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    23 151St Ave Portland, OR 97230

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    23 151St Ave Portland, OR 97230

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    • Commercial real estate
    • 43,400 SF
    Off-Market
    Property ID
    US71-0152215
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 23 151St Ave

    Property size
    43,400 SF
    Property type
    Commercial real estate
    APN
    R109824

    Description

    This exceptional 43,400 square foot development site in Portland, Oregon, presents a unique investment opportunity. Located at 23 NE 151st Ave, in Multnomah County (zip code 97230), this +/- 1-acre parcel is zoned RM2dh, offering a 1.5 FAR with a 0.5 IH bonus, allowing for a maximum height of 100 feet (stepdowns required). The asking price is $1,200,000, or approximately $27.65 per square foot. Conceptual plans are available for a 104-unit multifamily building featuring a mix of studio, one-bedroom, and two-bedroom units. The property's location within a Qualified Census Tract (QCT) provides additional development incentives. Its convenient location offers proximity to various amenities, including multiple local restaurants and retailers, Glenfair Park, Glendoveer Nature Exercise Trails, and the East 148th Ave MAX Light Rail Station (Blue Line). The versatile zoning allows for residential, retail, and office uses, making this a highly desirable site for a variety of development projects. The APN is R109824. This is a prime opportunity to capitalize on Portland's thriving real estate market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.50807747277
    Latitude
    45.523188516263

    Comparable in this City

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    Similar Nearby for Sale

    • $529,000
      350 SF

      Mid-Century Modern Duplex with ADU

      Mid-century modern duplex with ADU, new roof, spacious yard.
      12340 Northeast Hassalo St, Portland, OR 97230
      View Details
    • New
      $560,000
      2,496 SF

      Townhouse-Style Triplex in Portland

      Charming triplex with fireplaces, patios, and convenient location.
      15 NE 127Th Ave, Portland, OR 97230
      View Details
    • $509,000
      1,848 SF

      Duplex Near Glenfair Park

      Well-maintained duplex with upgraded interiors and long-term tenants.
      15540 Northeast Couch St, Portland, OR 97230
      View Details
    • $345,000
      1,464 SF

      15350 NE SANDY, Portland, OR 97230

      Live-work space • 1,464 SF
      15350 NE Sandy Blvd, Portland, OR 97230
      View Details
    • Contact for pricing

      Prime Portland Commercial Land

      56,467 SF Outparcel, I-84 Visibility
      2811 181St Ave, Portland, OR 97230
      View Details
    • New
      $299,000
      0.28 Acres

      Remodeled Home Near Glendoveer Golf

      Move-in ready 2-bedroom home on a large lot.
      15412 NE Halsey St, Portland, OR 97230
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land For Lease

      Commercial land available for lease in Portland, Oregon.
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      26,310 SF

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      Office Suite with Dental Infrastructure

      1,240 SF office suite ideal for medical or general use.
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    • $2,000 /Mo
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      Office Suite with Dental Infrastructure

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    23 151St Ave
    Portland, OR 97230
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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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    23 151St Ave, Portland, OR, 97230

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