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Property profile & analytics
OFF-MARKET
Estimated value
$32,925,000
Apartment buildings
237 18th Ave 303 Hillsboro, OR 97123-4597
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US71-0668516
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
1920
Total area
170,900 SF
Lot
6.33 ac (275,735 SF)
Zoning code
SCR-HD
APN
1N232CC-03700
UPID
US71-0668516
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$33.76M
Comparable Approach
Comparable
$38.10M
Blend (final)
Blend
$32.93M
Owner & transaction history
Gateway Commons Apartments LP · 4 yrs held
Gateway Commons Apartments LP
since 2021
Last sale
$28.6M
2 recorded transactions
Zoning & alternative use
SCR-HD · Hillsboro, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The SCR-HD zone implements the SCPA Station Community Planning Area designation, providing an opportunity for higher density residential development generally within 1300 feet of a light rail station
Zone name
Station Community Residential High Density
General category
RESIDENTIAL
Zone area
72.13 ac
Source
Realmo
Top alternative use upside
Medical building
$54.5M
+43.0%
Restaurant
$51.7M
+35.8%
Commercial (general)
$43.7M
+14.6%
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 Hillsboro submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hillsboro 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
$30,380,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$36,575,000
6.5%
$33,760,000
7%
$31,350,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$38,100,000
Current use
MEDICAL BUILDING
$54,490,000
Change: +43% · Conversion: Moderate
RESTAURANT
$51,735,000
Change: +36% · Conversion: Difficult
COMMERCIAL (GENERAL)
$43,665,000
Change: +15% · Conversion: Moderate
RETAIL STORES
$40,795,000
Change: +7% · Conversion: Difficult
WAREHOUSE, STORAGE
$30,545,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$32.93M
Range $29.63M – $36.22M · ±10% · vs last sale $28.60M (Sep 8 2021)
Last sale anchor
$28.60M
Sep 8 2021
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
$193 / 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
Previous assessed
$8,257,050
Land market value
$2,961,000
Improvement market value
$25,446,710
Total market value
$28,407,710
Applied tax rate
7.0000
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 (100+ UNITS)
Status
Off-Market
Year built
1920
Heating
STOVE
Bathrooms
1
Total area
170,900 SF
Lot
6.33 ac (275,735 SF)
Zoning code
SCR-HD
APN
1N232CC-03700
UPID
US71-0668516
Jurisdiction
WASHINGTON
Zoning & alternative use
SCR-HD · Hillsboro, ORZoning SCR-HD · permitted uses
SCR-HD · Hillsboro, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The SCR-HD zone implements the SCPA Station Community Planning Area designation, providing an opportunity for higher density residential development generally within 1300 feet of a light rail station
Zone name
Station Community Residential High Density
General category
RESIDENTIAL
Zone area
72.13 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$38.1M
MEDICAL BUILDING
Est. value
$54.5M
RESTAURANT
Est. value
$51.7M
COMMERCIAL (GENERAL)
Est. value
$43.7M
RETAIL STORES
Est. value
$40.8M
WAREHOUSE, STORAGE
Est. value
$30.5M
APARTMENT HOUSE (5+ UNITS) Current
MEDICAL BUILDING
RESTAURANT
COMMERCIAL (GENERAL)
RETAIL STORES
WAREHOUSE, STORAGE
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
1920
Heating
STOVE
Bathrooms
1
Lot
6.33 ac
Current owner
From public records · entity-resolved
Gateway Commons Apartments LP
Entity
Mailing address
10900 NE 8TH ST STE #1200, BELLEVUE, WA 98004-4460
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 8, 2021
$28,600,000
Gateway Commons Apartments LP
Gateway Commons Apartments LP
Special Warranty Deed
$16,222,000 · Merchants Bank Of Indiana
—
—
Terry L Eros
—
Deed Of Trust
related
$187,400 · Countrywide Home Loans INC
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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