Nine-Unit Apartment and Duplex
For Sale
Contact for pricing
9512-9524 N Oswego Ave, Portland, OR 97203
An apartment building and duplex share one tax lot, with off-street parking assigned to each residence.
Property Size6,387 SF
Price / SF$250.51
Days on Market10
Property Features for 9512-9524 N Oswego Ave
General Information
Standard status
Active
Size
6,387 SF
Total Parking Spaces
9
Property subtype
Multifamily
Zoning
CM1
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$96,256
Units
Unit Mix
8 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
9
Additional Details
Road Access
Yes
Building Details
Year Built
1974
Buildings
2
Units
9
Tenancy
Multi
Listing Agency:
SMI Real Estate
Listed By:
Matt Miller · License #201254590
Source:
Crexi
Added: Jul 29
Changed: Aug 4
Last Checked: Aug 4 at 4:50AM
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 SMI Real Estate
Investment Insights
Based on property information with market context.
The property at 9512-9524 N Oswego Avenue includes a seven-unit apartment building and a separate duplex on one tax lot. Eight residences are configured as 2 Bed / 1 Bath units, with one additional 1 Bed / 1 Bath residence. Each unit has off-street parking. The seven-unit building has PEX plumbing throughout, replacing the prior plumbing system. Utility reimbursements have been partially implemented across the asset, and in-place rents are below market comparables.
The property sits at the corner of N Fessenden Street and N Oswego Avenue in Portland’s St. Johns neighborhood. It is one block from the N Lombard Street corridor, with downtown Portland approximately nine miles south. The asset is zoned CM1 and was built in 1974.
The property sits at the corner of N Fessenden Street and N Oswego Avenue in Portland’s St. Johns neighborhood. It is one block from the N Lombard Street corridor, with downtown Portland approximately nine miles south. The asset is zoned CM1 and was built in 1974.
Key Highlights
- Nine total units: seven‑unit apartment building plus duplex
- Unit mix includes eight 2 Bed / 1 Bath units and one 1 Bed / 1 Bath unit
- Off‑street parking provided for each unit
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
$89,007
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
5.56%
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%
$1,780,140
$1.8M
Cap Rate 7%
$1,271,529
$1.3M
Cap Rate 9%
$988,967
$989.0K
Market Conditions
NOI Build-Up for 6,387 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
$134.1K $21.00/SF
− Vacancy
−$7.0K −$1.09/SF
EGI
$127.2K $19.91/SF
− OpEx
−$38.1K −$5.97/SF
NOI
$89.0K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,780,140
Cap Rate 7%
$1,271,529
Cap Rate 9%
$988,967
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $89,007 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,009 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,554 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
715
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 - An apartment building and duplex share one tax lot, with off-street parking assigned to each residence.
Where is this apartment building located?
The property is located at 9512-9524 N Oswego Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Nine total units: seven‑unit apartment building plus duplex; Unit mix includes eight 2 Bed / 1 Bath units and one 1 Bed / 1 Bath unit; Off‑street parking provided for each unit
