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Property profile & analytics
OFF-MARKET
Estimated value
$67,445,000
Apartment buildings
3181 23rd St, Gresham, OR 97030-4373
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US71-0467418
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1990
Total area
273,264 SF
Lot
11.39 ac (496,148 SF)
Zoning code
CMF
APN
1S3E02 00400
UPID
US71-0467418
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
by Request
Comparable Approach
Comparable
$67.45M
Blend (final)
Blend
$67.45M
Owner & transaction history
Gresham 278 Owner LLC · 6 yrs held
Gresham 278 Owner LLC
since 2019
4 recorded transactions
Zoning & alternative use
CMF · Gresham, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$97.7M
+35.9%
Medical building
$82.6M
+14.8%
Auto repair, garage
$81.0M
+12.6%
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 Gresham submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Gresham 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)
$71,930,000
Current use
RESTAURANT
$97,740,000
Change: +36% · Conversion: Difficult
MEDICAL BUILDING
$82,555,000
Change: +15% · Conversion: Moderate
AUTO REPAIR, GARAGE
$80,985,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$70,285,000
Change: -2% · Conversion: Moderate
COMMERCIAL (GENERAL)
$67,625,000
Change: -6% · Conversion: Moderate
Blend value · Realmo final
$67.45M
Range $60.70M – $74.19M · ±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
$247 / 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
$470,309
Tax year 2023
Assessed value
$24,979,620
Assessed 2023
Previous assessed
$24,252,060
+3.0% YoY
Effective rate
1.88%
On assessed value
Land market value
$2,255,000
Improvement market value
$67,589,830
Total market value
$69,844,830
Applied tax rate
26.0000
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
1990
Heating
NONE
Stories
1
Total area
273,264 SF
Lot
11.39 ac (496,148 SF)
Zoning code
CMF
APN
1S3E02 00400
UPID
US71-0467418
Jurisdiction
MULTNOMAH
Zoning & alternative use
CMF · Gresham, OR
Zoning CMF · permitted uses
CMF · Gresham, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Gresham. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$71.9M
RESTAURANT
Est. value
$97.7M
MEDICAL BUILDING
Est. value
$82.6M
AUTO REPAIR, GARAGE
Est. value
$81.0M
OFFICE BUILDING
Est. value
$70.3M
COMMERCIAL (GENERAL)
Est. value
$67.6M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
MEDICAL BUILDING
AUTO REPAIR, GARAGE
OFFICE BUILDING
COMMERCIAL (GENERAL)
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
1990
Heating
NONE
Stories
1
Lot
11.39 ac
Current owner
From public records · entity-resolved
Gresham 278 Owner LLC
Entity
Mailing address
551 MADISON AVE, NEW YORK, NY 10022-3212
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 5, 2019
$62,800,000
Gresham 278 Owner LLC
Bre Or Vista At 23 LLC
Trustees Deed
$44,808,000 · Holliday Fenoglio Fowler
Oct 7, 2016
—
Bre Or Vista At 23 LLC
Roc II Or Vista At 23 LLC
Special Warranty Deed
$39,188,000 · Wells Fargo Bank NA
Apr 2, 2014
—
Roc II Or Vista At 23 LLC
Hrp Kempton Downs LLC
Grant Deed
related
$17,926,121 · Federal Nat'l Mtg Assn (fnma)
Apr 27, 2011
$22,550,000
Hrp Kempton Downs LLC
Eqr-oregon LLC
Grant Deed
$18,400,000 · Cwcapital LLC
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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