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

    2351 51st Ave Portland, OR 97213-2571

    • Apartment buildings
    • 64,208 SF
    • 0.38 lot acres
    OFF-MARKET
    Last Sale
    May 22, 2024
    $14,400,000
    Value Estimations
    $14,400,000
    Show details
    Cap Rate Potential
    5.7%
    Apartment buildings
    Location Intelligence
    Property ID
    US71-0303421
    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

    • Rose City Flats / Apartment Building
    • CMG MORTGAGE GROUP / Mortgage Broker
    • Sandy Fifty One / Apartment Building / Apartment Complex
    • Rose City Recordings / Recording Studio

    Property Details for 2351 51st Ave

    Year built
    2021
    Lot size
    0.38 lot acres
    Property size
    64,208 SF
    Zone code
    CG
    Property type
    Apartment buildings
    APN
    1N2E30CA 10000
    APU
    1N2E30CA10000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $14,400,000
      ML approach
      $14,400,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $13,740,000
      6.5%
      $12,685,000
      7%
      $11,780,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $17,070,000
      Current use
      RESTAURANT
      $21,990,000
      Change: +29% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $19,605,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $19,395,000
      Change: +14% Conversion: Moderate
      OFFICE BUILDING
      $18,555,000
      Change: +9% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $16,175,000
      Change: -5% Conversion: Moderate
      RETAIL STORES
      $14,735,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.611
    Latitude
    45.5393
    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
    $203,296
    $0.00
    $0.00
    $7,671,910
    -
    $1,972,680
    $18,209,000
    $20,181,680

    Comparable in this City

    • Value Estimation
      $2,380,000
      6,019 SF

      4427 Hoyt St

      APARTMENT HOUSE (5+ UNITS) • 6,019 SF
      4427 Hoyt St, Portland, OR 97213-2363
      View Details
    • Value Estimation
      $14,730,000
      75,420 SF

      1804 70th Ave, Unit 2006

      APARTMENT HOUSE (5+ UNITS) • 75,420 SF
      1804 70th Ave, Portland, OR 97213-5327
      View Details
    • Value Estimation
      $17,475,000
      54,564 SF

      2180 47th Ave

      APARTMENT HOUSE (5+ UNITS) • 54,564 SF
      2180 47th Ave, Portland, OR 97213-2095
      View Details
    • Value Estimation
      $3,350,000
      8,478 SF

      5505 Glisan St

      APARTMENT HOUSE (5+ UNITS) • 8,478 SF
      5505 Glisan St, Portland, OR 97213-3185
      View Details
    • Value Estimation
      $1,210,000
      5,520 SF

      7408 Broadway

      APARTMENT HOUSE (5+ UNITS) • 5,520 SF
      7408 Broadway, Portland, OR 97213-6000
      View Details
    • Value Estimation
      $49,410,000
      185,836 SF

      4400 Broadway

      APARTMENT HOUSE (5+ UNITS) • 185,836 SF
      4400 Broadway, Portland, OR 97213-1457
      View Details

    Similar Nearby for Sale

    • $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
    • $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
    • $3,999,900
      12,240 SF

      North Tabor 15-Unit Apartment Complex

      New construction, fully leased, high ROI.
      232 61St Ave, Portland, OR 97213
      View Details
    • $890,000
      2,688 SF

      Montavilla Multifamily Investment Opportunity

      Five-unit multifamily property in NE Portland's Montavilla neighborhood.
      623 NE 74Th Ave, Portland, OR 97213
      View Details
    • $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
    • $2,874,900
      8,760 SF

      New Montavilla Multifamily Investment Opportunity

      New 7-unit multifamily property in Portland's desirable Montavilla neighborhood.
      7190 NE Glisan St, 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

      Industrial Space with Fenced Yard

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

      Warehouse Space with Dock Loading

      16,500 SF warehouse space for storage and warehousing.
      6500 NE Halsey 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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    2351 51st Ave
    Portland, OR 97213-2571
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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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