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Lombard Lofts 7530 N Richmond Ave 11 Unit Apartment Building $2,300,000 ($209,091/Unit) 5.85% Cap Rate Portland, OR 97203
Investment Highlights
- Built in 2021 — minimal near-term capex exposure.
- Onsite parking and storage — untapped ancillary income opportunity.
- 100% occupied.
- St. Johns submarket benefiting from continued North Portland demand.
Executive Summary
Built in 2021, this 11-unit apartment building is located in Portland’s St. Johns neighborhood and is currently 100% occupied following a recent lease-up. The property offers a desirable unit mix consisting primarily of one-bedroom apartments, with additional upside as operations continue to stabilize.
Offered at $2,300,000 at a 5.8% stabilized cap rate, the property is competitively priced relative to recent apartment sales in St. Johns and North Portland.
Offered at $2,300,000 at a 5.8% stabilized cap rate, the property is competitively priced relative to recent apartment sales in St. Johns and North Portland.
Property Facts
| Price | $2,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $209,091 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 5.85% | Building Size | 8,375 SF |
| No. Units | 11 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2021 |
| Zoning | CM2 | ||
| Price | $2,300,000 |
| Price Per Unit | $209,091 |
| Sale Type | Investment |
| Cap Rate | 5.85% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.12 AC |
| Building Size | 8,375 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2021 |
| Zoning | CM2 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Washer/Dryer
- Heating
- Refrigerator
- Oven
- Tub/Shower
- Walk-In Closets
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $1,448 | 543 |
| 2+1 | 1 | $2,095 | - |
1 1
Moderately walkable
60/100
Fairly drivable
50/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | R324116 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $782,130 |
Property Taxes
Parcel Number
R324116
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$782,130
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