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Property profile & analytics
OFF-MARKET
Estimated value
$63,925,000
Apartment buildings
1231 M L King Blvd, Portland, OR 97232-2073
Entity Owned
19-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US71-0694422
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2004
Total area
200,255 SF
Lot
0.97 ac (42,249 SF)
Zoning code
RXD
APN
1N1E34AA 02300
UPID
US71-0694422
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$63.93M
Blend (final)
Blend
$63.93M
Owner & transaction history
Api Properties 1048 LLC · 19 yrs held
Api Properties 1048 LLC
since 2007
6 recorded transactions
Zoning & alternative use
RXD · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$68.6M
+28.8%
Commercial (general)
$64.7M
+21.5%
Auto repair, garage
$61.1M
+14.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Portland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portland submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$53,245,000
Current use
RESTAURANT
$68,580,000
Change: +29% · Conversion: Difficult
COMMERCIAL (GENERAL)
$64,675,000
Change: +21% · Conversion: Moderate
AUTO REPAIR, GARAGE
$61,145,000
Change: +15% · Conversion: Difficult
MEDICAL BUILDING
$60,485,000
Change: +14% · Conversion: Moderate
RETAIL STORES
$60,120,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$57,875,000
Change: +9% · Conversion: Moderate
Blend value · Realmo final
$63.93M
Range $57.53M – $70.32M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$319 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$621,316
Tax year 2023
Assessed value
$23,447,040
Assessed 2023
Previous assessed
$22,764,120
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$8,449,800
Improvement market value
$36,891,010
Total market value
$45,340,810
Applied tax rate
883.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
2004
Heating
NONE
Stories
1
Total area
200,255 SF
Lot
0.97 ac (42,249 SF)
Zoning code
RXD
APN
1N1E34AA 02300
UPID
US71-0694422
Jurisdiction
MULTNOMAH
Zoning & alternative use
RXD · Portland, OR
Zoning RXD · permitted uses
RXD · Portland, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Portland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$53.2M
RESTAURANT
Est. value
$68.6M
COMMERCIAL (GENERAL)
Est. value
$64.7M
AUTO REPAIR, GARAGE
Est. value
$61.1M
MEDICAL BUILDING
Est. value
$60.5M
RETAIL STORES
Est. value
$60.1M
OFFICE BUILDING
Est. value
$57.9M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2004
Heating
NONE
Stories
1
Lot
0.97 ac
Current owner
From public records · entity-resolved
Api Properties 1048 LLC
Entity
Mailing address
1 N B ST STE #4000, SAN MATEO, CA 94401-3992
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 1, 2020
—
Api Properties 1047 LLC
—
Deed
related
$32,063,145 · Jp Morgan Chase Bk
Mar 29, 2013
—
Api Properties 1047 LLC
—
Deed Of Trust
related
$63,145,876 · Massachusetts Mutual Life Ins
Apr 23, 2007
—
Api Properties 1048 LLC
Lloyd 2002 LLC
Grant Deed
$25,800,000 · Massachusetts Mutual Life Ins
May 11, 1994
—
Clinton E John Trustee
John,clinton E &
Quit Claim Deed
related
$550,000 · Northwest National Bank
—
—
Api Properties 1047 LLC
—
Deed Of Trust
related
$32,063,145 · Jp Morgan Chase Bk
—
—
Lloyd 2002 LLC
—
Deed Of Trust
related
$23,500,000 · Massachusetts Mutual Life Ins
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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