everyday convenience and long-term rental demand.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.732077
    Latitude
    45.591467

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    FAQs

    What type of property is this?
    Multifamily property - Four detached homes near St. Johns with strong rental potential.
    Where is this multifamily property located?
    The property is located at 6603 North Seneca Street Portland, OR.
    What is the asking price?
    The asking price for this property is $1,739,900.
    What are key features of this property?
    This property features: New construction: Four detached homes in one portfolio.; Projected 5.09% cap rate at stabilization.; Each residence features 3 bedrooms and 2.1 bathrooms.
    (503) 709-4632
    We can help!
    Listing Contact
    Darryl Bodle
    Darryl Bodle
    Real Estate License ID: 199910100
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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