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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    11255 Greenburg Rd Portland, OR 97223

    • Apartment buildings
    • 27,792 SF
    • 1.61 lot acres
    For Sale
    View listing
    Last Sale
    Aug 25, 2022
    $7,815,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0560917
    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

    • Tigardville Apartments / Apartment Building

    Property Details for 11255 Greenburg Rd

    Year built
    1969
    Lot size
    1.61 lot acres
    Property size
    27,792 SF
    Zone code
    R-12
    Property type
    Apartment buildings
    APN
    1S135CA-00800
    APU
    1S135CA00800

    Description

    This 36-unit apartment building presents a compelling value-add investment opportunity in Tigard, Oregon. Built in 1971, the property consists of six, two-story buildings totaling 32,739 square feet on a 1.6-acre lot. The complex features 35 two-bedroom, one-bathroom units averaging 877 square feet and one three-bedroom, two-bathroom unit. Current average rent for the two-bedroom units is approximately 12% below market rate, offering significant rental upside potential. Recent renovations include luxury vinyl plank flooring, custom interior paint, SmartLock keyless entry, stainless steel appliances, new cabinets, and updated lighting. Desirable amenities include a community pool, private yards, air conditioning, and on-site laundry facilities. The property is zoned R12 and is conveniently located near Downtown Tigard, offering residents easy access to shopping, dining, and transportation options, including proximity to the Beaverton Transit Center and Portland International Airport. This well-maintained property, with its substantial rental upside and attractive amenities, represents a strong investment opportunity in a thriving Oregon market. The property's location in Washington County, Oregon's second most populous county, further enhances its investment appeal.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,865,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,005,000
      6.5%
      $5,540,000
      7%
      $5,145,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,463,000
      Market price range: $4.42M - $11.0M
      AI Estimate
      $5,463,000
      Market price range: $4.42M - $11.0M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $7,390,000
      Current use
      RESTAURANT
      $9,520,000
      Change: +29% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $8,485,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $8,395,000
      Change: +14% Conversion: Moderate
      RETAIL STORES
      $8,345,000
      Change: +13% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $8,070,000
      Change: +9% Conversion: Moderate
      OFFICE BUILDING
      $8,030,000
      Change: +9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.78
    Latitude
    45.4382
    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
    $35,275
    $0.00
    $0.00
    $2,004,010
    -
    $990,000
    $8,484,200
    $9,474,200

    Comparable in this City

    • Value Estimation by Request
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      APARTMENT HOUSE (5+ UNITS) • 2.55 Acres
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      0.28 Acres

      9800 Swn Dakota St

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      9800 Swn Dakota St, Portland, OR 97223-6569
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      0.84 Acres

      12400 72nd Ave, Unit 434

      APARTMENT HOUSE (100+ UNITS) • 0.84 Acres
      12400 72nd Ave, Portland, OR 97223-8625
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      8745 Locust St

      APARTMENT HOUSE (5+ UNITS)
      8745 Locust St, Portland, OR 97223
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      0.65 Acres

      7075 Gdn Home Rd

      APARTMENT HOUSE (5+ UNITS) • 0.65 Acres
      7075 Gdn Home Rd, Portland, OR 97223
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    Similar Nearby for Sale

    • Contact for pricing

      Development Site in Tigard QOZ

      Planned 182-unit workforce housing development site in Tigard, Oregon.
      12390 Southwest Knoll Dr, Portland, OR 97223
      View Details
    • $2,750,000
      113,934 SF

      Tigard Apartment Development Site

      182 Units, QOZ, Prime Location
      12390 Knl Dr, Tigard, OR 97223
      View Details
    • $334,900

      Tigard Townhouse-Style Condominium

      Condominium with 2 bedrooms, 2 bathrooms, and 2-car garage.
      14120 SW Barrows Rd, Portland, OR 97223
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      32,739 SF

      Tigard Apartment Complex

      36 Units, Value-Add Opportunity
      11255 Greenburg Rd, Portland, OR 97223
      View Details
    • $689,900
      2,204 SF

      Tigard Duplex Investment Opportunity

      One-level duplex in Tigard, Oregon, with development potential.
      12380 SW Walnut St, Portland, OR 97223
      View Details
    • $494,000
      0.18 Acres

      Duplex with ADU Potential

      Duplex in Portland with ADU potential and Washington County taxes.
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      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      5,769 SF

      Tigard Office Space For Rent

      Office space with excellent road exposure and ample parking.
      12995 SW Pacific Hwy, Tigard, OR 97223
      View Details
    • $0.60 SF/Yr
      9,298 SF

      Industrial Space Near Transportation Hub

      Warehouse/industrial space with easy access to highways and transit.
      12700 SW Hall Blvd, Portland, OR 97223
      View Details
    • Contact for pricing

      Professional Office Space Available

      Single office space with excellent access to major highways.
      13500 SW 72Nd Ave, Portland, OR 97223
      View Details
    • Contact for pricing

      Industrial Building with Crane Bays

      Two-story industrial building featuring crane bays and drive-thru capability.
      10250 North Dakota St, Portland, OR 97223
      View Details
    • Contact for pricing

      Tigard Industrial/Flex Space Available

      41,058 SF industrial/flex space in Tigard for lease.
      8001 SW Hunziker St, Portland, OR 97223
      View Details
    • Contact for pricing
      2,400 SF

      Retail Pad with Drive-Thru Potential

      Retail space with drive-thru options available for lease.
      8860 SW Hall Blvd, Portland, OR 97223
      View Details
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    11255 Greenburg Rd
    Portland, OR 97223
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    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
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