4024 NE 6th Ave · Portland, OR 97212

$1,639,000

121 bd · 121.0 ba · 12,247 sqft · MultiFamily · 38 Days on market

Built 1910 Fair condition 10,018 sqft lot $134/sqft · 52% below area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 11 units. estimate disagrees with records

Listing remarks MLS

The NE 6th Ave Apartments is an 11-unit multifamily asset located in Portland’s desirable close-in Northeast submarket. Originally constructed in 1910, the property features classic early-20th century architecture with strong in-place income and attractive going-in fundamentals. The unit mix includes a combination of studios, one-bedroom, and larger two- and three-bedroom units, offering broad tenant appeal. As of April 2026, the property generates $15,405/month in rental income, with additional upside potential through operational efficiencies and organic rent growth. The asset includes a large unfinished basement and attic, providing potential for future revenue-generating improvements such as storage or bike parking, or other creative ideas (buyer to verify feasibility).Situated on a 0.23-acre lot, the property benefits from a unique, community-oriented setting with open space and garden areas - an uncommon feature for close-in Northeast Portland assets. The NE 6th Ave Apartments present investors with a stable, in-place income-producing opportunity at an attractive basis in one of Portland’s most desirable rental locations.

Key facts

• Garden areas
• Large attic
• 0.23 acre lot

Tags

• 11 UNIT MULTIFAMILY ASSET
• LARGE UNFINISHED BASEMENT
• LARGE ATTIC
• GARDEN AREAS
• DESIRABLE RENTAL LOCATION

🏷️ Possibly a rental listed for sale. The $1,639,000 price doesn't fit this home's estimated sale value (~$3,399,731) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 11 × 1-bed/1-bath units multifamily listed at $1.64M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $584/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.64M).
• Recommended offer: $1.59M (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 2.2% in Portland — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 129 active listings in the ZIP; high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $22,470/mo this rent would consume 204% of the median local household income ($132k/yr) (locally 1001% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $49k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $459k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($1.59M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,589,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.37% ✓
• Cap rate: 11.00%
• Cash-on-cash: 16.80%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $3,399,731
• List price: $1,639,000
• Delta: -51.79%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 8.6%
• Equity multiple: 1.34×
• Total profit: $155,065
• Equity at exit: $244,380

10-year hold

• IRR: 18.2%
• Equity multiple: 2.55×
• Total profit: $709,429
• Equity at exit: $141,711

Cash invested: $458,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97212

• Rents YoY: 3.5%
• Active inventory: 129
• Price-to-rent: 66.9×

Monthly cashflow live

• Estimated rent: $22,470 high
• Mortgage (P&I): −$8,595
• Tax est. 1.5%: −$2,049 /mo · $24,585/yr
• Insurance: −$683
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,719
• Net cashflow: $6,425

Break-even live

Break-even rent $14,338

Max offer price $1,639,000

Occupancy floor 66%

Sensitivity live

Price	-10% $7,557	-5% $6,991	+0% $6,425	+5% $5,858	+10% $5,292
Rent	-10% $4,649	-5% $5,537	+0% $6,425	+5% $7,312	+10% $8,200
Rate	-1.0pp $7,250	-0.5pp $6,841	base $6,425	+0.5pp $6,000	+1.0pp $5,568

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	1	1	$22,473
Total (11 units)			$22,470

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $409,750
• Closing costs: $49,170
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $1,639,000 Active 38 DOM
2. 2026-06-18
   days on market $1,639,000 Active 35 DOM
3. 2026-06-17
   days on market $1,639,000 Active 34 DOM
4. 2026-06-16
   days on market $1,639,000 Active 33 DOM
5. 2026-06-15
   days on market $1,639,000 Active 32 DOM
6. 2026-06-13
   days on market $1,639,000 Active 30 DOM
7. 2026-06-09
   days on market $1,639,000 Active 26 DOM
8. 2026-06-08
   days on market $1,639,000 Active 25 DOM
9. 2026-06-07
   days on market $1,639,000 Active 24 DOM
10. 2026-06-03
    days on market $1,639,000 Active 20 DOM
11. 2026-06-02
    days on market $1,639,000 Active 19 DOM
12. 2026-06-01
    days on market $1,639,000 Active 18 DOM
13. 2026-05-31
    days on market $1,639,000 Active 17 DOM
14. 2026-05-14
    listed $1,639,000 Active 1157-char remark

    Show marketing remark (1157 chars)

    The NE 6th Ave Apartments is an 11-unit multifamily asset located in Portland’s desirable close-in Northeast submarket. Originally constructed in 1910, the property features classic early-20th century architecture with strong in-place income and attractive going-in fundamentals. The unit mix includes a combination of studios, one-bedroom, and larger two- and three-bedroom units, offering broad tenant appeal. As of April 2026, the property generates $15,405/month in rental income, with additional upside potential through operational efficiencies and organic rent growth. The asset includes a large unfinished basement and attic, providing potential for future revenue-generating improvements such as storage or bike parking, or other creative ideas (buyer to verify feasibility).Situated on a 0.23-acre lot, the property benefits from a unique, community-oriented setting with open space and garden areas - an uncommon feature for close-in Northeast Portland assets. The NE 6th Ave Apartments present investors with a stable, in-place income-producing opportunity at an attractive basis in one of Portland’s most desirable rental locations.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $269,640
• − Mortgage interest: −$91,809
• − Property taxes: −$24,585
• − Insurance: −$8,195
• − Repairs & maintenance: −$21,571
• − Management: −$21,571
• − Depreciation: −$47,680
• Taxable income: $54,228
• Est. tax owed @ 24.0%: −$13,015
• After-tax cash flow: $64,080/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 11-unit multifamily property requires moderate renovations to its kitchens, bathrooms, exterior, and flooring. A fresh paint job and landscaping improvements would significantly enhance its curb appeal and increase both resale and rental value.

Repairs flagged

• Major kitchen appliances — outdated and worn
• Major bathroom fixtures — dated and worn
• Major exterior paint — peeling and worn
• Major flooring — worn and damaged
• Major interior paint — yellow walls and peeling paint

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value
• Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value
• Both exterior paint job — a fresh paint job would improve curb appeal and increase both resale and rental value
• Both landscaping — trimming and maintaining the landscaping would improve curb appeal and increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · outdated and worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
exterior paint · peeling and worn	Major	$15,000–50,000
flooring · worn and damaged	Major	$15,000–50,000
interior paint · yellow walls and peeling paint	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value ↑
• Both exterior paint job — a fresh paint job would improve curb appeal and increase both resale and rental value ↑
• Both landscaping — trimming and maintaining the landscaping would improve curb appeal and increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A Housing B+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 28,042
• Household income: $131,932
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 1001.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 11% Hispanic / Latino 9% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1048.78%
• Current HPI: 312.3989
• Rent YoY: ▲ 3.49%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

1 event — show timeline

• 2026-05-14 Listed $1,639,000 RMLS