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Property profile & analytics
OFF-MARKET
Estimated value
$5,450,000
Apartment buildings
2421 Irving St, Portland, OR 97232-2378
Trust Owned
7-yr Hold
Free & Clear
Property ID
US71-0168289
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1924
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
22,820 SF
Lot
0.53 ac (22,896 SF)
Zoning code
EXD
APN
1N1E36BC 10700
UPID
US71-0168289
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
Current use
Occupant on record · Public records
-
Castle Rose Apartments Apartment Building
-
The Chess Ambassador Tutoring Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.45M
Blend (final)
Blend
$5.45M
Owner & transaction history
Balmuth,laurie L Trust · 7 yrs held
Balmuth,laurie L Trust
since 2019
1 recorded transaction
Zoning & alternative use
EXD · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$7.8M
+28.8%
Commercial (general)
$7.4M
+21.5%
Auto repair, garage
$7.0M
+14.8%
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 Portland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portland 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$6,065,000
Current use
RESTAURANT
$7,815,000
Change: +29% · Conversion: Difficult
COMMERCIAL (GENERAL)
$7,370,000
Change: +21% · Conversion: Moderate
AUTO REPAIR, GARAGE
$6,970,000
Change: +15% · Conversion: Difficult
MEDICAL BUILDING
$6,895,000
Change: +14% · Conversion: Moderate
RETAIL STORES
$6,850,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$6,595,000
Change: +9% · Conversion: Moderate
Blend value · Realmo final
$5.45M
Range $4.91M – $6.00M · ±10%
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
$239 / 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
Tax billed
$52,971
Tax year 2023
Assessed value
$1,998,990
Assessed 2023
Previous assessed
$1,940,770
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$2,194,120
Improvement market value
$3,868,780
Total market value
$6,062,900
Applied tax rate
201.0000
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 (5+ UNITS)
Status
Off-Market
Year built
1924
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
2
Units
41
Total area
22,820 SF
Lot
0.53 ac (22,896 SF)
Zoning code
EXD
APN
1N1E36BC 10700
UPID
US71-0168289
Jurisdiction
MULTNOMAH
Zoning & alternative use
EXD · Portland, OR
Zoning EXD · permitted uses
EXD · Portland, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Portland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$6.1M
RESTAURANT
Est. value
$7.8M
COMMERCIAL (GENERAL)
Est. value
$7.4M
AUTO REPAIR, GARAGE
Est. value
$7.0M
MEDICAL BUILDING
Est. value
$6.9M
RETAIL STORES
Est. value
$6.9M
OFFICE BUILDING
Est. value
$6.6M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
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
1924
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
2
Units
41
Lot
0.53 ac
Current owner
From public records · entity-resolved
Balmuth,laurie L Trust
Trust
Free & Clear · 7 yrs held
Mailing address
PO BOX 561, PORT ORFORD, OR 97465-0561
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 28, 2019
—
Balmuth,laurie L Trust
Balmuth,laurie L
Quit Claim Deed
related
—
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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