Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    704 Joy Ave Portland, OR 97229-5847

    • Apartment buildings
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    Jan 13, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0395484
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 704 Joy Ave

    Lot size
    0.17 lot acres
    Zone code
    RC
    Property type
    Apartment buildings
    APN
    1N133DB-05100
    APU
    1N133DB05100

    Description

    This exceptional investment opportunity presents a 3-unit apartment building located at 704 NW Joy Ave, Portland, Oregon, 97229. Boasting a desirable Cedar Mill location, this ranch-style triplex offers 2,592 square feet on a large lot (7,000-9,999 square feet) and features three units, each with two bedrooms and one bathroom. Recent upgrades include a new roof (2021) with a transferable warranty, new electrical panels (2022) in each unit, and recent renovations in one unit (2024) including new carpet, vinyl flooring, interior paint, bathroom fixtures, and appliances. The property includes five assigned parking spaces and benefits from its proximity to amenities, public transportation (0.2 miles to a bus stop and 2.7 miles to the MAX Light Rail Station), and a Walk Score of 83. The Transit Oriented Retail Commercial (TO:RC) zoning presents potential for future development. The asking price is $799,000, with a 4.91% cap rate. This property is being sold in conjunction with another triplex (MLS# 24444756), with the combined tax lots totaling 14,880 square feet. The APN is R636191. Please note that tenants should not be disturbed.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.814
    Latitude
    45.5249
    CBSA code
    38900
    CBSA name
    PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $4,579
    $0.00
    $0.00
    $253,790
    -
    $99,000
    $447,840
    $546,840

    Comparable in this City

    • Value Estimation by Request
      44,590 SF

      5870 183rd Ave, Unit D

      APARTMENT HOUSE (100+ UNITS) • 44,590 SF
      5870 183rd Ave, Portland, OR 97229-3543
      View Details
    • Value Estimation by Request
      12,740 SF

      5664 183rd Ave, Unit E

      APARTMENT HOUSE (100+ UNITS) • 12,740 SF
      5664 183rd Ave, Portland, OR 97229-3504
      View Details
    • Value Estimation by Request
      45,492 SF

      280 117th Ave, Unit 303

      APARTMENT HOUSE (100+ UNITS) • 45,492 SF
      280 117th Ave, Portland, OR 97229-6591
      View Details
    • Value Estimation by Request
      112,791 SF

      16327 Canton St, Unit 303

      APARTMENT HOUSE (100+ UNITS) • 112,791 SF
      16327 Canton St, Portland, OR 97229-1252
      View Details
    • Value Estimation by Request
      172,033 SF

      455 Lost Spgs Ter, Unit 308

      APARTMENT HOUSE (100+ UNITS) • 172,033 SF
      455 Lost Spgs Ter, Portland, OR 97229-6455
      View Details
    • Value Estimation by Request
      1,276 SF

      13409 Sherry St

      APARTMENT HOUSE (5+ UNITS) • 1,276 SF
      13409 Sherry St, Portland, OR 97229-5801
      View Details

    Similar Nearby for Sale

    • $289,500

      Move-In Ready Condo in Portland

      Light-filled 2BD/2BA condo with modern amenities and convenient location.
      1771 NW 143Rd Ave, Portland, OR 97229
      View Details
    • $324,000
      1,119 SF

      Move-In Ready Condo in Portland

      Spacious 2 bed, 2 bath condo near amenities and employers.
      595 NW Lost Springs Ter, Portland, OR 97229
      View Details
    • $319,000
      1,124 SF

      Timberland Falls Condo with Patio

      Ground floor condo in Cedar Mill with private patio.
      11725 NW Winter Park Ter, Portland, OR 97229
      View Details
    • $390,000

      Bethany Village Condo with Updates

      Updated 2-bedroom condo in walkable Bethany Village neighborhood.
      15320 NW Central Dr, Portland, OR 97229
      View Details
    • $474,800

      Forest Heights Luxury Condo Retreat

      Modern 2-bedroom condo with panoramic views and premium finishes.
      3058 NW Montara Loop, Portland, OR 97229
      View Details
    • $1,250,000

      Forest Heights Condo Development Site

      Upscale Condo Development Land, Portland, OR
      3030 Montara Loop, Portland, OR 97229
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      47,050 SF

      Industrial Sublease in Corporate Park

      Industrial sublease with easy access to major transportation routes.
      4630 Northeast 166Th Ave, Portland, OR 97229
      View Details
    • $30 SF/Yr
      1,248 SF

      Retail Space Available For Rent

      Retail spaces available for lease in Portland, Oregon.
      18425 West Union Rd, Portland, OR 97229
      View Details
    • Contact for pricing
      635 SF

      Retail Space in Bethany Village

      Retail space available in affluent Bethany Village Centre.
      4732-4768 NW Bethany Blvd, Portland, OR 97229
      View Details
    • $37 SF/Yr
      1,037 SF

      Retail Space on NW Cornell

      Retail space available for lease with high traffic volume.
      12923 NW Cornell Rd, Portland, OR 97229
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Bethany Hub

      Prime location with high-performing anchor and strong tenant mix.
      4888 NW Bethany Blvd, Portland, OR 97229
      View Details
    • $35 SF/Yr
      10,501 SF

      Bethany Village Centre Retail Space

      Prime Bethany retail space, multiple units available.
      4756 Bethany Blvd, Portland, OR 97229
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    704 Joy Ave
    Portland, OR 97229-5847
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.