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    232 NE 61St Ave Portland, OR 97213

    • Residential income homes
    • 12,240 SF
    For Sale
    View listing
    $3,999,900
    Value Estimation
    Location Intelligence
    Property ID
    US71-0865734
    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

    • Residential income homes

    Property Details for 232 NE 61St Ave

    Year built
    2024
    Property size
    12,240 SF
    Property type
    Residential income homes
    Property subtype
    Dormitories

    Description

    This exceptional 15-unit apartment building, completed in 2024, presents a compelling investment opportunity. Located in Portland, Oregon's desirable North Tabor neighborhood (97213), this property boasts 12,240 square feet on a lot ranging from 5,000 to 6,999 square feet. The three-story building features a mix of nine two-bedroom/one-bathroom and six one-bedroom/one-bathroom units, totaling 24 beds. High-end finishes throughout include custom cabinetry, stainless steel appliances, and stackable washer/dryers. Building amenities include indoor bike storage and an enclosed trash area. The property is currently fully leased, generating a Net Operating Income (NOI) of $217,993 and a 5.45% cap rate. The asking price is $3,999,900, translating to $326.79 per square foot and $266,660 per unit. A one-year builder warranty and a 15-year new construction rent-control exemption provide additional peace of mind. This property offers a strong, diversified investment portfolio with significant potential for long-term growth in a highly sought-after location. Virtual tours of select units are available online.

    Value Estimation

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.6006401
    Latitude
    45.5247807

    Comparable in this City

    • $2,430,000
      6,121 SF

      Portland 6-Plex Investment Opportunity

      Luxury 2-bed/2-bath units, prime location
      1318 46Th Ave, Portland, OR 97213
      View Details
    • New
      $3,999,900
      12,240 SF

      New Construction Apartment Complex

      Fully leased, 15-unit apartment complex in North Tabor, Portland.
      232 NE 61St Ave, Portland, OR 97213
      View Details
    • New
      $2,150,000
      6,121 SF

      Meticulously Maintained 6-Plex Investment

      6-plex near shops, restaurants, and parks with excellent BikeScore.
      1318 NE 46Th Ave, Portland, OR 97213
      View Details
    • $935,000

      Turnkey Fourplex in NE Portland

      Fully occupied fourplex with remodeled units and strong income potential.
      5516 NE Hoyt St, Portland, OR 97213
      View Details
    • New
      $3,349,900
      9,647 SF

      New Multifamily Building in Portland

      Newly constructed 16-unit apartment building in North Tabor.
      11 NE 55Th Ave, Portland, OR 97213
      View Details
    • New
      $2,954,900
      8,760 SF

      Portland Multifamily Investment Opportunity

      Seven-unit community with spacious, high-end finished units in Portland.
      7190 NE Glisan St, Portland, OR 97213
      View Details

    Similar Nearby for Sale

    • $2,430,000
      6,121 SF

      Portland 6-Plex Investment Opportunity

      Luxury 2-bed/2-bath units, prime location
      1318 46Th Ave, Portland, OR 97213
      View Details
    • $935,000

      Turnkey Fourplex in NE Portland

      Fully occupied fourplex with remodeled units and strong income potential.
      5516 NE Hoyt St, Portland, OR 97213
      View Details
    • New
      $3,349,900
      9,647 SF

      New Multifamily Building in Portland

      Newly constructed 16-unit apartment building in North Tabor.
      11 NE 55Th Ave, Portland, OR 97213
      View Details
    • New
      $2,954,900
      8,760 SF

      Portland Multifamily Investment Opportunity

      Seven-unit community with spacious, high-end finished units in Portland.
      7190 NE Glisan St, Portland, OR 97213
      View Details
    • New
      $3,999,900
      12,240 SF

      New Construction Apartment Complex

      Fully leased, 15-unit apartment complex in North Tabor, Portland.
      232 NE 61St Ave, Portland, OR 97213
      View Details
    • New
      $2,150,000
      6,121 SF

      Meticulously Maintained 6-Plex Investment

      6-plex near shops, restaurants, and parks with excellent BikeScore.
      1318 NE 46Th Ave, Portland, OR 97213
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      5,391 SF

      Prime Portland Retail Space

      5,391 SF Retail Building, Abundant Parking
      6517 Sandy Blvd, Portland, OR 97213
      View Details
    • Contact for pricing
      30,855 SF

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      Industrial property featuring a fenced yard and highway visibility.
      910 NE 57Th Ave, Portland, OR 97213
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    • Contact for pricing

      Warehouse Space with Dock Loading

      16,500 SF warehouse space for storage and warehousing.
      6500 NE Halsey St, Portland, OR 97213
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    • Contact for pricing
      3,900 SF

      Retail Space with Basement Storage

      Retail space featuring an open floor plan and basement storage.
      7306-7320 NE Sandy Blvd, Portland, OR 97213
      View Details
    • Contact for pricing
      1,540 SF

      Fremont Street Retail Space Available

      High-visibility retail space in a sought-after Portland neighborhood.
      4605 NE Fremont St, Portland, OR 97213
      View Details
    • $36 SF/Yr
      31,716 SF

      Prime Portland Retail Space

      7,398 SF Retail, Excellent Location
      5005 Sandy Blvd, Portland, OR 97213
      View Details
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    232 NE 61St Ave
    Portland, OR 97213
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    Realmo Value Estimation

    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.

    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.

    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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