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Property profile & analytics
OFF-MARKET
Estimated value
$25,835,000
Apartment buildings
502 9th Ave 514 Portland, OR 97209-3403
Entity Owned
Free & Clear
Property ID
US71-0813504
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1912
Total area
65,392 SF
Lot
0.92 ac (40,000 SF)
Zoning code
CXD
APN
1N1E34BC 07600
UPID
US71-0813504
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
$25.83M
Blend (final)
Blend
$25.84M
Owner & transaction history
Honeyman Lofts LLC
Honeyman Lofts LLC
since 2025
7 recorded transactions
Zoning & alternative use
CXD · Portland, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$22.4M
+28.8%
Commercial (general)
$21.8M
+25.1%
Auto repair, garage
$20.0M
+14.8%
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)
$17,385,000
Current use
RESTAURANT
$22,395,000
Change: +29% · Conversion: Difficult
COMMERCIAL (GENERAL)
$21,755,000
Change: +25% · Conversion: Moderate
AUTO REPAIR, GARAGE
$19,965,000
Change: +15% · Conversion: Difficult
MEDICAL BUILDING
$19,750,000
Change: +14% · Conversion: Moderate
RETAIL STORES
$19,630,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$18,900,000
Change: +9% · Conversion: Moderate
Blend value · Realmo final
$25.84M
Range $23.25M – $28.42M · ±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
$369,281
Tax year 2023
Assessed value
$13,948,970
Assessed 2023
Previous assessed
$13,542,690
+3.0% YoY
Effective rate
2.65%
On assessed value
Land market value
$14,000,000
Improvement market value
$17,730,230
Total market value
$31,730,230
Applied tax rate
889.0000
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
1912
Heating
NONE
Buildings
6
Stories
1
Total area
65,392 SF
Lot
0.92 ac (40,000 SF)
Zoning code
CXD
APN
1N1E34BC 07600
UPID
US71-0813504
Jurisdiction
MULTNOMAH
Zoning & alternative use
CXD · Portland, OR
Zoning CXD · permitted uses
CXD · 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
$17.4M
RESTAURANT
Est. value
$22.4M
COMMERCIAL (GENERAL)
Est. value
$21.8M
AUTO REPAIR, GARAGE
Est. value
$20.0M
MEDICAL BUILDING
Est. value
$19.8M
RETAIL STORES
Est. value
$19.6M
OFFICE BUILDING
Est. value
$18.9M
APARTMENT HOUSE (5+ UNITS) Current
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
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
1912
Heating
NONE
Stories
1
Buildings
6
Lot
0.92 ac
Current owner
From public records · entity-resolved
Honeyman Lofts LLC
Entity
Free & Clear · 0 yrs held
Mailing address
2251 LINDA FLORA DR, LOS ANGELES, CA 90077-1410
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 14, 2025
—
Honeyman Lofts LLC
Fh Honeyman Lofts LLC
Deed
related
—
Oct 19, 2021
—
Fh Honeyman Lofts LLC
Honeyman Protland LLC
Special Warranty Deed
$27,000,000 · Mfi Capital LLC
Nov 7, 2008
$12,116,055
Honeyman II LLC
Sp Of Honeyman LLC
Grant Deed
$8,775,000 · Sterling Savings Bank
Jun 29, 2006
$11,000,000
Sp Of Honeyman LLC
Portland Lofts Associates
Deed Of Trust
related
$8,775,000 · Sterling Savings Bank
Aug 1, 1989
$1,702,000
Portland Lofts Assoc Ltd Partner
Unknown
Grant Deed
—
—
—
Honeyman II LLC
—
Deed Of Trust
related
$8,775,000 · Sterling Savings Bank
—
—
Portland Lofts Assoc LP
—
Deed Of Trust
related
$5,625,000 · Bank Of America Oregon
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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