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    Property profile & analytics

    694 Joy Ave Portland, OR 97229-5845

    • Apartment buildings
    • 0.17 lot acres
    OFF-MARKET
    Value Estimation
    $440,000
    Last Sale
    Dec 10, 2020
    $425,000
    Location Intelligence
    Property ID
    US71-0817487
    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

    • Apartment buildings

    Property Details for 694 Joy Ave

    Lot size
    0.17 lot acres
    Zone code
    RC
    Property type
    Apartment buildings
    APN
    1N133DB-05102
    APU
    1N133DB05102

    Description

    This exceptional investment opportunity presents a 1-story, 3-unit apartment building located in desirable Cedar Mill, Portland, Oregon. Boasting a 5.04% cap rate, this property offers significant potential. Each unit features 2 bedrooms and 1 bathroom, and the building includes 5 parking spaces. Recent upgrades include a new roof (2021) with a transferable 10-year warranty and new electrical panels (2022) in each unit. Unit 690 received further updates in October 2023, including fresh interior paint, new flooring, and a washer/dryer. The property sits on a large lot (7,000-9,999 sq ft) and benefits from its convenient location, with easy access to shopping, dining, and public transportation. A bus stop is just 0.2 miles away, and the MAX Light Rail Station is 2.7 miles distant. The Walk Score is 83. Importantly, this property is zoned TO:RC (Transit Oriented Retail Commercial District), presenting considerable development potential. The total square footage is 2,592, built in 1959. The property is being sold in conjunction with an additional triplex (MLS# 24553472), with the combined tax lots totaling 14,880 square feet. This is a fantastic opportunity for investors seeking strong returns and future growth potential. The asking price is $799,000. Please respect tenant privacy.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $445,000

    • CAP approach

      CAP return
      Estimation
      6%
      $405,000
      6.5%
      $425,000
      7%
      $370,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $460,000
      Geo Method
      $350,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $445,000
      Retail
      $485,000
      Mixed-Use
      $485,000
      Hospitality
      $445,000
      Educational
      $490,000
      Residential Income
      $440,000
      Energy
      $435,000
      Income-Based Land
      $380,000
      Food Service
      $405,000

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.814
    Latitude
    45.5247
    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
    $4,579
    $0.00
    $0.00
    $253,790
    -
    $99,000
    $447,840
    $546,840

    Comparable in this City

    • Value Estimation by Request
      44,590 SF

      5870 183rd Ave, Unit D

      APARTMENT HOUSE (100+ UNITS) • 44,590 SF
      5870 183rd Ave, Portland, OR 97229-3543
      View Details
    • Value Estimation by Request
      12,740 SF

      5664 183rd Ave, Unit E

      APARTMENT HOUSE (100+ UNITS) • 12,740 SF
      5664 183rd Ave, Portland, OR 97229-3504
      View Details
    • Value Estimation by Request
      45,492 SF

      280 117th Ave, Unit 303

      APARTMENT HOUSE (100+ UNITS) • 45,492 SF
      280 117th Ave, Portland, OR 97229-6591
      View Details
    • Value Estimation by Request
      112,791 SF

      16327 Canton St, Unit 303

      APARTMENT HOUSE (100+ UNITS) • 112,791 SF
      16327 Canton St, Portland, OR 97229-1252
      View Details
    • Value Estimation by Request
      172,033 SF

      455 Lost Spgs Ter, Unit 308

      APARTMENT HOUSE (100+ UNITS) • 172,033 SF
      455 Lost Spgs Ter, Portland, OR 97229-6455
      View Details
    • Value Estimation by Request
      1,276 SF

      13409 Sherry St

      APARTMENT HOUSE (5+ UNITS) • 1,276 SF
      13409 Sherry St, Portland, OR 97229-5801
      View Details

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    • New
      $989,000
      0.08 Acres

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    Similar Nearby for Lease

    • Contact for pricing
      47,050 SF

      Industrial Sublease in Corporate Park

      Industrial sublease with easy access to major transportation routes.
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    • $30 SF/Yr
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      Retail Space Available For Rent

      Retail spaces available for lease in Portland, Oregon.
      18425 West Union Rd, Portland, OR 97229
      View Details
    • Contact for pricing
      635 SF

      Retail Space in Bethany Village

      Retail space available in affluent Bethany Village Centre.
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    • $37 SF/Yr
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      Retail Space on NW Cornell

      Retail space available for lease with high traffic volume.
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    • Contact for pricing
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      Retail Space in Bethany Hub

      Prime location with high-performing anchor and strong tenant mix.
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      Bethany Village Centre Retail Space

      Prime Bethany retail space, multiple units available.
      4756 Bethany Blvd, Portland, OR 97229
      View Details
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    694 Joy Ave
    Portland, OR 97229-5845
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    Realmo Value Estimation

    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.

    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.

    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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