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Property profile & analytics
OFF-MARKET
Estimated value
$11,870,000
Apartment buildings
1478 49th Ave Portland, OR 97215-2578
Entity Owned
10-yr Hold
~
Est. High Equity
Property ID
US71-0848976
Property summary
AI-generated overview
This exceptional Class A retail space, located at 1478 SE 49th Ave in Portland, Oregon (zip code 97215), is part of the Meridian Lofts, a new mixed-use building constructed in 2019. The property offers a prime corner location at the intersection of SE Hawthorne Blvd and SE 49th Ave. Currently, 2,590 square feet of retail space is available, with a minimum divisible unit of 1,150 square feet and a maximum contiguous space of 1,440 square feet. The building itself boasts 39,603 total square feet spread across four stories. The space is suitable for a variety of retail or restaurant uses, offering excellent visibility and accessibility. This is a multi-tenant building, providing a vibrant and dynamic environment. The lease rate is $28-30 per square foot, plus NNN charges. Don't miss this opportunity to secure a prominent location in a thriving Portland neighborhood. The property's modern design and prime location make it an exceptional investment opportunity for businesses seeking high visibility and foot traffic. This space is ready for immediate occupancy.
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2017
Total area
31,701 SF
Lot
0.22 ac (9,408 SF)
Zoning code
CS
APN
1S2E06BD 25100
UPID
US71-0848976
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
Current use
Occupant on record · Public records
-
Meridian Lofts Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.87M
Blend (final)
Blend
$11.87M
Owner & transaction history
Udg 49th & Hawthorne LLC · 10 yrs held
Udg 49th & Hawthorne LLC
since 2015
7 recorded transactions
Zoning & alternative use
CS · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$10.9M
+28.8%
Auto repair, garage
$9.7M
+14.8%
Medical building
$9.6M
+13.6%
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)
$8,430,000
Current use
RESTAURANT
$10,855,000
Change: +29% · Conversion: Difficult
AUTO REPAIR, GARAGE
$9,680,000
Change: +15% · Conversion: Difficult
MEDICAL BUILDING
$9,575,000
Change: +14% · Conversion: Moderate
RETAIL STORES
$9,515,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$9,160,000
Change: +9% · Conversion: Moderate
COMMERCIAL (GENERAL)
$9,130,000
Change: +8% · Conversion: Moderate
Blend value · Realmo final
$11.87M
Range $10.68M – $13.06M · ±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
$374 / 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
$115,373
Tax year 2023
Assessed value
$4,353,920
Assessed 2023
Previous assessed
$4,227,110
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$1,223,040
Improvement market value
$9,970,710
Total market value
$11,193,750
Applied tax rate
201.0000
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
2017
Heating
NONE
Stories
1
Total area
31,701 SF
Lot
0.22 ac (9,408 SF)
Zoning code
CS
APN
1S2E06BD 25100
UPID
US71-0848976
Jurisdiction
MULTNOMAH
Zoning & alternative use
CS · Portland, OR
Zoning CS · permitted uses
CS · 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
$8.4M
RESTAURANT
Est. value
$10.9M
AUTO REPAIR, GARAGE
Est. value
$9.7M
MEDICAL BUILDING
Est. value
$9.6M
RETAIL STORES
Est. value
$9.5M
OFFICE BUILDING
Est. value
$9.2M
COMMERCIAL (GENERAL)
Est. value
$9.1M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
COMMERCIAL (GENERAL)
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
2017
Heating
NONE
Stories
1
Lot
0.22 ac
Current owner
From public records · entity-resolved
Udg 49th & Hawthorne LLC
Entity
Mailing address
735 SW 158TH AVE, BEAVERTON, OR 97006-4904
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 1, 2019
—
Udg 49th & Hawthorne LLC
—
Loan Modification
related
$6,500,000 · M&t Bk
Dec 19, 2017
—
Udg 49th & Hawthorne LLC
—
Grant Deed
related
$6,500,000 · M & T R/e Trust (ct)
Dec 22, 2015
$1,365,270
Udg 49th & Hawthorne LLC
Darek Properties LLC
Warranty Deed
$682,635 · Darek Properties LLC
Dec 16, 2014
$623,574
Gretchen Malmberg
Aminoff,carol
Grant Deed
—
May 3, 2011
—
Darek Properties LLC
Malmberg,gretchen
Grant Deed
—
Feb 25, 2008
$50,000
Gretchen Malmberg
Kay,dennis
Grant Deed
—
Aug 30, 2007
—
Gretchen Malmberg
—
Trustees Deed
related
$250,000 · Williams Fredrickson LLC
—
—
Darek Properties LLC
—
Deed Of Trust
$550,000 · Oregonians Cu
—
—
Dennis K Malmberg
—
Deed Of Trust
related
$119,000 · Beneficial Mortgage Co
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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