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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3535 Corbett Ave Portland, OR 97239-4337

    • Apartment buildings
    • 22,041 SF
    • 0.53 lot acres
    OFF-MARKET
    Last Sale
    Dec 30, 2021
    $7,750,000
    Value Estimations
    $7,315,000
    Show details
    Cap Rate Potential
    3.2%
    Apartment buildings
    Location Intelligence
    Property ID
    US71-0527040
    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.

    Current Use by Public Records

    • LaStella / Apartment Building
    • Dr. Abby K. Parsons, MD / Doctor

    Property Details for 3535 Corbett Ave

    Year built
    2004
    Lot size
    0.53 lot acres
    Property size
    22,041 SF
    Zone code
    R2
    Property type
    Apartment buildings
    APN
    1S1E10CA 10200
    APU
    1S1E10CA10200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,770,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,146,000
      Market price range: $3.50M - $8.71M
      AI Estimate
      $6,146,000
      Market price range: $3.50M - $8.71M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $5,860,000
      Current use
      RESTAURANT
      $7,550,000
      Change: +29% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $6,730,000
      Change: +15% Conversion: Difficult
      MEDICAL BUILDING
      $6,655,000
      Change: +14% Conversion: Moderate
      RETAIL STORES
      $6,615,000
      Change: +13% Conversion: Difficult
      OFFICE BUILDING
      $6,370,000
      Change: +9% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $6,040,000
      Change: +3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.676
    Latitude
    45.4975
    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
    $59,685
    $0.00
    $0.00
    $2,254,490
    -
    $2,040,660
    $3,797,040
    $5,837,700

    Comparable in this City

    • Value Estimation
      $2,890,000
      9,410 SF

      3210 12th Ave

      APARTMENT HOUSE (5+ UNITS) • 9,410 SF
      3210 12th Ave, Portland, OR 97239-3070
      View Details
    • Value Estimation
      $11,195,000
      28,331 SF

      5885 Macadam Ave

      APARTMENT HOUSE (5+ UNITS) • 28,331 SF
      5885 Macadam Ave, Portland, OR 97239-3792
      View Details
    • Value Estimation
      $7,130,000
      18,048 SF

      1308 Cheltenham St

      APARTMENT HOUSE (5+ UNITS) • 18,048 SF
      1308 Cheltenham St, Portland, OR 97239-7019
      View Details
    • Value Estimation
      $11,000,000
      54,520 SF

      4950 Barbur Blvd

      APARTMENT HOUSE (5+ UNITS) • 54,520 SF
      4950 Barbur Blvd, Portland, OR 97239-2851
      View Details
    • Value Estimation
      $995,000
      2,520 SF

      4937 Corbett Ave

      APARTMENT HOUSE (5+ UNITS) • 2,520 SF
      4937 Corbett Ave, Portland, OR 97239-3967
      View Details
    • Value Estimation
      $5,365,000
      15,582 SF

      3717 Corbett Ave

      APARTMENT HOUSE (5+ UNITS) • 15,582 SF
      3717 Corbett Ave, Portland, OR 97239-4334
      View Details

    Similar Nearby for Sale

    • $2,200,000
      8,472 SF

      Marquam Hill 8-Plex Apartments

      Eight-unit apartment building near OHSU with modern amenities and convenient parking.
      1129 SW Gaines St, Portland, OR 97239
      View Details
    • $298,000
      675 SF

      Renovated Penthouse with Panoramic Views

      Rare, renovated penthouse with stunning mountain, river, and city views.
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    • New
      $3,849,900
      9,695 SF

      New South Waterfront Apartment Building

      New 18-unit apartment building in Portland's South Waterfront district.
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    • $399,900

      Meriwether West Tower Condominium

      16th-floor condo with panoramic views and modern amenities.
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      Updated Condo with Sweeping Views

      Spacious 2 bed, 2 bath condo with mountain, river, city views.
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    • $1,050,000

      John's Landing Triplex Opportunity

      Triplex in John's Landing near city, shopping, and Willamette River.
      6125 S Hood Ave, Portland, OR 97239
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,089 SF

      Warehouse with Bow Truss Ceiling

      Single-story warehouse with mezzanine, high ceilings, and excellent visibility.
      6606 S Macadam Ave, Portland, OR 97239
      View Details
    • $1,695,000
      1,325 SF

      Modern Office Space Available

      Prime location with modern amenities and high-speed internet.
      6605 SW Macadam Ave, Portland, OR 97239
      View Details
    • $19 SF/Yr
      1,737 SF

      Office Space Available For Rent

      Office space available for lease in Portland, Oregon.
      6420 SW Macadam Ave, Portland, OR 97239
      View Details
    • Contact for pricing

      Johns Landing Office Space Available

      Office space for lease in desirable Johns Landing location.
      4730 SW Macadam Ave, Portland, OR 97239
      View Details
    • Contact for pricing
      4,572 SF

      Office Space with Private Entry

      Ground floor office space in John’s Landing, available for rent.
      5711 S Hood Ave, Portland, OR 97239
      View Details
    • Contact for pricing
      1,926 SF

      Retail Space in Residential Building

      Ground floor retail space suitable for restaurant, fitness, or retail.
      3883 S Moody Ave, Portland, OR 97239
      View Details
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    3535 Corbett Ave
    Portland, OR 97239-4337
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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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