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    2904 Washington St, Unit 2914 Portland, OR 97214-3057
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    Property profile & analytics

    2904 Washington St, Unit 2914, Portland, OR 97214-3057

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    • Apartment buildings
    • 6,399 SF
    • 0.11 lot acres
    Off-Market
    Last Sale Feb 27, 2026
    $1,521,500
    Property ID
    US71-0913618
    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
    $1,690,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Melissa Elliott Landscape / Landscaping / General Contractor

    Property Details for 2904 Washington St

    Year built
    1930
    Construction
    FRAME
    Lot size
    0.11 lot acres
    Zone code
    R2.5
    Property type
    Apartment buildings
    APN
    1S1E01BA 14900
    APU
    1S1E01BA14900

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 27, 2026 $1,521,500 Mchope LLC Judith L Rees Trust Warranty Deed $1.1M · Judith L Rees Trust
    Dec 27, 2007 — Rees Judith L Trust Rees,judith Quit Claim Deed · related —
    Jul 20, 1994 $325,000 Judith L Rees Stegmiller,james Grant Deed $115k · Individual

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,856,000
      Market price range: $574k - $2.77M
      AI Estimate
      $1,856,000
      Market price range: $574k - $2.77M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,895,000
      Current use
      RESTAURANT
      $2,190,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $2,060,000
      Change: +9% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,955,000
      Change: +3% Conversion: Difficult
      MEDICAL BUILDING
      $1,935,000
      Change: +2% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,855,000
      Change: -2% Conversion: Moderate
      OFFICE BUILDING
      $1,850,000
      Change: -2% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.636
    Latitude
    45.5184
    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
    $17,492
    $0.00
    $0.00
    $660,110
    -
    $621,500
    $1,009,580
    $1,631,080

    Comparable in this City

    • Value Estimation
      $3,835,000
      23,310 SF

      1410 Belmont St

      APARTMENT HOUSE (5+ UNITS)
      1410 Belmont St, Portland, OR 97214-2675
      View Details
    • Value Estimation
      $31,135,000
      104,357 SF

      514 Belmont St

      APARTMENT HOUSE (5+ UNITS)
      514 Belmont St, Portland, OR 97214-2586
      View Details
    • Value Estimation by Request
      148,699 SF

      1004 Belmont St, Unit 1036

      APARTMENT HOUSE (5+ UNITS)
      1004 Belmont St, Portland, OR 97214-2521
      View Details
    • Value Estimation
      $8,430,000
      23,328 SF

      3711 Caruthers St

      APARTMENT HOUSE (5+ UNITS)
      3711 Caruthers St, Portland, OR 97214
      View Details
    • Value Estimation
      $13,325,000
      30,745 SF

      2959 Burnside St

      APARTMENT HOUSE (5+ UNITS)
      2959 Burnside St, Portland, OR 97214-1866
      View Details
    • Value Estimation
      $25,380,000
      63,557 SF

      700 Cesar E Chavez Blvd

      APARTMENT HOUSE (5+ UNITS)
      700 Cesar E Chavez Blvd, Portland, OR 97214-3597
      View Details

    Similar Nearby for Sale

    • $900,000

      Portland Multifamily Investment Opportunity

      Seven-unit property in Portland's Buckman neighborhood with value-add potential.
      1626 SE Alder St, Portland, OR 97214
      View Details
    • Contact for pricing
      2,550 SF

      Portland Buckman 5-Plex with Expansion Potential

      Investment opportunity in vibrant Buckman neighborhood with potential for growth.
      1935 SE Washington St, Portland, OR 97214
      View Details
    • $2,350,000
      6,939 SF

      Mixed-Use Apartments on East Burnside

      Boutique mixed-use property with residential and commercial income streams.
      612 E Burnside St, Portland, OR 97214
      View Details
    • New
      $1,849,000
      6,538 SF

      Portland Multifamily Investment Opportunity

      12-unit apartment building in Belmont-Hawthorne neighborhood with stable tenants.
      824 SE 30Th Ave, Portland, OR 97214
      View Details
    • Contact for pricing
      4,956 SF

      Multifamily Property with Three Units

      Three-unit multifamily property available for sale.
      2472 SE Lincoln St, Portland, OR 97214
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,000 SF

      Mixed-Use Building Retail Space

      Four-story mixed-use building with retail space in inner SE Portland.
      1485 SE Hawthorne Blvd, Portland, OR 97214
      View Details
    • Contact for pricing

      Portland Industrial Space with Office

      Industrial space with office component, close to Downtown Portland.
      88 SE Washington St, Portland, OR 97214
      View Details
    • $26 SF/Yr

      Burnside Retail/Fitness/Service Space Available

      Second-generation retail and fitness spaces available near Burnside and Sandy.
      1250 E Burnside St, Portland, OR 97214
      View Details
    • Contact for pricing

      Industrial Space in Central Eastside

      Small industrial space for lease in the Central Eastside.
      308-322 SE Taylor St, Portland, OR 97214
      View Details
    • $32 SF/Yr

      New Mixed-Use Building Retail Space

      Retail, restaurant, or service space in new mixed-use building.
      909 SE 12Th Ave, Portland, OR 97214
      View Details
    • $16 SF/Yr

      Buckman Retail/Office Space Available

      2,338 SF retail/office space in the Buckman neighborhood.
      1037 SE Ash St, Portland, OR 97214
      View Details
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    Portland, OR 97214-3057
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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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