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Property profile & analytics
FOR LEASE
Apartment buildings
1905 NW 23Rd Ave, Portland, OR 97210
Entity Owned
1-yr Hold
Free & Clear
Property ID
US71-1807780
For Lease
1 / 4
$28,165,000
1905 NW 23Rd Ave, Portland, OR 97210
View Listing →
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2021
Total area
68,720 SF
Lot
0.39 ac (17,150 SF)
Zoning code
CS
APN
1N1E28CC 06500
UPID
US71-1807780
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
-
Turmeric Big Box & Wholesale Store
-
The Side Door at the Fitz,(A Speakeasy Bar) Bar & Pub Restaurant
-
The Fitz Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$28.16M
Blend (final)
Blend
$28.17M
Owner & transaction history
Inpoint Portland Fitz LLC · 1 yrs held
Inpoint Portland Fitz LLC
since 2024
7 recorded transactions
Zoning & alternative use
CS · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$23.5M
+10.5%
Commercial (general)
$22.9M
+7.3%
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)
$21,290,000
Current use
RESTAURANT
$23,535,000
Change: +11% · Conversion: Difficult
COMMERCIAL (GENERAL)
$22,850,000
Change: +7% · Conversion: Moderate
AUTO REPAIR, GARAGE
$20,985,000
Change: -1% · Conversion: Difficult
MEDICAL BUILDING
$20,755,000
Change: -3% · Conversion: Moderate
RETAIL STORES
$20,630,000
Change: -3% · Conversion: Difficult
OFFICE BUILDING
$19,860,000
Change: -7% · Conversion: Moderate
Blend value · Realmo final
$28.17M
Range $25.35M – $30.98M · ±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
$410 / 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
$264,445
Tax year 2023
Assessed value
$9,988,960
Assessed 2023
Previous assessed
$9,698,020
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$3,430,000
Improvement market value
$22,337,480
Total market value
$25,767,480
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
For Lease
Year built
2021
Heating
FORCED AIR
Cooling
CENTRAL
Stories
2
Bathrooms
1
Total area
68,720 SF
Lot
0.39 ac (17,150 SF)
Zoning code
CS
APN
1N1E28CC 06500
UPID
US71-1807780
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
$21.3M
RESTAURANT
Est. value
$23.5M
COMMERCIAL (GENERAL)
Est. value
$22.9M
AUTO REPAIR, GARAGE
Est. value
$21.0M
MEDICAL BUILDING
Est. value
$20.8M
RETAIL STORES
Est. value
$20.6M
OFFICE BUILDING
Est. value
$19.9M
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
2021
Heating
FORCED AIR
Cooling
Yes
Stories
2
Bathrooms
1
Lot
0.39 ac
Current owner
From public records · entity-resolved
Inpoint Portland Fitz LLC
Entity
Free & Clear · 1 yrs held
Mailing address
1825 NW 23RD AVE, PORTLAND, OR 97210-2530
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
15 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 24, 2024
$20,000,000
Inpoint Portland Fitz LLC
The Fitz Apartment Owner LLC
Trust Deed
related
—
Jan 31, 2022
$1,650,000
Alta Ridge LLC
Robert F Kingery
Warranty Deed
$1,237,500 · Umpqua Bank
Nov 19, 2019
—
Ent Ventures Vi LLC
—
Loan Modification
related
$22,815,000 · Brmk Lending LLC
Jul 9, 2019
$850,000
Kingery,ted Family Trust
Warren,eleanor W
Warranty Deed
—
Jun 27, 2019
—
Ent Ventures Vi LLC
—
Loan Modification
related
$20,615,603 · Other Institutional Lenders
Feb 1, 2019
—
Ent Ventures Vi LLC
—
Loan Modification
related
$18,615,603 · Other Institutional Lenders
Oct 30, 2017
—
Ent Ventures Vi LLC
—
Grant Deed
related
$17,780,000 · Other Institutional Lenders
Apr 4, 2017
—
Ent Ventures Vi LLC
—
Loan Modification
related
$3,660,550 · Other Institutional Lenders
Jul 19, 2016
$1,950,000
Ent Ventures Vi LLC
Marchi 1997 Living Trust
Warranty Deed
—
Feb 17, 2005
—
Marchi 1997 Trust
Building Exchange
Grant Deed
related
—
Dec 15, 2004
$850,000
Building Exchange Co
Schrag,rose M
Warranty Deed
—
Nov 7, 1997
$315,000
Rose M Schrag
Wilson,jerry L & Marilyn E
Grant Deed
$1,072,000 · Northern Bank Commerce
Feb 1, 1989
$88,000
Jerry L Wilson
Unknown
Grant Deed
—
—
—
Rose M Schrag
—
Deed Of Trust
related
$252,000 · Northern Bank Commerce
—
—
Rose M Schrag
—
Deed Of Trust
related
$250,000 · Sterling Savings Bank
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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