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Property profile & analytics
OFF-MARKET
Estimated value
$3,525,000
Apartment buildings
1831 Hawthorne Blvd Portland, OR 97214-3870
Entity Owned
12-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US71-0147738
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1924
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
14,782 SF
Lot
0.22 ac (9,500 SF)
Zoning code
R1
APN
1S1E02AC 15700
UPID
US71-0147738
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
$3.53M
Blend (final)
Blend
$3.53M
Owner & transaction history
Morlee Court 03 LLC · 12 yrs held
Morlee Court 03 LLC
since 2013
5 recorded transactions
Zoning & alternative use
R1 · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$5.1M
+15.7%
Retail stores
$4.8M
+8.7%
Auto repair, garage
$4.5M
+3.2%
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)
$4,375,000
Current use
RESTAURANT
$5,060,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$4,755,000
Change: +9% · Conversion: Difficult
AUTO REPAIR, GARAGE
$4,515,000
Change: +3% · Conversion: Difficult
MEDICAL BUILDING
$4,465,000
Change: +2% · Conversion: Moderate
COMMERCIAL (GENERAL)
$4,285,000
Change: -2% · Conversion: Moderate
OFFICE BUILDING
$4,270,000
Change: -2% · Conversion: Moderate
Blend value · Realmo final
$3.53M
Range $3.17M – $3.88M · ±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
$238 / 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
$33,221
Tax year 2023
Assessed value
$1,253,670
Assessed 2023
Previous assessed
$1,217,160
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$315,920
Improvement market value
$3,453,070
Total market value
$3,768,990
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
1924
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
2
Units
34
Total area
14,782 SF
Lot
0.22 ac (9,500 SF)
Zoning code
R1
APN
1S1E02AC 15700
UPID
US71-0147738
Jurisdiction
MULTNOMAH
Zoning & alternative use
R1 · Portland, OR
Zoning R1 · permitted uses
R1 · 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
$4.4M
RESTAURANT
Est. value
$5.1M
RETAIL STORES
Est. value
$4.8M
AUTO REPAIR, GARAGE
Est. value
$4.5M
MEDICAL BUILDING
Est. value
$4.5M
COMMERCIAL (GENERAL)
Est. value
$4.3M
OFFICE BUILDING
Est. value
$4.3M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
MEDICAL BUILDING
COMMERCIAL (GENERAL)
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
1924
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
2
Units
34
Lot
0.22 ac
Current owner
From public records · entity-resolved
Morlee Court 03 LLC
Entity
Mailing address
3815 SE ANKENY ST, PORTLAND, OR 97214-2049
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2013
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
Dec 31, 2013
—
Morlee Court 03 LLC
Morlee Court 03 LLC
Bargain And Sale Deed
$1,850,000 · Jpmorgan Chase Bank NA
Mar 1, 2004
—
Coin Meter Co
Rogers,mark
Grant Deed
related
—
Dec 28, 2001
$1,691,250
Baker Boyer Rogers & Stone LLC
Morlee Apartments LLC
Grant Deed
$1,183,875 · Washington Federal Savings
Mar 25, 1997
—
Morlee Court Partnership
Schaeffer,michael R
Grant Deed
$523,000 · Washington Mutual Fsb
—
—
Morlee Court 03 LLC
—
Deed Of Trust
related
$70,000 · Oregon State
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.
Try Rey
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