12-Unit Apartment Building
For Sale
$1,849,000
824 SE 30TH AVE, Portland, OR 97214
Twelve-unit residential income property with hardwood floors and stable tenancy, offered for sale with an owner-carry option.
Property Size6,538 SF
Price / SF$282.81
Days on Market220
Property Features for 824 SE 30TH AVE
General Information
Standard status
Active
Size
6,538 SF
Property subtype
Multi-Family
Zoning
RM2
Net Operating Income
$93,775
Additional Details
Business Included
Yes
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$18,453
Amenities
UnitTypeType1,UnitTypeType10,UnitTypeType2,UnitTypeType3,UnitTypeType4,UnitTypeType5,UnitTypeType6,UnitTypeType7,UnitTypeType8,UnitTypeType9
Gas
1
1350
1200
1315
1325
1023
2
960
925
1210
1253
1153
PublicWater
4500 sq ft
0.1
6538.0
Stucco
Building Details
Building Size
6,538 SF
Year Built
1914
Listing Agency:
LUXE Forbes Global Properties
(503) 701-7023
Listed By:
Julie Lais
(503) 701-7023
Source:
Premierepropertygroup
Added: Jan 16
Changed: Aug 24
Last Checked: Aug 24 at 3:19AM
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 LUXE Forbes Global Properties
Investment Insights
Based on property information with market context.
This for-sale multifamily property is a 12-unit apartment building featuring hardwood floors. The offering notes stable tenants, and it lists total monthly rent at $14,000.
Located at 824 SE 30TH AVE in Portland, Oregon 97214, the property is described in the Belmont-Hawthorne neighborhood. The address and neighborhood context are provided as part of the listing materials.
This asset may fit buyers looking to acquire a small apartment building with existing occupancy and hardwood-floor units. The seller also indicates an owner-carried contract option, with a $750,000 down payment and a 5% amount due and payable in 5 years. For investors and owner-users evaluating residential income properties, the combination of 12 units, stable tenancy, and the stated owner-carry terms provides concrete factors to consider in underwriting and deal structuring.
Located at 824 SE 30TH AVE in Portland, Oregon 97214, the property is described in the Belmont-Hawthorne neighborhood. The address and neighborhood context are provided as part of the listing materials.
This asset may fit buyers looking to acquire a small apartment building with existing occupancy and hardwood-floor units. The seller also indicates an owner-carried contract option, with a $750,000 down payment and a 5% amount due and payable in 5 years. For investors and owner-users evaluating residential income properties, the combination of 12 units, stable tenancy, and the stated owner-carry terms provides concrete factors to consider in underwriting and deal structuring.
Key Highlights
- 12‑unit apartment building in the Belmont‑Hawthorne neighborhood with hardwood floors
- Monthly rent totals $14,000 across 12 units; unit rents range from $925 to $1,350
- Owner‑carried contract available: $750,000 down at 5% due & payable in 5 years
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
$83,948
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
4.54%
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%
$1,678,960
$1.7M
Cap Rate 7%
$1,199,257
$1.2M
Cap Rate 9%
$932,756
$932.8K
Market Conditions
NOI Build-Up for 6,538 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
$160.8K $24.60/SF
− Vacancy
−$8.2K −$1.25/SF
EGI
$152.6K $23.35/SF
− OpEx
−$68.7K −$10.51/SF
NOI
$83.9K $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%
$1,678,960
Cap Rate 7%
$1,199,257
Cap Rate 9%
$932,756
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,948 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,522 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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 residential income property with hardwood floors and stable tenancy, offered for sale with an owner-carry option.
Where is this apartment building located?
The property is located at 824 SE 30TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,849,000.
What are key features of this property?
This property features: 12‑unit apartment building in the Belmont‑Hawthorne neighborhood with hardwood floors; Monthly rent totals $14,000 across 12 units; unit rents range from $925 to $1,350; Owner‑carried contract available: $750,000 down at 5% due & payable in 5 years
