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D Street Salal Apartments 2441 SE 171st Ave 78 Unit Apartment Building $8,900,000 ($114,103/Unit) 5.35% Cap Rate Portland, OR 97233
Executive Summary
D Street Salal Apartments is a 78-unit (+ 1 Commercial Unit) multifamily community featuring a diversified mix of micro studios, one- and two-bedroom units that supports broad renter appeal and occupancy stability, complemented by an on-site commercial suite leased to New Avenues for Youth for additional income diversification. The property offers clear operational upside driven by below-market rents among legacy tenants, presenting an opportunity to increase revenue through strategic lease renewals and improved management without the need for capital-intensive renovations. Positioned directly on SE Division Street, the asset benefits from strong transit connectivity via TriMet’s FX2 rapid bus line and proximity to the MAX Blue Line, providing convenient access to downtown Portland and major employment hubs including Intel, Nike, OHSU, Providence Health, Legacy Health, and Boeing’s Gresham facility. Residents also enjoy walkable access to neighborhood retail and dining, as well as nearby outdoor amenities such as Powell Butte Nature Park. Built in 2016, the property features modern construction and interior finishes—including in-unit washer/dryers, granite countertops, and LVT flooring in select units—alongside community amenities such as a basketball court and on-site leasing office. Additionally, D Street Salal benefits from Portland’s Non-Profit Low-Income Housing Limited Tax Exemption (NPLTE), which significantly reduces the property’s tax burden and enhances net operating income relative to comparable market-rate assets.
Property Facts
| Price | $8,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $114,103 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.86 AC |
| Cap Rate | 5.35% | Building Size | 60,369 SF |
| No. Units | 78 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2015 |
| Property Subtype | Apartment | Parking Ratio | 0.39/1,000 SF |
| Zoning | R1 | ||
| Price | $8,900,000 |
| Price Per Unit | $114,103 |
| Sale Type | Investment |
| Cap Rate | 5.35% |
| No. Units | 78 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.86 AC |
| Building Size | 60,369 SF |
| No. Stories | 3 |
| Year Built | 2015 |
| Parking Ratio | 0.39/1,000 SF |
| Zoning | R1 |
Amenities
Unit Amenities
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- Laundry Facilities
- Playground
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | 391 |
| 1+1 | 24 | - | 574 |
| 2+1 | 42 | - | 744 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | R337838 | Improvements Assessment | $4,199,960 |
| Land Assessment | $840,670 | Total Assessment | $5,040,630 |
Property Taxes
Parcel Number
R337838
Land Assessment
$840,670
Improvements Assessment
$4,199,960
Total Assessment
$5,040,630
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D Street Salal Apartments | 2441 SE 171st Ave
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