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Property profile & analytics
OFF-MARKET
Estimated value
$1,675,000
Apartment buildings
1823 Market St Portland, OR 97201-2491
Entity Owned
2-yr Hold
Free & Clear
Property ID
US71-0510421
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1912
Construction
FRAME
Total area
5,978 SF
Lot
0.1 ac (4,281 SF)
Zoning code
R1S
APN
1S1E04BA 08300
UPID
US71-0510421
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
$1.18M
Comparable Approach
Comparable
$1.65M
Blend (final)
Blend
$1.68M
Owner & transaction history
Zion Realty LLC · 2 yrs held
Zion Realty LLC
since 2023
Last sale
$1.7M
5 recorded transactions
Zoning & alternative use
R1S · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.0M
+28.8%
Auto repair, garage
$1.8M
+14.8%
Medical building
$1.8M
+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
$2,160,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,280,000
6.5%
$1,180,000
7%
$1,095,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,590,000
Current use
RESTAURANT
$2,045,000
Change: +29% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,825,000
Change: +15% · Conversion: Difficult
MEDICAL BUILDING
$1,805,000
Change: +14% · Conversion: Moderate
RETAIL STORES
$1,795,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$1,730,000
Change: +9% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,290,000
Change: -19% · Conversion: Moderate
Blend value · Realmo final
$1.68M
Range $1.51M – $1.84M · ±10% · vs last sale $1.70M (Sep 12 2023)
Last sale anchor
$1.70M
Sep 12 2023
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
$280 / 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
$16,052
Tax year 2023
Assessed value
$606,350
Assessed 2023
Previous assessed
$588,690
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$428,100
Improvement market value
$1,236,310
Total market value
$1,664,410
Applied tax rate
1.0000
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
1912
Construction
FRAME
Heating
FORCED AIR
Stories
2
Units
7
Bathrooms
7
Total area
5,978 SF
Lot
0.1 ac (4,281 SF)
Zoning code
R1S
APN
1S1E04BA 08300
UPID
US71-0510421
Jurisdiction
MULTNOMAH
Zoning & alternative use
R1S · Portland, OR
Zoning R1S · permitted uses
R1S · 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
$1.6M
RESTAURANT
Est. value
$2.0M
AUTO REPAIR, GARAGE
Est. value
$1.8M
MEDICAL BUILDING
Est. value
$1.8M
RETAIL STORES
Est. value
$1.8M
OFFICE BUILDING
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$1.3M
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
1912
Construction
FRAME
Heating
FORCED AIR
Stories
2
Units
7
Bathrooms
7
Lot
0.1 ac
Current owner
From public records · entity-resolved
Zion Realty LLC
Entity
Free & Clear · 2 yrs held
Mailing address
1906 SW MADISON ST STE #300, PORTLAND, OR 97205-1760
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 12, 2023
$1,695,000
Zion Realty LLC
Altstadt Apartment LLC
Warranty Deed
—
Dec 20, 2016
—
Burke-durant 2016 Family Trust
Burke,deborah E
Quit Claim Deed
related
—
Jul 9, 2013
—
Altstadt Apartments LLC
Sletta Living Trust
Grant Deed
related
—
Apr 11, 2013
—
Altstadt Apartments LLC
Zakocs Living Trust
Warranty Deed
—
Apr 25, 1991
$74,500
Gwen M Davisdon
Miller_jr,max M
Grant Deed
$59,600 · Us Bancorp Mortgage Corp
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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