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Property profile & analytics
OFF-MARKET
Estimated value
$2,015,000
Apartment buildings
216 162nd Ave, Portland, OR 97233-3831
Individually Owned
28-yr Hold
~
Est. High Equity
Property ID
US71-0501579
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1971
Total area
7,560 SF
Lot
0.96 ac (41,720 SF)
Zoning code
SC
APN
1N3E31CC 01500
UPID
US71-0501579
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
$2.01M
Blend (final)
Blend
$2.02M
Owner & transaction history
Erik W Nielsen · 28 yrs held
Erik W Nielsen
since 1997
6 recorded transactions
Zoning & alternative use
SC · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.6M
+74.0%
Auto repair, garage
$2.3M
+55.2%
Medical building
$2.3M
+53.5%
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)
$1,490,000
Current use
RESTAURANT
$2,590,000
Change: +74% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,310,000
Change: +55% · Conversion: Difficult
MEDICAL BUILDING
$2,285,000
Change: +53% · Conversion: Moderate
OFFICE BUILDING
$2,185,000
Change: +47% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,980,000
Change: +33% · Conversion: Moderate
RETAIL STORES
$1,830,000
Change: +23% · Conversion: Difficult
Blend value · Realmo final
$2.02M
Range $1.81M – $2.22M · ±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
$267 / 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
$23,713
Tax year 2023
Assessed value
$1,360,450
Assessed 2023
Previous assessed
$1,320,830
+3.0% YoY
Effective rate
1.74%
On assessed value
Land market value
$500,640
Improvement market value
$2,788,900
Total market value
$3,289,540
Applied tax rate
901.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
1971
Heating
NONE
Buildings
3
Total area
7,560 SF
Lot
0.96 ac (41,720 SF)
Zoning code
SC
APN
1N3E31CC 01500
UPID
US71-0501579
Jurisdiction
MULTNOMAH
Zoning & alternative use
SC · Portland, OR
Zoning SC · permitted uses
SC · 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
$1.5M
RESTAURANT
Est. value
$2.6M
AUTO REPAIR, GARAGE
Est. value
$2.3M
MEDICAL BUILDING
Est. value
$2.3M
OFFICE BUILDING
Est. value
$2.2M
COMMERCIAL (GENERAL)
Est. value
$2.0M
RETAIL STORES
Est. value
$1.8M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
OFFICE BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
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
1971
Heating
NONE
Buildings
3
Lot
0.96 ac
Current owner
From public records · entity-resolved
Erik W Nielsen
Individual
Mailing address
PO BOX 16143, PORTLAND, OR 97292-0143
Ownership since
1997
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 20, 2016
—
Erik W Nielsen
—
Deed
related
$1,300,000 · Jp Morgan Chase Bk
Apr 27, 2012
—
Erik W Nielsen
—
Deed Of Trust
related
$1,400,000 · J P Morgan Chase Bank
Sep 8, 1997
—
Erik W Nielsen
Noteboom,harold
Grant Deed
$1,300,000 · M & T Real Estate INC
—
—
Erik W Nielsen
—
Deed Of Trust
related
$1,250,000 · Washington Mutual Fsb
—
—
Erik W Nielsen
—
Deed Of Trust
related
$1,300,000 · Jp Morgan Chase Bk
—
—
Erik W Nielsen
—
Deed Of Trust
related
$72,000 · Umpqua 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.
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