North Louie 7448 N Saint Louis Ave 12 Unit Apartment Building $1,995,000 ($166,250/Unit) 5.65% Cap Rate Portland, OR 97203

Built in 2020, North Louie is comprised of twelve units, featuring studios, one, and two-bedrooms that average 531 SF. The property is well amenitized with full kitchens, quartz countertops, stainless appliances, luxury vinyl plank flooring, washer/dryers, and air conditioning. Priced well below replacement cost, at $166,250 per-unit, this is a unique opportunity for a buyer to acquire a newly-constructed asset at the price-point of a much older building.
Tenants benefit from a quiet residential set ting in Portland’s St. Johns neighborhood, one of North Portland’s most distinctive and community-oriented areas. The property is just blocks from the heart of downtown St. Johns, where residents enjoy convenient access to trendy neighborhood restaurants, cafés, breweries, grocery options, and daily services clustered along N Lombard Street. The area is known for its small-town feel, locally owned businesses, and strong neighborhood identity.
The location is directly across the street from the popular Cathedral Park Food Carts Pod and features a Walk Score of 91 and is a Biker's Paradise, with a 94 Bike Score. It’s close to some of North Portland’s most recognizable landmarks, including St. Johns Bridge, an iconic Gothic-style suspension bridge, and Cathedral Park, a beloved riverfront park offering trails, open green space, and waterfront access along the Willamette River. Nearby Pier Park provides additional recreational amenities, including forested walking paths, sports fields, and disc golf.
With convenient access to N Lombard Street, N Columbia Boulevard, and Highway 30, the property offers efficient connectivity to Downtown Portland (15- 20 minutes away, the NW Industrial District, and the greater metro area. The location is well-served by TriMet bus lines, making it easy for residents to commute or access nearby employment centers. Combining neighborhood charm, proximity to parks and the river, and strong transportation access, this St. Johns location offers an attractive balance of livability and convenience.