Building Details

Year Built 2020

Listing Agency: SMI Commercial Real Estate LLC

Listed By: Jude Soldati · License #201244226 Show Phone

Source: Kingdomreal

Added: May 14 Changed: Sep 15 Last Checked: Oct 7 at 2:00PM

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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 / Yr

$115,585

Cap Rate

3.92%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $176,959 @ 7.0% cap · market cap 6.00%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Electrical Service Parking Lot & Garage (Bike/Boat/Book/etc) Store Travel Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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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