Detached Cottage Apartment
For Sale
$2,719,900
9213 N Seneca ST, Portland, OR 97203
Eight vacant residences offer detached layouts, private patios, and a consistent configuration for streamlined leasing and operations.
Property Size7,864 SF
Price / SF$345.87
Days on Market10
Property Features for 9213 N Seneca ST
General Information
Standard status
Active
Size
7,864 SF
Property subtype
Multi Family
Units
Unit Mix
8 x 2BR/2.5BA
Multifamily Units
8
Amenities
private patios
central pedestrian walkway
Building Details
Building Size
7,864 SF
Year Built
2026
Buildings
8
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 709-4632
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Tripleoaksrealty
Added: Jul 29
Changed: Aug 3
Last Checked: Aug 6 at 3:27AM
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.
This 2026 apartment property comprises eight detached, separately addressed cottages delivered vacant for initial lease-up. Each residence includes 2 bedrooms, 2.5 bathrooms, two stories, a private patio, and approximately 969 to 989 square feet; the homes total 7,864 square feet. Interior features include tall ceilings, bright great rooms, modern cabinetry, solid surface countertops, tiled backsplashes, stainless steel appliances, storage, energy-efficient mini splits, and in-unit laundry. Every floor plan provides a main-level half bath, two upper-level bedrooms, and two full bathrooms, with select homes adding kitchen islands and eat bars.
A central pedestrian walkway links the cottages, while the detached arrangement provides separation between residences. The property is located in Portland’s St. Johns neighborhood, with access to downtown St. Johns, Pier Park, Cathedral Park, dining, shopping, groceries, recreation, and riverfront amenities. The community has a 92 Bike Score, and the homes are backed by new-construction warranties.
A central pedestrian walkway links the cottages, while the detached arrangement provides separation between residences. The property is located in Portland’s St. Johns neighborhood, with access to downtown St. Johns, Pier Park, Cathedral Park, dining, shopping, groceries, recreation, and riverfront amenities. The community has a 92 Bike Score, and the homes are backed by new-construction warranties.
Key Highlights
- Eight detached cottages delivered vacant for initial lease‑up
- 2 bedrooms and 2.5 bathrooms in every residence
- Approximately 969 to 989 square feet per home; 7,864 square feet total
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
$100,974
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
3.71%
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%
$2,019,480
$2.0M
Cap Rate 7%
$1,442,486
$1.4M
Cap Rate 9%
$1,121,933
$1.1M
Market Conditions
NOI Build-Up for 7,864 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
$193.5K $24.60/SF
− Vacancy
−$9.9K −$1.25/SF
EGI
$183.6K $23.35/SF
− OpEx
−$82.6K −$10.51/SF
NOI
$101.0K $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%
$2,019,480
Cap Rate 7%
$1,442,486
Cap Rate 9%
$1,121,933
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,974 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.93M – $2.58M
NOI $154,588 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
459
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?
Apartment building - Eight vacant residences offer detached layouts, private patios, and a consistent configuration for streamlined leasing and operations.
Where is this apartment building located?
The property is located at 9213 N Seneca ST Portland, OR.
What is the asking price?
The asking price for this property is $2,719,900.
What are key features of this property?
This property features: Eight detached cottages delivered vacant for initial lease‑up; 2 bedrooms and 2.5 bathrooms in every residence; Approximately 969 to 989 square feet per home; 7,864 square feet total
