Six-Unit Courtyard Apartment
For Sale
Contact for pricing
7222 E Burnside St, Portland, OR 97215
Well-maintained six-unit courtyard building with five two-bedroom units and one one-bedroom unit, built in 1949.
Property Size4,152 SF
Price / SF$223.99
Days on Market62
Property Features for 7222 E Burnside St
General Information
Standard status
Active
Size
4,152 SF
Total Parking Spaces
4
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$65,205
Building Details
Year Built
1949
Buildings
1
Units
6
Tenancy
Multi
Listing Agency:
NAI Cascade Commercial Real Estate Services, Worldwide
Listed By:
Chuck Brazer · License #200301175
Source:
Crexi
Added: Jul 9
Changed: Aug 13
Last Checked: Sep 7 at 7:30AM
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 NAI Cascade Commercial Real Estate Services, Worldwide
Investment Insights
Based on property information with market context.
Burnside Court is a well-maintained six-unit apartment community in a single-level courtyard layout. The unit mix includes five two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment. Constructed in 1949, the wood-frame building features cedar shake siding, double-pane vinyl windows, and a pitched composition shingle roof.
The property includes four off-street parking spaces plus ample street parking. A partial unfinished basement provides shared laundry facilities and tenant storage. Plumbing improvements include replacement of basement plumbing and building piping extending to the sewer connection, along with apartment plumbing updates except for Units #1 and #2.
Interior renovations have been completed as apartments have turned over, and the property is currently 100% occupied. Units #1 and #2 are occupied by long-term tenants and have not received the same recent interior renovations as the remaining apartments.
The property includes four off-street parking spaces plus ample street parking. A partial unfinished basement provides shared laundry facilities and tenant storage. Plumbing improvements include replacement of basement plumbing and building piping extending to the sewer connection, along with apartment plumbing updates except for Units #1 and #2.
Interior renovations have been completed as apartments have turned over, and the property is currently 100% occupied. Units #1 and #2 are occupied by long-term tenants and have not received the same recent interior renovations as the remaining apartments.
Key Highlights
- Six‑unit apartment building built in 1949 with 4,152 SF on a 12,197 SF (0.28‑acre) corner lot
- Unit mix: five 2‑bedroom, 1‑bath units plus one 1‑bedroom, 1‑bath unit
- Currently 100% occupied, with a stated 6.69% cap rate
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
$53,312
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
5.73%
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%
$1,066,240
$1.1M
Cap Rate 7%
$761,600
$761.6K
Cap Rate 9%
$592,356
$592.4K
Market Conditions
NOI Build-Up for 4,152 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
$102.1K $24.60/SF
− Vacancy
−$5.2K −$1.25/SF
EGI
$96.9K $23.35/SF
− OpEx
−$43.6K −$10.51/SF
NOI
$53.3K $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%
$1,066,240
Cap Rate 7%
$761,600
Cap Rate 9%
$592,356
Alternative Uses
Best Use
Apartment 5plus
$761.6K
$666.4K – $888.5K
NOI $53,312 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,619 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,086
Businesses Nearby
Explore this area
Business Placement
Demographics for 97215, OR
18,221
Population
7,855
Households
2.3
Avg Household Size
40
Median Age
64%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,922
Density / Sq Mi
$114,361
Median Household Income
$62,704
Median Earnings
$1,587
Median Rent
$658,500
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 - Well-maintained six-unit courtyard building with five two-bedroom units and one one-bedroom unit, built in 1949.
Where is this apartment building located?
The property is located at 7222 E Burnside St Portland, OR.
What is the asking price?
The asking price for this property is $930,000.
What are key features of this property?
This property features: Six‑unit apartment building built in 1949 with 4,152 SF on a 12,197 SF (0.28‑acre) corner lot; Unit mix: five 2‑bedroom, 1‑bath units plus one 1‑bedroom, 1‑bath unit; Currently 100% occupied, with a stated 6.69% cap rate
