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    2605 119Th Ave Portland, OR 97266
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    Property profile & analytics

    2605 119Th Ave Portland, OR 97266

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    • Commercial real estate
    • 6,108 SF
    Off-Market
    Property ID
    US71-1005290
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 2605 119Th Ave

    Year built
    1971
    Property size
    6,108 SF
    Property type
    Commercial real estate

    Description

    This exceptional 6-unit apartment building, known as Tranquility Court, presents a compelling value-add investment opportunity in Portland, Oregon. Located at 2605 SE 119th Ave, 97266, this property boasts a prime location directly across from the vibrant Division Center, offering residents convenient access to shopping and dining. The complex comprises two buildings on a 12,665 sq ft lot, totaling 6,108 net rentable square feet. Built in 1971, the property features a mix of unit sizes: two spacious three-bedroom townhome-style units with 1.5 baths, and four two-bedroom units with one bath. Downstairs units include private yard space. The property currently enjoys 100% occupancy (as of August 2, 2024), generating a current NOI of $50,077 and a 5.41% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $61,000 and a 6.59% cap rate, reflecting the potential for rental growth, particularly within the larger townhome-style units. The asking price is $925,000, translating to $154,167 per unit and $151.44 per square foot. The property's strong location in a high-demand neighborhood, coupled with its existing high occupancy and potential for rental increases, makes it an attractive investment prospect with significant long-term appreciation potential. The aluminum siding contributes to low maintenance costs. This is a rare opportunity to acquire a well-situated multifamily property in a thriving Portland neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.540924169
    Latitude
    45.503147012322

    Comparable in this City

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      Mixed-Use Investment Opportunity, Portland

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      Mixed-Use Property with Development Potential

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      Portland Multifamily Investment Opportunity

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    Similar Nearby for Sale

    • $698,000
      4,500 SF

      Mixed-Use Investment Opportunity, Portland

      Mixed-use property with development potential in Portland, Oregon.
      8325 SE Division St, Portland, OR 97266
      View Details
    • New
      $5,499,900
      14,018 SF

      Completed Cottage Cluster in Portland

      15-unit multifamily property in Portland's Powellhurst Gilbert neighborhood.
      3246 SE 115Th Ave, Portland, OR 97266
      View Details
    • $345,000

      Foster Corridor Mixed-Use Development Site

      10,722 SF CM3 zoned land in Portland's Foster Corridor.
      9639 SE Foster Rd, Portland, OR 97266
      View Details
    • $1,250,000
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      Multifamily Property in Lents Neighborhood

      7-unit multifamily property in Southeast Portland's vibrant Lents neighborhood.
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    • $999,000
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      Portland Multifamily Property For Sale

      Multifamily property in a convenient Portland location near I-205.
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      Newer Multifamily Property in Portland

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    Similar Nearby for Lease

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      21,239 SF

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      Class A Office Sublease Portland

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      Commercial Space on Foster Road

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      Warehouse Space with Fenced Yard

      Warehouse space featuring a fenced and lighted yard area.
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      Office and Education Space Available

      Modern office and education space available for lease.
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      Industrial Warehouse Space For Rent

      Industrial warehouse space available for lease in Portland, Oregon.
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    Portland, OR 97266
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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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