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Property profile & analytics
OFF-MARKET
Estimated value
$4,345,000
Apartment buildings
228 22nd Ave Portland, OR 97210-3553
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US71-0051590
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1927
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
17,790 SF
Lot
0.17 ac (7,280 SF)
Zoning code
RH
APN
1N1E33CA 06700
UPID
US71-0051590
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
-
Elizabeth Apartments Apartment Building
-
New Adjustment Productions Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.34M
Blend (final)
Blend
$4.35M
Owner & transaction history
Pettygrove Inv Props LLC · 13 yrs held
Pettygrove Inv Props LLC
since 2012
7 recorded transactions
Zoning & alternative use
RH · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$6.1M
+10.5%
Commercial (general)
$5.9M
+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)
$5,510,000
Current use
RESTAURANT
$6,090,000
Change: +11% · Conversion: Difficult
COMMERCIAL (GENERAL)
$5,915,000
Change: +7% · Conversion: Moderate
AUTO REPAIR, GARAGE
$5,430,000
Change: -1% · Conversion: Difficult
MEDICAL BUILDING
$5,375,000
Change: -3% · Conversion: Moderate
RETAIL STORES
$5,340,000
Change: -3% · Conversion: Difficult
OFFICE BUILDING
$5,140,000
Change: -7% · Conversion: Moderate
Blend value · Realmo final
$4.35M
Range $3.91M – $4.78M · ±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
$244 / 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
$33,974
Tax year 2023
Assessed value
$1,283,308
Assessed 2023
Previous assessed
$381,230
+236.6% YoY
Effective rate
2.65%
On assessed value
Land market value
$1,456,000
Improvement market value
$1,948,000
Total market value
$3,404,000
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
Off-Market
Year built
1927
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
3
Units
24
Total area
17,790 SF
Lot
0.17 ac (7,280 SF)
Zoning code
RH
APN
1N1E33CA 06700
UPID
US71-0051590
Jurisdiction
MULTNOMAH
Zoning & alternative use
RH · Portland, OR
Zoning RH · permitted uses
RH · 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
$5.5M
RESTAURANT
Est. value
$6.1M
COMMERCIAL (GENERAL)
Est. value
$5.9M
AUTO REPAIR, GARAGE
Est. value
$5.4M
MEDICAL BUILDING
Est. value
$5.4M
RETAIL STORES
Est. value
$5.3M
OFFICE BUILDING
Est. value
$5.1M
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
1927
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
3
Units
24
Lot
0.17 ac
Current owner
From public records · entity-resolved
Pettygrove Inv Props LLC
Entity
Mailing address
2107 NW 23RD AVE, PORTLAND, OR 97210-2336
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 19, 2020
—
Huston Dev LLC
—
Deed
related
—
Oct 24, 2012
—
Pettygrove Inv Props LLC
Equity Advantage INC
Quit Claim Deed
related
$1,145,000 · Umpqua Bank
Dec 23, 2009
—
Pettygrove Apartments LLC
Huston Dev LLC
Grant Deed
related
—
May 18, 2007
—
Huston Dev LLC
Advantage Equities LLC 5640
Warranty Deed
related
—
Dec 15, 2006
$2,261,500
Advantage Equities LLC 5024
Marquee Properties LLC
Warranty Deed
$1,090,000 · Washington Mutual Bank
Jul 26, 2004
—
Marque Properties LLC
Martin,brian W
Grant Deed
related
—
Oct 18, 1999
—
Brian W Martin
Martin Trust
Quit Claim Deed
related
$465,000 · Linn-benton Bank
—
—
Huston Dev LLC
—
Deed Of Trust
related
—
—
—
Marquee Properties LLC
—
Deed Of Trust
related
$885,000 · Liberty 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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