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Property profile & analytics
OFF-MARKET
Estimated value
$39,355,000
Apartment buildings
444 Boundary St Portland, OR 97239-3983
Individually Owned
12-yr Hold
Free & Clear
Property ID
US71-1468981
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2015
Total area
155,000 SF
Lot
1.17 ac (50,965 SF)
Zoning code
CS
APN
1S1E15BD 00600
UPID
US71-1468981
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
Current use
Occupant on record · Public records
-
Boathouse Apartment Complex Apartment Building
-
Trip Ways Travel Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$39.35M
Blend (final)
Blend
$39.36M
Owner & transaction history
Steen Larsen · 12 yrs held
Steen Larsen
since 2014
4 recorded transactions
Zoning & alternative use
CS · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$53.1M
+28.8%
Auto repair, garage
$47.3M
+14.8%
Medical building
$46.8M
+13.6%
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 Portland submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portland 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)
$41,210,000
Current use
RESTAURANT
$53,080,000
Change: +29% · Conversion: Difficult
AUTO REPAIR, GARAGE
$47,330,000
Change: +15% · Conversion: Difficult
MEDICAL BUILDING
$46,820,000
Change: +14% · Conversion: Moderate
RETAIL STORES
$46,535,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$44,795,000
Change: +9% · Conversion: Moderate
COMMERCIAL (GENERAL)
$42,470,000
Change: +3% · Conversion: Moderate
Blend value · Realmo final
$39.36M
Range $35.42M – $43.29M · ±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
$254 / 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
$382,133
Tax year 2023
Assessed value
$14,434,430
Assessed 2023
Previous assessed
$14,014,010
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$6,625,320
Improvement market value
$32,072,760
Total market value
$38,698,080
Applied tax rate
1.0000
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
2015
Heating
NONE
Buildings
2
Total area
155,000 SF
Lot
1.17 ac (50,965 SF)
Zoning code
CS
APN
1S1E15BD 00600
UPID
US71-1468981
Jurisdiction
MULTNOMAH
Zoning & alternative use
CS · Portland, OR
Zoning CS · permitted uses
CS · Portland, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Portland. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$41.2M
RESTAURANT
Est. value
$53.1M
AUTO REPAIR, GARAGE
Est. value
$47.3M
MEDICAL BUILDING
Est. value
$46.8M
RETAIL STORES
Est. value
$46.5M
OFFICE BUILDING
Est. value
$44.8M
COMMERCIAL (GENERAL)
Est. value
$42.5M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
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
2015
Heating
NONE
Buildings
2
Lot
1.17 ac
Current owner
From public records · entity-resolved
Steen Larsen
Individual
Free & Clear · 12 yrs held
Mailing address
14250 NW MCNAMEE RD, PORTLAND, OR 97231-2138
Ownership since
2014
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
Feb 13, 2014
$300,000
Steen Larsen
Applegate Family Trust
Warranty Deed
—
Aug 24, 2010
$1,700,000
German American Society
Willamette Waterfront LP
Warranty Deed
—
Jul 5, 2000
—
Willamette Landing Assoc LLC
Marlow,jerry W
Quit Claim Deed
related
$400,000 · Individual
—
—
Johns Landing Sustainable Hsng
—
Deed Of Trust
related
$23,450,000 · Homestreet Bk
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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