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    1508 Dewitt St, Unit 1520 Portland, OR 97239-2631
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    Property profile & analytics

    1508 Dewitt St, Unit 1520, Portland, OR 97239-2631

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    • Apartment buildings
    • 5,647 SF
    • 0.55 lot acres
    Off-Market
    Last Sale Dec 4, 2025
    $1,450,000
    Property ID
    US71-0403744
    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.
    Value Estimations
    $1,840,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1508 Dewitt St

    Year built
    1967
    Lot size
    0.55 lot acres
    Zone code
    R2D
    Property type
    Apartment buildings
    APN
    1S1E16CA 10500
    APU
    1S1E16CA10500

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Dec 4, 2025 $1,450,000 1508 Sw Dewitt LLC Carol J Ward Credit Shelter Trust Warranty Deed $1.1M · Jpmorgan Chase Bank NA
    Sep 24, 2010 — Ward Carol J Credit Shelter Trust Ward David L Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,230,000
      Market price range: $898k - $2.23M
      AI Estimate
      $2,230,000
      Market price range: $898k - $2.23M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,500,000
      Current use
      RESTAURANT
      $1,935,000
      Change: +29% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,725,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $1,705,000
      Change: +14% Conversion: Moderate
      RETAIL STORES
      $1,695,000
      Change: +13% Conversion: Difficult
      OFFICE BUILDING
      $1,630,000
      Change: +9% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,545,000
      Change: +3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.693
    Latitude
    45.4799
    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
    $23,735
    $0.00
    $0.00
    $896,560
    -
    $922,270
    $1,429,470
    $2,351,740

    Comparable in this City

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      9,410 SF

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      APARTMENT HOUSE (5+ UNITS)
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    • Value Estimation
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      28,331 SF

      5885 Macadam Ave

      APARTMENT HOUSE (5+ UNITS)
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    • Value Estimation
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      18,048 SF

      1308 Cheltenham St

      APARTMENT HOUSE (5+ UNITS)
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    • Value Estimation
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      54,520 SF

      4950 Barbur Blvd

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    • Value Estimation
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      2,520 SF

      4937 Corbett Ave

      APARTMENT HOUSE (5+ UNITS)
      4937 Corbett Ave, Portland, OR 97239-3967
      View Details
    • Value Estimation
      $5,365,000
      15,582 SF

      3717 Corbett Ave

      APARTMENT HOUSE (5+ UNITS)
      3717 Corbett Ave, Portland, OR 97239-4334
      View Details

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      9,695 SF

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      New 18-unit apartment building in Portland's South Waterfront.
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    • $480,000
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      Legal Victorian duplex offers high ceilings, fir floors, and ductless heating and cooling with shared outdoor and basement space.
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      Portland SW Hills Multifamily Home

      Multifamily home in Portland's SW Hills with Airbnb potential.
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    • $574,500
      2,448 SF

      Updated Duplex Near Macadam Avenue

      Well-maintained duplex with long-term tenants, near downtown Portland.
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    • $825,000
      4,781 SF

      Portland Multifamily with Airbnb Potential

      Multigenerational home in SW Hills with income and Airbnb potential.
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    • $1,200,000
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      Updated Multi-Unit Near OHSU

      Well-maintained Portland multi-family property with updates and parking.
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    Similar Nearby for Lease

    • Contact for pricing

      Lair Hill Remodeled Office Building

      Four-story office building in Lair Hill, remodeled in 2017.
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      View Details
    • Contact for pricing
      1,604 SF

      Retail/Restaurant Space with River Views

      Retail or restaurant space with river views and outdoor patio.
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      View Details
    • Contact for pricing
      3,500 SF

      Southwest Portland Office Space Available

      First floor office space with views and abundant parking.
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      View Details
    • $29 SF/Yr

      South Waterfront Restaurant/Service Space

      Second-generation restaurant/service space available in the South Waterfront neighborhood.
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    • Contact for pricing
      5,427 SF

      Renovated Office Space Available

      Modern office space with updated amenities and convenient location.
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      View Details
    • Contact for pricing
      1,677 SF

      Multi-Tenant Building Near Willamette River

      Three-story office building with excellent accessibility near the Willamette River.
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      View Details
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    Portland, OR 97239-2631
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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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