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    3591 N Michigan Ave Portland, OR 97227
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    3591 N Michigan Ave Portland, OR 97227

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    • Apartment buildings
    • 5,520 SF
    For Sale
    $1,900,000
    View Listing →
    New Construction Multifamily Property For Sale
    $1,900,000
    5,520 SF

    New Construction Multifamily Property

    New construction multifamily property featuring condo-grade finishes.

    3591 N Michigan Ave, Portland, OR 97227
    View Listing
    Property ID
    US71-1555545
    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

    • Apartment buildings

    Property Details for 3591 N Michigan Ave

    Year built
    2024
    Property size
    5,520 SF
    Property type
    Apartment buildings

    Description

    New Construction • Condo Grade Finishes -------------------- Sale Price: $1,900,000 ($316,667/Unit) 2025 Budget CAP Rate: 6.16% Units: 6 Units with 2 Beds, 2 Baths Building Gross Area: 5,520 SF Gross Land Area: 4,875 SF Zoning: RM1 - Residential Multi-Dwelling 1

    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
    Washington
    State
    Oregon
    Longitude
    -122.676938
    Latitude
    45.549172

    Comparable in this City

    • $6,000,000

      North Portland Apartment Complex

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      3755 N Williams Ave, Portland, OR 97227
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    • $2,224,000
      13,362 SF

      Mixed-Use Building with Income Potential

      Mixed-use property with commercial and residential units in Portland, OR.
      3039 N Williams Ave, Portland, OR 97227
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    • $2,224,000

      Multifamily Asset in Eliot Neighborhood

      Mixed-use property with commercial and residential units in Portland's Eliot neighborhood.
      3037-3041 N Monroe St, Portland, OR 97227
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    • $1,900,000

      New Multifamily Building in Portland

      Six-unit multifamily property in North Portland's Overlook neighborhood.
      4060 N Montana Ave, Portland, OR 97227
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    • $1,250,000
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      Williams Corridor Mixed-Use Opportunity

      Mixed-use property with retail, residential units, and urban farm.
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      Remodeled Office Space in Portland

      Move-in ready office space in a bustling NE Portland neighborhood.
      4076 N Mississippi Ave, Portland, OR 97227
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    Similar Nearby for Sale

    • $6,000,000

      North Portland Apartment Complex

      30-unit apartment complex with retail space in Boise neighborhood.
      3755 N Williams Ave, Portland, OR 97227
      View Details
    • $2,224,000
      13,362 SF

      Mixed-Use Building with Income Potential

      Mixed-use property with commercial and residential units in Portland, OR.
      3039 N Williams Ave, Portland, OR 97227
      View Details
    • $1,900,000

      New Multifamily Building in Portland

      Six-unit multifamily property in North Portland's Overlook neighborhood.
      4060 N Montana Ave, Portland, OR 97227
      View Details
    • $2,224,000

      Multifamily Asset in Eliot Neighborhood

      Mixed-use property with commercial and residential units in Portland's Eliot neighborhood.
      3037-3041 N Monroe St, Portland, OR 97227
      View Details
    • $1,250,000
      3,949 SF

      Williams Corridor Mixed-Use Opportunity

      Mixed-use property with retail, residential units, and urban farm.
      3122 N Williams Ave, Portland, OR 97227
      View Details
    • $650,000

      CM3 Zoned Development Opportunity

      Commercial mixed-use property suitable for owner-user or redevelopment.
      1920 N Vancouver Ave, Portland, OR 97227
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,765 SF

      Retail Space with Fenced Yard

      Retail building with office and fenced yard, easy access.
      3924 N Mississippi Ave, Portland, OR 97227
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      Portland Commercial Space For Lease

      Commercial space available for lease in Portland, Oregon.
      3450 N Williams Ave, Portland, OR 97227
      View Details
    • $25 SF/Yr
      4,685 SF

      Class A Office Space

      Class A office space available for rent in Portland, Oregon.
      3303 North Mississippi Ave, Portland, OR 97227
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      2,836 SF

      Trendy North Portland Retail Space

      First-generation retail space with rooftop terrace access in North Portland.
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      North Portland Retail/Office Building

      Charming retail, cafe, office, and shop space in Portland.
      3535 N Vancouver Ave, Portland, OR 97227
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      9,384 SF

      Portland Warehouse with Conditioned Space

      Warehouse with fenced parking and attractive office finishes available for rent.
      2503 N Albina Ave, Portland, OR 97227
      View Details
    View Listing
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    Portland, OR 97227
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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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