Apartment Cluster with 11 Detached
For Sale
$4,123,900
8328 N Bank St, Portland, OR 97203
MULTI_FAMILY - Portland, OR
Property Size9,597 SF
Lot Size0.26 Acres
Price / SF$429.71
Days on Market215
Property Features for 8328 N Bank St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R5
Bedrooms
10
Bathrooms
15
Full bathrooms
15
Rooms
Bathroom 3, Bathroom 13, Bedroom 2, Bathroom 11, Bathroom 14, Bedroom 8, Bathroom 6, Bedroom 5, Bathroom 1, Bathroom 15, Bedroom 7, Bathroom 8, Bathroom 2, Bedroom 6, Bathroom 10, Bedroom 4, Bathroom 9, Bedroom 3, Bathroom 12, Bathroom 4, Bedroom 1, Bedroom 9, Bathroom 7, Bathroom 5, Bedroom 10
Subdivision
ST JOHNS
Elementary school
Sitton
Middle school
George
High school
Roosevelt
Directions
N Fessenden St to N Charleston Ave to N Bank St
Standard status
Active
APN
New Construction
Size
9,597 SF
Lot size
0.26 Acres
Utilities
Cooling system
Heat Pump
Building Details
Year built
2025
Floors in Building
2
Number of units
11
Roof type
Metal, Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Jan 6
Changed: Aug 9
Last Checked: Aug 9 at 9:06PM
MLS# 390824442
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 offering is a new-construction apartment cottage cluster designed as 11 detached homes, with fee-simple ownership. The property is under construction with delivery planned for 2025. Each residence is built for efficient year-round comfort using energy-efficient mini-split systems for heating and cooling, and the project includes heat pump cooling. The cohesive site layout is intended to balance privacy and density, supporting approachable neighborhood-scale living.
The project is located at 8328 N Bank St in Portland’s St. Johns neighborhood. The site totals 0.26 acres and the property size is 9,597 square feet. Roof materials include metal and composition roofing.
The detached configuration can support simplified management and longer-term operational flexibility, with an option to hold as a portfolio or pursue individual dispositions subject to buyer strategy and local regulations. The surrounding area includes access to Cathedral City Park, St. Johns Park, Pier Park, and the St. Johns Bridge, plus nearby dining and breweries.
The project is located at 8328 N Bank St in Portland’s St. Johns neighborhood. The site totals 0.26 acres and the property size is 9,597 square feet. Roof materials include metal and composition roofing.
The detached configuration can support simplified management and longer-term operational flexibility, with an option to hold as a portfolio or pursue individual dispositions subject to buyer strategy and local regulations. The surrounding area includes access to Cathedral City Park, St. Johns Park, Pier Park, and the St. Johns Bridge, plus nearby dining and breweries.
Key Highlights
- 11 detached homes in an apartment cottage cluster
- Under construction with 2025 delivery; 0.26‑acre site
- R5 zoning
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
$123,225
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
2.99%
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%
$2,464,500
$2.5M
Cap Rate 7%
$1,760,357
$1.8M
Cap Rate 9%
$1,369,167
$1.4M
Market Conditions
NOI Build-Up for 9,597 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
$236.1K $24.60/SF
− Vacancy
−$12.0K −$1.25/SF
EGI
$224.0K $23.35/SF
− OpEx
−$100.8K −$10.51/SF
NOI
$123.2K $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%
$2,464,500
Cap Rate 7%
$1,760,357
Cap Rate 9%
$1,369,167
Alternative Uses
Best Use
Apartment 5plus
$1.76M
$1.54M – $2.05M
NOI $123,225 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.70M
$2.36M – $3.14M
NOI $188,655 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
304
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 - R5-zoned apartment cluster of 11 detached homes under construction with heat-pump cooling.
Where is this apartment building located?
The property is located at 8328 N Bank St Portland, OR.
What is the asking price?
The asking price for this property is $4,123,900.
What are key features of this property?
This property features: 11 detached homes in an apartment cottage cluster; Under construction with 2025 delivery; 0.26‑acre site; R5 zoning
