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    Property profile & analytics

    209 23rd Ave Portland, OR 97210-3546

    • Apartment buildings
    • 13,910 SF
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    Feb 17, 2022
    Value Estimations
    $5,490,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0597052
    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.

    Current Use by Public Records

    • Weist Apartments / Apartment Building

    Property Details for 209 23rd Ave

    Year built
    1908
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.17 lot acres
    Property size
    13,910 SF
    Zone code
    CS
    Property type
    Apartment buildings
    APN
    1N1E33CB 01800
    APU
    1N1E33CB01800

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,490,000
      Market price range: $3.40M - $5.70M
      AI Estimate
      $5,490,000
      Market price range: $3.40M - $5.70M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $4,310,000
      Current use
      RESTAURANT
      $4,765,000
      Change: +11% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $4,625,000
      Change: +7% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,245,000
      Change: -1% Conversion: Difficult
      MEDICAL BUILDING
      $4,200,000
      Change: -3% Conversion: Moderate
      RETAIL STORES
      $4,175,000
      Change: -3% Conversion: Difficult
      OFFICE BUILDING
      $4,020,000
      Change: -7% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.699
    Latitude
    45.5244
    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
    $49,474
    $0.00
    $0.00
    $1,868,790
    -
    $1,443,910
    $4,522,890
    $5,966,800

    Comparable in this City

    • Value Estimation
      $15,920,000
      38,848 SF

      1301 23rd Ave

      APARTMENT HOUSE (5+ UNITS) • 38,848 SF
      1301 23rd Ave, Portland, OR 97210-2601
      View Details
    • Value Estimation
      $4,065,000
      13,768 SF

      819 23rd Ave, Unit 827

      APARTMENT HOUSE (5+ UNITS) • 13,768 SF
      819 23rd Ave, Portland, OR 97210-3038
      View Details
    • Value Estimation
      $18,425,000
      44,958 SF

      2275 Savier St

      APARTMENT HOUSE (5+ UNITS) • 44,958 SF
      2275 Savier St, Portland, OR 97210-3911
      View Details
    • Value Estimation
      $3,235,000
      7,888 SF

      2727 Pettygrove St

      APARTMENT HOUSE (5+ UNITS) • 7,888 SF
      2727 Pettygrove St, Portland, OR 97210-2481
      View Details
    • Value Estimation
      $5,285,000
      17,352 SF

      2512 Marshall St

      APARTMENT HOUSE (5+ UNITS) • 17,352 SF
      2512 Marshall St, Portland, OR 97210-2867
      View Details
    • Value Estimation
      $5,445,000
      13,291 SF

      2651 Thurman St

      APARTMENT HOUSE (5+ UNITS) • 13,291 SF
      2651 Thurman St, Portland, OR 97210-2326
      View Details

    Similar Nearby for Sale

    • New
      $1,800,000
      7,182 SF

      Portland Multifamily Investment Opportunity

      Meticulously maintained 8-unit property in Portland's vibrant NW district.
      2575 NW Lovejoy St, Portland, OR 97210
      View Details
    • New
      $1,399,500
      3,012 SF

      Nob Hill Fourplex with Office

      Portland fourplex with office space in desirable Nob Hill.
      2356 NW Westover Rd, Portland, OR 97210
      View Details
    • New
      $999,978
      3,462 SF

      Vintage Duplex in NW Alphabet District

      Classic Portland duplex near NW 23rd, ideal for owner-occupants.
      2338 NW Hoyt St, Portland, OR 97210
      View Details
    • $6,146,000
      28,487 SF

      NW Portland Industrial Warehouse

      28,487 SF Warehouse, Excellent Location
      3460 Industrial St, Portland, OR 97210
      View Details

    Similar Nearby for Lease

    • $19 SF/Yr

      Office Space Backing Up to Park

      Office suite with open space, private offices, and park access.
      3077 NW Street Helens Rd, Portland, OR 97210
      View Details
    • Contact for pricing
      1,421 SF

      Former Exercise Studio Retail Space

      Retail space in corner location, formerly an exercise studio.
      2112 NW Quimby St, Portland, OR 97210
      View Details
    • Contact for pricing
      4,615 SF

      Industrial Warehouse Space Available

      4,800 SF warehouse space for lease in Portland.
      2800-2870 NW Nela St, Portland, OR 97210
      View Details
    • Contact for pricing
      27,990 SF

      Raleigh Slabtown Creative Office Space

      Portland's vibrant Slabtown: prime office suites available.
      0 Raleigh St, Portland, OR 97210
      View Details
    • $8 SF/Yr
      62,338 SF

      29Fifty Warehouse: I-405 Access

      Single-tenant warehouse, 4,000 SF available.
      2950 29Th Ave, Portland, OR 97210
      View Details
    • $156,000
      13,975 SF

      Portland Warehouse: 13,975 SF

      Single-tenant warehouse, ideal for industrial use. Excellent location & access.
      2727 Street Helens Rd, Portland, OR 97210
      View Details
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    209 23rd Ave
    Portland, OR 97210-3546
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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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