13-Unit Historic Apartment
For Sale
Contact for pricing
714-716 NW 24th Avenue, Portland, OR 97210
Two early-1900s buildings with secured entry, garage parking, and recent electrical and roof improvements.
Property Size12,245 SF
Price / SF$228.66
Days on Market52
Property Features for 714-716 NW 24th Avenue
General Information
Standard status
Active
Size
12,245 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
R1
Occupancy
100%
Net Operating Income
$158,637
Additional Details
Multifamily Units
13
Building Details
Year Built
1904
Buildings
2
Units
13
Tenancy
Multi
Listing Agency:
Colliers - Portland, Oregon
Listed By:
Sean Worl · License #OR 200705271
Source:
Crexi
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 11 at 12:01PM
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 Colliers - Portland, Oregon
Investment Insights
Based on property information with market context.
Winthrop Halls is a 13-unit multifamily community consisting of two vintage apartment buildings at 714–716 NW 24th Avenue and 2365 NW Irving Street. Originally constructed in 1904, the property includes approximately 10,379 rentable square feet, with an average unit size of approximately 819 square feet. Apartment interiors feature enduring architectural character, including hardwood flooring, original built-ins, oversized windows, and abundant natural light. Select units offer private decks or patios. The community also provides detached garage parking and secured entry access.
Located in Portland’s Alphabet District/Nob Hill area, Winthrop Halls is about one block from the NW 23rd Avenue retail and dining corridor, giving residents walkable access to neighborhood shopping, restaurants, cafes, and green space. Public transit and primary arterials provide convenient connectivity to downtown Portland, the Pearl District, and other major employment centers in the region.
This offering may appeal to investors seeking a classic, character-rich rental property that has undergone targeted capital work. The current ownership has directed significant investment into infrastructure and compliance priorities across both buildings, including a comprehensive electrical panel upgrade, a full roof replacement on the 2365 NW Irving Street building completed in 2023, and an extensive renovation of basement unit #12 at the Irving Street property to achieve full code compliance.
Located in Portland’s Alphabet District/Nob Hill area, Winthrop Halls is about one block from the NW 23rd Avenue retail and dining corridor, giving residents walkable access to neighborhood shopping, restaurants, cafes, and green space. Public transit and primary arterials provide convenient connectivity to downtown Portland, the Pearl District, and other major employment centers in the region.
This offering may appeal to investors seeking a classic, character-rich rental property that has undergone targeted capital work. The current ownership has directed significant investment into infrastructure and compliance priorities across both buildings, including a comprehensive electrical panel upgrade, a full roof replacement on the 2365 NW Irving Street building completed in 2023, and an extensive renovation of basement unit #12 at the Irving Street property to achieve full code compliance.
Key Highlights
- 13‑unit multifamily community featuring two vintage buildings: 714 NW 24th Avenue and 2365 NW Irving Street (built in 1904).
- Approximately 10,379 rentable SF with average unit size of about 819 SF, offering spacious floor plans and original character.
- Upgrades include a comprehensive electrical panel upgrade across both buildings and a full roof replacement on the 2365 NW Irving Street building (completed 2023).
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
$157,225
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
5.62%
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%
$3,144,500
$3.1M
Cap Rate 7%
$2,246,071
$2.2M
Cap Rate 9%
$1,746,944
$1.7M
Market Conditions
NOI Build-Up for 12,245 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
$301.2K $24.60/SF
− Vacancy
−$15.4K −$1.25/SF
EGI
$285.9K $23.35/SF
− OpEx
−$128.6K −$10.51/SF
NOI
$157.2K $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%
$3,144,500
Cap Rate 7%
$2,246,071
Cap Rate 9%
$1,746,944
Alternative Uses
Best Use
Apartment 5plus
$2.25M
$1.97M – $2.62M
NOI $157,225 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,709 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
4,925
Businesses Nearby
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
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 - Two early-1900s buildings with secured entry, garage parking, and recent electrical and roof improvements.
Where is this apartment building located?
The property is located at 714-716 NW 24th Avenue Portland, OR.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 13‑unit multifamily community featuring two vintage buildings: 714 NW 24th Avenue and 2365 NW Irving Street (built in 1904).; Approximately 10,379 rentable SF with average unit size of about 819 SF, offering spacious floor plans and original character.; Upgrades include a comprehensive electrical panel upgrade across both buildings and a full roof replacement on the 2365 NW Irving Street building (completed 2023).
