Six-Unit Apartment
For Sale
$2,129,900
7694 N Montana AVE, Portland, OR 97217
New-construction residences feature private patios, in-unit laundry, modern finishes, and efficient mini-split heating and cooling.
Property Size5,770 SF
Days on Market9
Property Features for 7694 N Montana AVE
General Information
Standard status
Active
Size
5,770 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
2 x 1BR, 3 x 2BR, 1 x 3BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
private fenced patio
Building Details
Building Size
5,770 SF
Year Built
2026
Buildings
1
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Currangrouprealtors
Added: Aug 31
Changed: Sep 7
Last Checked: Sep 7 at 9:51AM
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 six-unit apartment building offers a balanced mix of two one-bedroom residences, three two-bedroom residences, and one three-bedroom end unit. The homes feature wide-plank engineered hardwood flooring, warm oak cabinetry, solid-surface countertops, contemporary fixtures, stainless steel appliances, and efficient mini-split heating and cooling. Each residence includes in-unit laundry and a private fenced patio, while the larger layouts provide multiple bathrooms and flexible bedroom configurations.
The property is located in North Portland near Farragut Park, Kenton neighborhood amenities, local dining and coffee, neighborhood shops, and the MAX Yellow Line. Walkability and cycling access are reflected in a 83 Walk Score and 97 Bike Score. The complete six-unit offering combines new construction with a range of residence sizes in one apartment property.
The property is located in North Portland near Farragut Park, Kenton neighborhood amenities, local dining and coffee, neighborhood shops, and the MAX Yellow Line. Walkability and cycling access are reflected in a 83 Walk Score and 97 Bike Score. The complete six-unit offering combines new construction with a range of residence sizes in one apartment property.
Key Highlights
- Six‑unit apartment building completed in 2026
- Unit mix includes two one‑bedroom, three two‑bedroom, and one three‑bedroom residence
- Every residence includes in‑unit laundry and a private fenced patio
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
$74,087
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
3.48%
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%
$1,481,740
$1.5M
Cap Rate 7%
$1,058,386
$1.1M
Cap Rate 9%
$823,189
$823.2K
Market Conditions
NOI Build-Up for 5,770 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
$141.9K $24.60/SF
− Vacancy
−$7.2K −$1.25/SF
EGI
$134.7K $23.35/SF
− OpEx
−$60.6K −$10.51/SF
NOI
$74.1K $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%
$1,481,740
Cap Rate 7%
$1,058,386
Cap Rate 9%
$823,189
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$926.1K – $1.23M
NOI $74,087 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,425 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
754
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
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 - New-construction residences feature private patios, in-unit laundry, modern finishes, and efficient mini-split heating and cooling.
Where is this apartment building located?
The property is located at 7694 N Montana AVE Portland, OR.
What is the asking price?
The asking price for this property is $2,129,900.
What are key features of this property?
This property features: Six‑unit apartment building completed in 2026; Unit mix includes two one‑bedroom, three two‑bedroom, and one three‑bedroom residence; Every residence includes in‑unit laundry and a private fenced patio
