Six-Unit Apartment
New
For Sale
$2,129,900
7694 N Montana Ave, Portland, OR 97217
MultiFamily, Portland, OR
Property Size5,770 SF
Lot Size0.10 Acres
Price / SF$369.13
Days on Market7
Property Features for 7694 N Montana Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RM3
Bedrooms
6
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 3, Bathroom 7, Bedroom 5, Bedroom 2, Bathroom 4, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4, Bedroom 6, Bathroom 2, Bathroom 8, Bathroom 5, Bathroom 6
Subdivision
KENTON
Elementary school
Peninsula
Middle school
Ockley Green
High school
Jefferson
Directions
I-5 to N Lombard St, west on N Lombard St, north on N Albina Ave, east on N Farragut St to property.
Standard status
Active
APN
New Construction
Size
5,770 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
FARRAGUT CONDOMINIUMS, UNITS 1-6
Legal Description
FARRAGUT CONDOMINIUMS, UNITS 1-6
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
in-unit laundry
private fenced patio
Building Details
Year built
2026
Floors in Building
2
Number of units
6
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Aug 31
Changed: Sep 5
Last Checked: Sep 6 at 2:06AM
MLS# 208472607
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction apartment property at 7694 N Montana Ave includes six residences within 5,770 square feet on a 0.1-acre site. The unit mix comprises two one-bedroom homes, three two-bedroom homes, and one three-bedroom end unit. Interior details include engineered hardwood flooring, oak cabinetry, solid surface countertops, stainless steel appliances, contemporary fixtures, and mini split heating and cooling. Each residence has in-unit laundry and a private fenced patio. The building is planned for completion in 2026 and includes a composition roof.
The property is in North Portland, with a 97 Bike Score and an 83 Walk Score. Farragut Park, Kenton neighborhood amenities, dining, coffee shops, neighborhood retail, and the MAX Yellow Line are identified in the surrounding context.
The property is in North Portland, with a 97 Bike Score and an 83 Walk Score. Farragut Park, Kenton neighborhood amenities, dining, coffee shops, neighborhood retail, and the MAX Yellow Line are identified in the surrounding context.
Key Highlights
- Six residences with a mix of 2 one‑bedroom, 3 two‑bedroom, and 1 three‑bedroom units
- 5,770 square feet on a 0.1‑acre site
- RM3 zoning at 7694 N Montana Ave, Portland, OR 97217
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
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
859
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
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Frequently Asked Questions
What type of property is this?
Apartment building - RM3-zoned property with a varied unit mix, private patios, in-unit laundry, and contemporary interior finishes.
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 residences with a mix of 2 one‑bedroom, 3 two‑bedroom, and 1 three‑bedroom units; 5,770 square feet on a 0.1‑acre site; RM3 zoning at 7694 N Montana Ave, Portland, OR 97217
