Modern Apartments in Southeast
6940 SE Long St Portland, OR 97206
For Sale
Contact for pricing
Newer construction apartment building with modern finishes and balanced unit mix.
Property Size9,002 SF
Price / SF$327.70
Days on Market75
Property Features for 6940 SE Long St
General Information
- Standard status
- Active
- Size
- 9,002 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2020
Listing Agency:
SMI Real Estate
Listed By:
Matt Miller · License #201254590
Source:
Crexi
Added: May 11
Changed: Jul 10
Last Checked: Jul 23 at 10:37AM
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 Real Estate
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $226.9k | $25.20 |
| − Vacancy | −$11.3k | −$1.26 |
| EGI | $215.5k | $23.94 |
| − OpEx | −$97.0k | −$10.77 |
| NOI | $118.5k | $13.17 |
9,002 SF · lease $25.20/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.98M
NOI $118,529 @ 7.0% cap · market cap 4.02%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
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
