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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2208 Multnomah St Portland, OR 97232-2137

    • Apartment buildings
    • 7,520 SF
    • 0.38 lot acres
    OFF-MARKET
    Value Estimations
    $2,415,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0150082
    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

    • Sandringham Apartments / Apartment Complex

    Property Details for 2208 Multnomah St

    Year built
    1927
    Construction
    FRAME
    Lot size
    0.38 lot acres
    Property size
    7,520 SF
    Zone code
    R2.5
    Property type
    Apartment buildings
    APN
    1N1E35AA 10100
    APU
    1N1E35AA10100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,414,000
      Market price range: $1.20M - $2.97M
      AI Estimate
      $2,414,000
      Market price range: $1.20M - $2.97M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,000,000
      Current use
      RESTAURANT
      $2,575,000
      Change: +29% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,430,000
      Change: +21% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $2,295,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $2,270,000
      Change: +14% Conversion: Moderate
      RETAIL STORES
      $2,260,000
      Change: +13% Conversion: Difficult
      OFFICE BUILDING
      $2,175,000
      Change: +9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.643
    Latitude
    45.5312
    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
    $23,470
    $0.00
    $0.00
    $885,690
    -
    $1,320,000
    $856,430
    $2,176,430

    Comparable in this City

    • Value Estimation
      $24,570,000
      69,596 SF

      521 16th Ave

      APARTMENT HOUSE (5+ UNITS) • 69,596 SF
      521 16th Ave, Portland, OR 97232-3591
      View Details
    • Value Estimation
      $5,160,000
      32,460 SF

      630 23rd Ave

      APARTMENT HOUSE (5+ UNITS) • 32,460 SF
      630 23rd Ave, Portland, OR 97232-2877
      View Details
    • Value Estimation
      $3,170,000
      15,120 SF

      1526 14th Ave

      APARTMENT HOUSE (5+ UNITS) • 15,120 SF
      1526 14th Ave, Portland, OR 97232-1401
      View Details
    • Value Estimation
      $2,695,000
      12,794 SF

      2222 Wasco St, Unit 2250

      APARTMENT HOUSE (5+ UNITS) • 12,794 SF
      2222 Wasco St, Portland, OR 97232-1621
      View Details
    • Value Estimation
      $5,450,000
      22,820 SF

      2421 Irving St

      APARTMENT HOUSE (5+ UNITS) • 22,820 SF
      2421 Irving St, Portland, OR 97232-2378
      View Details
    • Value Estimation
      $14,770,000
      43,991 SF

      105 Multnomah St

      APARTMENT HOUSE (5+ UNITS) • 43,991 SF
      105 Multnomah St, Portland, OR 97232-2032
      View Details

    Similar Nearby for Sale

    • $400,000

      Craftsman Townhouse Condo with Garage

      End-unit townhouse condo with garage, close to amenities and transport.
      2136 NE Multnomah St, Portland, OR 97232
      View Details
    • $900,000
      3,436 SF

      Cascade Crest: Portland Multifamily

      Five-unit apartment building, strong NOI.
      2610-2618 Clackamas St, Portland, OR 97232
      View Details
    • Contact for pricing
      25,665 SF

      Historic Aircraft Factory Redevelopment Opportunity

      Unique Portland redevelopment site with highway visibility and flexible zoning.
      3300 NE Broadway St, Portland, OR 97232
      View Details
    • $520,000

      Charming Condo in Northeast Portland

      Move-in-ready condo with modern amenities in a vibrant neighborhood.
      1620 NE Broadway St, Portland, OR 97232
      View Details
    • $310,000

      Remodeled Condo with Skyline Views

      Updated 12th-floor condo in The Fontaine with city and mountain views.
      1220 NE 17Th Ave, Portland, OR 97232
      View Details
    • $270,000

      High-Rise Living Near Downtown

      Spacious condo with open floorplan, perfect for entertaining and gatherings.
      1220 NE 17Th Ave, Portland, OR 97232
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,270 SF

      Merrick Building: Portland Retail Space

      Prime Portland retail, restaurant opportunity. Multiple suites available.
      1211-1223 Martin Luther King Jr Blvd, Portland, OR 97232
      View Details
    • $28 SF/Yr
      3,869 SF

      Strauss on Burnside Retail Spaces

      Portland retail spaces, multiple suites available.
      77 Grand Ave, Portland, OR 97232
      View Details
    • Contact for pricing
      2,220 SF

      Lloyd District Creative Office Space

      Prime Retail Space, High Traffic Location
      35 Weidler St, Portland, OR 97232
      View Details
    • Contact for pricing
      71,559 SF

      Lloyd 700 Office Tower: Portland

      Class A Office Space, Lloyd District
      700 Multnomah St, Portland, OR 97232
      View Details
    • Contact for pricing
      2,911 SF

      NW Glisan Office Space

      Office space with hardwood floors and abundant natural light.
      1100 NW Glisan St, Portland, OR 97232
      View Details
    • $28 SF/Yr
      1,955 SF

      Retail Space in Lloyd District

      New mixed-use project with restaurant opportunities in growing Lloyd District.
      515-533 NE Holladay St, Portland, OR 97232
      View Details
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    2208 Multnomah St
    Portland, OR 97232-2137
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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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