New Construction 7-Unit Apartment
For Sale
$3,184,300
7574 SW 31st AVE, Portland, OR 97219
Seven two-bedroom residences offer private patios, in-unit laundry, and individual heating and cooling.
Property Size6,760 SF
Price / SF$471.05
Days on Market20
Property Features for 7574 SW 31st AVE
General Information
Standard status
Active
Size
6,760 SF
Property subtype
Multi Family
Units
Unit Mix
7 x 2BR/2.5BA
Multifamily Units
7
Building Details
Building Size
6,760 SF
Year Built
2026
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Coastalsothebysrealty
Added: Aug 19
Changed: Sep 7
Last Checked: Sep 7 at 4:35AM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
Completed in 2026, this apartment property contains seven residences arranged as a fourplex and a triplex. The approximately 6,760-square-foot building offers a consistent mix of two-bedroom, 2½-bathroom homes. Each residence spans two levels, with an open main floor incorporating the kitchen, dining, and living areas. Private patios extend each unit’s usable outdoor space, while upper-level layouts include two bedrooms, two full bathrooms, and laundry. Mini-split systems provide heating and cooling throughout the year.
The property has an 83 Walk Score and sits near Multnomah Arts Center, Village Coffee, Fat City Cafe, Annie Bloom’s Books, Grand Central Bakery, and the shops, restaurants, and services of Multnomah Village. Major Southwest Portland transportation corridors and employment centers are also accessible from the property. The unit mix includes both end and interior residences, creating variation within the seven-home configuration.
The property has an 83 Walk Score and sits near Multnomah Arts Center, Village Coffee, Fat City Cafe, Annie Bloom’s Books, Grand Central Bakery, and the shops, restaurants, and services of Multnomah Village. Major Southwest Portland transportation corridors and employment centers are also accessible from the property. The unit mix includes both end and interior residences, creating variation within the seven-home configuration.
Key Highlights
- Seven residences totaling approximately 6,760 square feet
- Fourplex and triplex configuration with seven 2 bedroom, 2½ bathroom residences
- New construction completed in 2026
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
$99,273
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
3.12%
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%
$1,985,460
$2.0M
Cap Rate 7%
$1,418,186
$1.4M
Cap Rate 9%
$1,103,033
$1.1M
Market Conditions
NOI Build-Up for 6,760 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
$150.1K $22.20/SF
− Vacancy
−$8.3K −$1.22/SF
EGI
$141.8K $20.98/SF
− OpEx
−$42.5K −$6.29/SF
NOI
$99.3K $14.69/SF
Area
ZIP 97219
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,985,460
Cap Rate 7%
$1,418,186
Cap Rate 9%
$1,103,033
Alternative Uses
Best Use
Multifamily LT 5
$1.42M
$1.24M – $1.65M
NOI $99,273 @ 7.0% cap · market cap 3.12%
Second Best
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,466 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,886 @ 7.0% cap · market cap 4.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 97219, OR
42,474
Population
18,881
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,630
Density / Sq Mi
$115,525
Median Household Income
$59,178
Median Earnings
$1,603
Median Rent
$651,600
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 - Seven two-bedroom residences offer private patios, in-unit laundry, and individual heating and cooling.
Where is this apartment building located?
The property is located at 7574 SW 31st AVE Portland, OR.
What is the asking price?
The asking price for this property is $3,184,300.
What are key features of this property?
This property features: Seven residences totaling approximately 6,760 square feet; Fourplex and triplex configuration with seven 2 bedroom, 2½ bathroom residences; New construction completed in 2026
