Modern Apartments in Southeast
For Sale
$2,950,000
6940 SE LONG ST, Portland, OR 97035
Newer construction apartment building with modern finishes and balanced unit mix.
Property Size9,002 SF
Price / SF$327.70
Days on Market103
Property Features for 6940 SE LONG ST
General Information
Standard status
Active
Size
9,002 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$31,730
Building Details
Building Size
9,002 SF
Year Built
2020
Listing Agency:
SMI Commercial Real Estate LLC
(503) 799-4264
Listed By:
Jude Soldati · License #201254590
(503) 799-4264
Source:
Eleeterealestate
Added: May 14
Changed: Aug 23
Last Checked: Aug 24 at 1:28PM
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 SMI Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
Kern Park Apartments, constructed in 2020, presents an opportunity to acquire a 15-unit apartment building located in Southeast Portland. The property, situated at 6940 SE Long St, features a mix of nine one-bed/one-bath units and six two-bed/one-bath units. The units offer efficient layouts and modern finishes, providing a comfortable living environment. Constructed with durable, high-quality, sound-dampening materials, the building is fully sprinkled and separately metered. The interiors include stainless steel appliances, quartz countertops, modern cabinets, LVP flooring, and quality fixtures. All units are equipped with in-unit washers and dryers. The property benefits from stabilized operations and limited deferred maintenance. The building size is 9002 square feet.
Key Highlights
- New construction in 2020, offering low maintenance and modern amenities
- Balanced unit mix with nine 1‑bed/1‑bath and six 2‑bed/1‑bath units
- High‑quality construction including a sprinkler system, sound dampening, and durable materials
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
$115,585
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
3.92%
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%
$2,311,700
$2.3M
Cap Rate 7%
$1,651,214
$1.7M
Cap Rate 9%
$1,284,278
$1.3M
Market Conditions
NOI Build-Up for 9,002 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
$221.4K $24.60/SF
− Vacancy
−$11.3K −$1.25/SF
EGI
$210.2K $23.35/SF
− OpEx
−$94.6K −$10.51/SF
NOI
$115.6K $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%
$2,311,700
Cap Rate 7%
$1,651,214
Cap Rate 9%
$1,284,278
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.44M – $1.93M
NOI $115,585 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $176,959 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
741
Businesses Nearby
Explore this area
Business Placement
Demographics for 97035, OR
25,770
Population
11,822
Households
2.2
Avg Household Size
44
Median Age
73%
College-Educated
99%
High-School Grad
5.8 sq mi
ZIP Area
4,443
Density / Sq Mi
$126,866
Median Household Income
$75,523
Median Earnings
$1,951
Median Rent
$790,900
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 - Newer construction apartment building with modern finishes and balanced unit mix.
Where is this apartment building located?
The property is located at 6940 SE LONG ST Portland, OR.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: New construction in 2020, offering low maintenance and modern amenities; Balanced unit mix with nine 1‑bed/1‑bath and six 2‑bed/1‑bath units; High‑quality construction including a sprinkler system, sound dampening, and durable materials
