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7448 N Saint Louis Ave, Portland, OR 97203
Twelve-unit multifamily property built in 2020 in Portland's St. Johns.
Property Size7,665 SF
Price / SF$254.40
Days on Market176
Property Features for 7448 N Saint Louis Ave
General Information
Standard status
Active
Size
7,665 SF
Class
B
Property subtype
Multifamily
Investment Type
Stabilized
Net Operating Income
$112,647
Building Details
Year Built
2020
Buildings
1
Stories
3
Units
12
Listing Agency:
Kidder Mathews Portland
(503) 221-9900
Listed By:
Jordan Carter · License #OR 200606025
Source:
Crexi
Added: Feb 26
Changed: Aug 10
Last Checked: Aug 20 at 6:57AM
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 Kidder Mathews Portland
Investment Insights
Based on property information with market context.
Built in 2020, this property in North Portland's St. Johns neighborhood is comprised of twelve units, featuring studios, one, and two-bedroom apartments that average 531 square feet. The units are equipped with full kitchens, quartz countertops, stainless appliances, luxury vinyl plank flooring, washer/dryers, and air conditioning. The property is located in a quiet residential setting, blocks from the heart of downtown St. Johns, providing convenient access to restaurants, cafés, breweries, grocery options, and daily services along N Lombard Street. The location is directly across the street from the Cathedral Park Food Carts Pod. The area is known for its small-town feel, locally owned businesses, and strong neighborhood identity. Nearby landmarks include the St. Johns Bridge and Cathedral Park, offering trails, open green space, and waterfront access along the Willamette River. Pier Park provides additional recreational amenities, including forested walking paths, sports fields, and disc golf. With convenient access to N Lombard Street, N Columbia Boulevard, and Highway 30, the property offers connectivity to Downtown Portland, the NW Industrial District, and the greater metro area. The location is well-served by TriMet bus lines, making it easy for residents to commute or access nearby employment centers. The property has a Walk Score of 91 and a Bike Score of 94.
Key Highlights
- New construction (2020) priced below replacement cost at $166,250 per unit.
- Located in the desirable St. Johns neighborhood with convenient access to restaurants, cafes, breweries, and daily services.
- High Walk Score (91) and Bike Score (94), designated as a 'Biker's Paradise'.
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
$98,418
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
5.05%
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%
$1,968,360
$2.0M
Cap Rate 7%
$1,405,971
$1.4M
Cap Rate 9%
$1,093,533
$1.1M
Market Conditions
NOI Build-Up for 7,665 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
$188.6K $24.60/SF
− Vacancy
−$9.6K −$1.25/SF
EGI
$178.9K $23.35/SF
− OpEx
−$80.5K −$10.51/SF
NOI
$98.4K $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%
$1,968,360
Cap Rate 7%
$1,405,971
Cap Rate 9%
$1,093,533
Alternative Uses
Best Use
Apartment 5plus
$1.41M
$1.23M – $1.64M
NOI $98,418 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,676 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
941
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
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 - Twelve-unit multifamily property built in 2020 in Portland's St. Johns.
Where is this apartment building located?
The property is located at 7448 N Saint Louis Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: New construction (2020) priced below replacement cost at $166,250 per unit.; Located in the desirable St. Johns neighborhood with convenient access to restaurants, cafes, breweries, and daily services.; High Walk Score (91) and Bike Score (94), designated as a 'Biker's Paradise'.
