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1626 SE Alder St 7 Unit Apartment Building $900,000 ($128,571/Unit) 5.81% Cap Rate Portland, OR 97214
Investment Highlights
- Prime location in one of Portland’s most walkable and desirable neighborhoods
- Strong rental demand with consistent occupancy in the submarket
- Additional storage spaces provided to tenants
- Historic character and architectural appeal that stand out in the rental market
- Additional income from two rentable garages
- Proximity to popular dining, shopping, and entertainment districts on Belmont and Hawthorne
Executive Summary
Norris & Stevens Inc., as the exclusive listing agent, is pleased to present for purchase this 7-unit multi-family property located at 1626 SE Alder Street, Portland, OR 97214. Built in 1903, the asset is comprised of five 1-bedroom/1-bath units and two studio units. Positioned in a prime pocket of Southeast Portland’s Buckman neighborhood, the property offers immediate access to the Belmont retail corridor as well as the nearby Hawthorne District, Central Eastside, and downtown Portland. The location provides excellent walkability, bike access, and connectivity to major employment and lifestyle hubs, ensuring consistent rental demand. The property also presents a value-add opportunity through unit renovations, common area improvements, and bringing rents in line with market levels. With strong fundamentals, upside potential, and a highly desirable location, 1626 SE Alder represents a rare opportunity to invest in one of Portland’s most active submarkets.
Property Facts Under Contract
| Price | $900,000 | Property Subtype | Apartment |
| Price Per Unit | $128,571 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.81% | Building Size | 4,813 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1903 |
| Zoning | R2.5 | ||
| Price | $900,000 |
| Price Per Unit | $128,571 |
| Sale Type | Investment |
| Cap Rate | 5.81% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,813 SF |
| No. Stories | 3 |
| Year Built | 1903 |
| Zoning | R2.5 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,108 | 272 |
| 1+1 | 5 | $1,153 | 484 - 490 |
Exceptionally walkable
100/100
Moderately drivable
70/100
Good public transit
70/100
Very bikeable
80/100
Property Taxes
| Parcel Number | R114331 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $424,990 |
Property Taxes
Parcel Number
R114331
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$424,990
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1626 SE Alder St
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