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    Property profile & analytics

    2305 121st Ave Portland, OR 97216-4067

    • Apartment buildings
    • 43,722 SF
    • 2.21 lot acres
    OFF-MARKET
    Value Estimations
    $8,795,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0704134
    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

    • Hidden Court Apartments / Apartment Building
    • Kingdom Language Solution Service / Translation Service

    Property Details for 2305 121st Ave

    Year built
    1963
    Lot size
    2.21 lot acres
    Property size
    43,722 SF
    Zone code
    R3A
    Property type
    Apartment buildings
    APN
    1S2E03DD 09000
    APU
    1S2E03DD09000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,793,000
      Market price range: $6.95M - $17.3M
      AI Estimate
      $8,793,000
      Market price range: $6.95M - $17.3M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $11,625,000
      Current use
      AUTO REPAIR, GARAGE
      $13,350,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $13,205,000
      Change: +14% Conversion: Moderate
      RETAIL STORES
      $13,125,000
      Change: +13% Conversion: Difficult
      OFFICE BUILDING
      $12,635,000
      Change: +9% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $12,590,000
      Change: +8% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.54
    Latitude
    45.5054
    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
    $75,808
    $0.00
    $0.00
    $3,225,360
    -
    $1,808,140
    $7,303,660
    $9,111,800

    Comparable in this City

    • Value Estimation
      $2,220,000
      5,619 SF

      400 105th Ave

      APARTMENT HOUSE (5+ UNITS) • 5,619 SF
      400 105th Ave, Portland, OR 97216-2720
      View Details
    • Value Estimation
      $6,085,000
      15,400 SF

      2244 96th Dr

      APARTMENT HOUSE (5+ UNITS) • 15,400 SF
      2244 96th Dr, Portland, OR 97216-2676
      View Details
    • Value Estimation
      $4,515,000
      15,016 SF

      130 105th Ave

      APARTMENT HOUSE (5+ UNITS) • 15,016 SF
      130 105th Ave, Portland, OR 97216-2955
      View Details
    • Value Estimation
      $15,280,000
      96,087 SF

      10529 Burnside St, Unit 10631

      APARTMENT HOUSE (5+ UNITS) • 96,087 SF
      10529 Burnside St, Portland, OR 97216-2775
      View Details
    • Value Estimation
      $6,545,000
      29,814 SF

      12026 Ash St

      APARTMENT HOUSE (5+ UNITS) • 29,814 SF
      12026 Ash St, Portland, OR 97216-3892
      View Details
    • Value Estimation
      $1,415,000
      8,448 SF

      9025 Stark St, Unit 9043

      APARTMENT HOUSE (5+ UNITS) • 8,448 SF
      9025 Stark St, Portland, OR 97216-1664
      View Details

    Similar Nearby for Sale

    • $159,900

      Modern Condo in Hazelwood Neighborhood

      New construction condo in prime location with modern features.
      10985 E Burnside St, Portland, OR 97216
      View Details
    • $158,000

      Modern Condo in Hazelwood

      New construction condo in prime location with modern finishes.
      10985 E Burnside St, Portland, OR 97216
      View Details
    • $149,900

      Modern Condo in Hazelwood Neighborhood

      New construction condo in prime location with modern finishes.
      10985 E Burnside St, Portland, OR 97216
      View Details
    • $1,475,000
      5,899 SF

      Turn-Key Multifamily Investment Opportunity

      Well-maintained, income-generating property in Mill Park neighborhood.
      2448 SE 117Th Ave, Portland, OR 97216
      View Details
    • $137,900

      Modern Condo in Hazelwood

      New construction condo in prime Hazelwood location with modern finishes.
      10985 E Burnside St, Portland, OR 97216
      View Details
    • New
      $1,068,900
      0.34 Acres

      Cash Flowing Multifamily Property

      Fully rented triplex and house on one lot.
      2309 SE 90Th Ave, Portland, OR 97216
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,601 SF

      Office Space in Portland, OR

      Office space available for rent in Portland, Oregon.
      2410 SE 121St Ave, Portland, OR 97216
      View Details
    • Contact for pricing
      2,140 SF

      Office Space Available For Rent

      Office space available for lease in Portland, Oregon.
      10615 SE Cherry Blossom Dr, Portland, OR 97216
      View Details
    • Contact for pricing
      1,356 SF

      Warehouse Space Near I-205

      Warehouse space with fenced yard, near I-205 and I-84.
      9953 SE Pine St, Portland, OR 97216
      View Details
    • Contact for pricing
      1,320 SF

      Retail Space Near I-205

      Retail space with high visibility near the I-205 interchange.
      9738 SE Washington St, Portland, OR 97216
      View Details
    • Contact for pricing
      924 SF

      Retail Space with Garage

      Retail space featuring two offices, restrooms, and a garage.
      1236 NE 82Nd Ave, Portland, OR 97216
      View Details
    • Contact for pricing
      1,705 SF

      Office Space Available For Rent

      Office space available for lease in Portland, Oregon.
      940-948 NE 102Nd Ave, Portland, OR 97216
      View Details
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    2305 121st Ave
    Portland, OR 97216-4067
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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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