Six-Unit Apartment
For Sale
$1,595,000
6841 N MONTANA AVE, Portland, OR 97217
Newer multifamily property with four one-bedroom residences, two two-bedroom residences, and private fenced outdoor areas.
Property Size3,774 SF
Price / SF$422.63
Days on Market8
Property Features for 6841 N MONTANA AVE
General Information
Standard status
Active
Size
3,774 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
4 x 1BR, 2 x 2BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,896
Amenities
in-unit laundry
private fenced outdoor space with patio
Building Details
Building Size
3,774 SF
Year Built
2023
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 709-4632
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Eleeterealestate
Added: Jul 31
Changed: Aug 4
Last Checked: Aug 7 at 12:41AM
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
Investment Insights
Based on property information with market context.
Completed in 2023, this six-unit apartment building contains 3,774 square feet arranged as four one-bedroom residences and two two-bedroom residences. Interiors feature tall ceilings, large windows, neutral finishes, contemporary kitchens with tile detailing, solid-surface countertops, and stainless steel appliances. Each residence includes in-unit laundry, efficient floor plans, and private fenced outdoor space with a patio.
The property is located at 6841 N Montana Ave in Portland’s Arbor Lodge area. Residents have access to New Seasons Market, Arbor Lodge Park, neighborhood restaurants and shops, MAX, and bus service. Walk Score and Bike Score are 81 and 92, respectively, with connections to downtown Portland, Kenton, the Alberta Arts District, and major commuter routes.
The property is located at 6841 N Montana Ave in Portland’s Arbor Lodge area. Residents have access to New Seasons Market, Arbor Lodge Park, neighborhood restaurants and shops, MAX, and bus service. Walk Score and Bike Score are 81 and 92, respectively, with connections to downtown Portland, Kenton, the Alberta Arts District, and major commuter routes.
Key Highlights
- Built in 2023 with 3,774 square feet
- Six units: four one‑bedroom and two two‑bedroom residences
- Tall ceilings, expansive windows, and contemporary kitchens
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
$48,458
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
3.04%
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%
$969,160
$969.2K
Cap Rate 7%
$692,257
$692.3K
Cap Rate 9%
$538,422
$538.4K
Market Conditions
NOI Build-Up for 3,774 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
$92.8K $24.60/SF
− Vacancy
−$4.7K −$1.25/SF
EGI
$88.1K $23.35/SF
− OpEx
−$39.6K −$10.51/SF
NOI
$48.5K $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%
$969,160
Cap Rate 7%
$692,257
Cap Rate 9%
$538,422
Alternative Uses
Best Use
Apartment 5plus
$692.3K
$605.7K – $807.6K
NOI $48,458 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$927.4K – $1.24M
NOI $74,188 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Newer multifamily property with four one-bedroom residences, two two-bedroom residences, and private fenced outdoor areas.
Where is this apartment building located?
The property is located at 6841 N MONTANA AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Built in 2023 with 3,774 square feet; Six units: four one‑bedroom and two two‑bedroom residences; Tall ceilings, expansive windows, and contemporary kitchens
