Updated Multifamily
For Sale
$599,900
9212 N SAINT LOUIS AVE, Portland, OR 97203
Multifamily property with renovated kitchens and baths, upgraded building systems, and established long-term tenancy.
Property Size2,484 SF
Days on Market165
Property Features for 9212 N SAINT LOUIS AVE
General Information
Standard status
Active
Size
2,484 SF
Property subtype
MULTI_FAMILY
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$7,384
Building Details
Building Size
2,484 SF
Year Built
1960
Listing Agency:
Pozitive Properties NW
(503) 860-3913
Listed By:
Walter Pozarycki
(503) 860-3913
Source:
Eleeterealestate
Added: Mar 13
Changed: Aug 19
Last Checked: Aug 23 at 7:52AM
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 Pozitive Properties NW
Investment Insights
Based on property information with market context.
This multifamily property was built in 1960 and has received extensive system and interior updates. Each unit has a new heat pump, while electrical panels and plumbing have also been upgraded. Weatherization improvements include blown-in wall insulation and double-pane windows. Kitchens and bathrooms were remodeled in 2010 and 2012, and a new roof was installed in April 2026.
The property includes three addressed components: 9212, 9216, and 9220 N Saint Louis Ave. Water and sewer service is separately metered for 9220, where the tenant pays those charges. Ownership covers water and sewer for 9212 and 9216. The property also carries a Home Energy Score of 7, with a report available through the Home Energy Score program.
The property includes three addressed components: 9212, 9216, and 9220 N Saint Louis Ave. Water and sewer service is separately metered for 9220, where the tenant pays those charges. Ownership covers water and sewer for 9212 and 9216. The property also carries a Home Energy Score of 7, with a report available through the Home Energy Score program.
Key Highlights
- New heat pumps installed in all units
- New electrical panels and updated plumbing
- Kitchens and baths remodeled in 2010 and 2012
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
$31,894
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
5.32%
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%
$637,880
$637.9K
Cap Rate 7%
$455,629
$455.6K
Cap Rate 9%
$354,378
$354.4K
Market Conditions
NOI Build-Up for 2,484 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
$61.1K $24.60/SF
− Vacancy
−$3.1K −$1.25/SF
EGI
$58.0K $23.35/SF
− OpEx
−$26.1K −$10.51/SF
NOI
$31.9K $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%
$637,880
Cap Rate 7%
$455,629
Cap Rate 9%
$354,378
Alternative Uses
Best Use
Apartment 5plus
$455.6K
$398.7K – $531.6K
NOI $31,894 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$697.6K
$610.4K – $813.8K
NOI $48,830 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,011
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property with renovated kitchens and baths, upgraded building systems, and established long-term tenancy.
Where is this multifamily property located?
The property is located at 9212 N SAINT LOUIS AVE Portland, OR.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: New heat pumps installed in all units; New electrical panels and updated plumbing; Kitchens and baths remodeled in 2010 and 2012
