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Property profile & analytics
OFF-MARKET
Estimated value
$2,300,000
Apartment buildings
446 Simpson St, Portland, OR 97211-3139
Trust Owned
~
Est. High Equity
Property ID
US71-1229108
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2014
Total area
5,826 SF
Lot
0.17 ac (7,462 SF)
Zoning code
CGD
APN
1N1E14CC 05000
UPID
US71-1229108
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
$2.30M
Blend (final)
Blend
$2.30M
Owner & transaction history
Gary L Mccready Living Trust
Gary L Mccready Living Trust
since 2026
7 recorded transactions
Zoning & alternative use
CGD · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.0M
+28.8%
Auto repair, garage
$1.8M
+14.8%
Medical building
$1.8M
+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)
$1,550,000
Current use
RESTAURANT
$1,995,000
Change: +29% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,780,000
Change: +15% · Conversion: Difficult
MEDICAL BUILDING
$1,760,000
Change: +14% · Conversion: Moderate
RETAIL STORES
$1,750,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$1,685,000
Change: +9% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,680,000
Change: +8% · Conversion: Moderate
Blend value · Realmo final
$2.30M
Range $2.07M – $2.53M · ±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
$395 / 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
$44,064
Tax year 2023
Assessed value
$1,662,870
Assessed 2023
Previous assessed
$1,614,440
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$746,200
Improvement market value
$3,348,520
Total market value
$4,094,720
Applied tax rate
710.0000
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
2014
Heating
NONE
Buildings
2
Total area
5,826 SF
Lot
0.17 ac (7,462 SF)
Zoning code
CGD
APN
1N1E14CC 05000
UPID
US71-1229108
Jurisdiction
MULTNOMAH
Zoning & alternative use
CGD · Portland, OR
Zoning CGD · permitted uses
CGD · 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
$1.6M
RESTAURANT
Est. value
$2.0M
AUTO REPAIR, GARAGE
Est. value
$1.8M
MEDICAL BUILDING
Est. value
$1.8M
RETAIL STORES
Est. value
$1.8M
OFFICE BUILDING
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$1.7M
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
2014
Heating
NONE
Buildings
2
Lot
0.17 ac
Current owner
From public records · entity-resolved
Gary L Mccready Living Trust
Trust
Mailing address
4464 NE ALAMEDA ST, PORTLAND, OR 97213-1245
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
17 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 12, 2026
—
Gary L Mccready Living Trust
Gary Mccready
Deed
related
—
May 23, 2019
$3,625,000
Gary Mccready
Cornice LLC
Warranty Deed
—
Feb 5, 2016
$82,500
Dozer Construction LLC
Mehretab,adiam
Quit Claim Deed
related
—
Jan 29, 2016
$3,785,000
Cornice LLC
Dozer Construction LLC
Warranty Deed
$2,665,000 · Umpqua Bank
Jan 12, 2016
—
Dozer Construction LLC
—
Trustees Deed
related
$435,000 · Clunas Fndg
Dec 2, 2015
—
Dozer Construction LLC
—
Trustees Deed
related
$82,400 · Adiam Mehretab
Jan 22, 2015
—
Dozer Construction LLC
—
Grant Deed
related
$1,099,900 · Riverwood LLC
Jan 8, 2015
—
Dozer Construction LLC
—
Trustees Deed
related
$466,000 · Riverwood LLC
Jun 11, 2014
—
Dozer Construction LLC
Farmer,jennifer
Grant Deed
related
$10,000,000 · Iron Bridge Mtg Fund
Aug 5, 2013
$189,400
Dozer Construction LLC
Leitgeb,irwin
Warranty Deed
$1,370,000 · Riverwood LLC
Jun 24, 2011
$195,126
Meron Alemseghad
Leitgeb,irwin
Grant Deed
—
Sep 14, 2010
$195,126
Irwin Leitgeb
Desylvia,terry
Trustees Deed
—
May 18, 2009
—
Robel Alemseghad
—
Trustees Deed
related
$40,000 · Andrea E Jessup
May 25, 2006
$200,000
Robel Alemseghad
Andrews,john R
Warranty Deed
$150,000 · Irwin Leitgeb
Nov 1, 1990
$6,500
Rajendra Nath
Unknown
Grant Deed
—
—
—
Dozer Construction LLC
—
Deed Of Trust
related
$2,350,000 · Tudor House Investments Company LLC Tudor House Investments Company LLC
—
—
Meron Alemseghad
—
Deed Of Trust
related
$40,000 · Andrea E Jessup
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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