3485 SW 87th Ave · West Slope, OR 97225

$6,400,000

1584 bd · 1332.0 ba · 25,150 sqft · MultiFamily · 37 Days on market

Built 1969 Good condition 0.98 ac lot

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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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +6.3/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 36 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

The West Slope Apartments is a well-maintained 36-unit multifamily community located in desirable Washington County, offering investors a proven track record of stable operations and long-term ownership since 2007. The property has benefited from significant capital improvements, including new vinyl windows, several new roofs, and all new electrical panels, helping minimize deferred maintenance and support long-term performance. With a strong history of high occupancy and consistent income, West Slope Apartments presents an attractive opportunity in one of the Portland metro area’s most established and resilient rental markets. Listing Broker is partial owner of the property. Please do not disturb residents.

Key facts

• Consistent income
• New roofs
• New vinyl windows

Tags

• 36 UNIT MULTIFAMILY COMMUNITY
• NEW VINYL WINDOWS
• NEW ROOFS
• NEW ELECTRICAL PANELS
• HIGH OCCUPANCY
• CONSISTENT INCOME

What this means for you Summary

Snapshot

• This is a 36 × 44-bed/37.0-bath units multifamily listed at $6.40M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $19k ($232k/yr) — positive. Per door: $536/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($80k rent vs $6.40M).
• Recommended offer: $6.21M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 2.3% in West Slope — 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 84/100 on livability (#31 in OR, #767 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living F.
• Beaverton SD 48J (urban): math 68% / reading 76% proficiency, ranked #3 of 58 in OR (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents flat; 131 active listings in the ZIP; high-income renter base; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).
• At $80,433/mo this rent would consume 842% of the median local household income ($115k/yr) (locally 1717% 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 $44k of loan paydown is wiped out by about $192k of value loss. Plan a longer hold.
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($6.21M) is reasonable based on typical stale-listing flexibility.

Recommended offer $6,208,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 1.26% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.93%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.68% rent growth · sell at horizon

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $10,687
• Equity at exit: $954,261

10-year hold

• IRR: 7.3%
• Equity multiple: 1.49×
• Total profit: $879,332
• Equity at exit: $553,355

Cash invested: $1,792,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

SB608 (2019): statewide rent cap (7% + CPI) and just-cause for tenancies > 1 yr. Portland has relocation assistance ordinance.

Methodology + full state rankings →

ZIP-level market 97225

• Rents YoY: 0.7%
• Active inventory: 131
• Price-to-rent: 238.7×

Monthly cashflow live

• Estimated rent: $80,433 medium
• Mortgage (P&I): −$33,562
• Tax est. 1.5%: −$8,000 /mo · $96,000/yr
• Insurance: −$2,667
• HOA: −$0
• Vacancy / Maint / Mgmt: −$16,891
• Net cashflow: $19,313

Break-even live

Break-even rent $55,986

Max offer price $6,400,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 36× units	44	37	$80,424
Total (36 units)			$80,433

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: $1,600,000
• Closing costs: $192,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $6,400,000 Active 37 DOM
2. 2026-06-17
   days on market $6,400,000 Active 36 DOM
3. 2026-06-16
   days on market $6,400,000 Active 35 DOM
4. 2026-06-15
   days on market $6,400,000 Active 34 DOM
5. 2026-06-13
   days on market $6,400,000 Active 32 DOM
6. 2026-06-09
   days on market $6,400,000 Active 28 DOM
7. 2026-06-08
   pricedays on market $6,400,000 Active 27 DOM
8. 2026-06-07
   days on market $6,700,000 Active 26 DOM
9. 2026-06-05
   days on market $6,700,000 Active 23 DOM
10. 2026-06-03
    days on market $6,700,000 Active 22 DOM
11. 2026-06-02
    days on market $6,700,000 Active 21 DOM
12. 2026-06-01
    days on market $6,700,000 Active 20 DOM
13. 2026-05-31
    days on market $6,700,000 Active 19 DOM
14. 2026-05-12
    listed $6,700,000 Active 723-char remark

    Show marketing remark (723 chars)

    The West Slope Apartments is a well-maintained 36-unit multifamily community located in desirable Washington County, offering investors a proven track record of stable operations and long-term ownership since 2007. The property has benefited from significant capital improvements, including new vinyl windows, several new roofs, and all new electrical panels, helping minimize deferred maintenance and support long-term performance. With a strong history of high occupancy and consistent income, West Slope Apartments presents an attractive opportunity in one of the Portland metro area’s most established and resilient rental markets. Listing Broker is partial owner of the property. Please do not disturb residents.

ⓘ 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 ≥91°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $965,196
• − Mortgage interest: −$358,500
• − Property taxes: −$96,000
• − Insurance: −$32,000
• − Repairs & maintenance: −$77,216
• − Management: −$77,216
• − Depreciation: −$186,182
• Taxable income: $138,083
• Est. tax owed @ 24.0%: −$33,140
• After-tax cash flow: $198,617/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 · 4 photos

Good 80/100 Cosmetic rehab

The West Slope Apartments is a well-maintained 36-unit multifamily community with new windows and electrical panels, presenting a strong opportunity for investors in the Portland metro area.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Landscaping — Improves curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Landscaping — Improves curb appeal 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: Beaverton SD 48J
• NCES district ID: 4101920
• Math proficiency: 68% ▲ 14.00%
• Reading proficiency: 76% ▲ 11.00%
• Median HH income: $67,966
• Composite: 62.72/100
• National rank: #672
• State rank: #3 of 58 in OR

Livability — West Slope

• Score: 84/100
• State rank: #31
• US rank: #767

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Slope, OR
• County: Washington County · 583,254 people
• City population: 25,869
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 25,869
• Household income: $114,598
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 1717.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 674,042 people
• By 2030: 721,804 · +7.1%
• By 2040: 812,732 · +20.6%
• By 2050: 895,143 · +32.8%
• By 2075: 1,058,806 · +57.1%
• By 2100: 1,131,692 · +67.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 9% Two or more races 8% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 6% Portuguese 4% Romanian 3%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Washington

• 2024 margin: Solid D (+34.0) · D 65.3% · R 31.3% · Other 3.4%
• 2008→2024 swing: +11.8pp toward D · 2008: 22.1pp · 2024: 34.0pp
• All cycles: 2024: D+34.0 2020: D+34.6 2016: D+26.7 2012: D+17.5 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -519.95%
• Current HPI: 301.2247
• Rent YoY: ▲ 0.68%
• 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

• 2026-05-12 Listed $6,700,000 RMLS