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1647 NE Market Dr 3 Unit Apartment Building $1,027,500 CAD ($342,500 CAD/Unit) 6.83% Cap Rate Fairview, OR 97024
Investment Highlights
- 100% Occupied – Stable, long-term tenants
- Located within Fairview’s downtown redevelopment zone
- Newer construction with updated systems throughout
Executive Summary
Fully leased and ready to go, this newer-construction mixed-use investment delivers steady, reliable cash flow with modern systems and minimal maintenance requirements. The ground-floor retail storefront is occupied by a popular local florist with a long tenant history, while the two side-by- side residential units (a spacious 3-bedroom and a stylish 1-bedroom) each feature private garages — a rare and desirable amenity for tenants in this growing submarket.
Located within the Downtown Fairview redevelopment corridor, this property is well-positioned to benefit from the city’s ongoing efforts to revitalize the area with new restaurants, retail, public amenities, and housing. Fairview continues to experience steady population growth of about 1% annually, and home values have outpaced much of Multnomah County. This combination of population and value growth underscores the area’s rising profile and long-term investment appeal.
Its prime location near NE Halsey Street offers excellent visibility and walkability, while I-84 access and proximity to I-205 ensure convenience for both commercial and residential occupants.
This is a true turnkey opportunity, with newer systems, strong tenancy, and a proven rental history, perfect for investors seeking dependable returns and future appreciation potential in one of East Multnomah County’s most promising growth areas.
Located within the Downtown Fairview redevelopment corridor, this property is well-positioned to benefit from the city’s ongoing efforts to revitalize the area with new restaurants, retail, public amenities, and housing. Fairview continues to experience steady population growth of about 1% annually, and home values have outpaced much of Multnomah County. This combination of population and value growth underscores the area’s rising profile and long-term investment appeal.
Its prime location near NE Halsey Street offers excellent visibility and walkability, while I-84 access and proximity to I-205 ensure convenience for both commercial and residential occupants.
This is a true turnkey opportunity, with newer systems, strong tenancy, and a proven rental history, perfect for investors seeking dependable returns and future appreciation potential in one of East Multnomah County’s most promising growth areas.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$101,024
|
$23.21
|
| Other Income |
$2,439
|
$0.56
|
| Vacancy Loss |
$5,173
|
$1.19
|
| Effective Gross Income |
$98,289
|
$22.58
|
| Taxes |
$14,352
|
$3.30
|
| Operating Expenses |
$13,797
|
$3.17
|
| Total Expenses |
$28,149
|
$6.47
|
| Net Operating Income |
$70,140
|
$16.11
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $101,024 |
| Annual Per SF | $23.21 |
| Other Income (CAD) | |
|---|---|
| Annual | $2,439 |
| Annual Per SF | $0.56 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $5,173 |
| Annual Per SF | $1.19 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $98,289 |
| Annual Per SF | $22.58 |
| Taxes (CAD) | |
|---|---|
| Annual | $14,352 |
| Annual Per SF | $3.30 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $13,797 |
| Annual Per SF | $3.17 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $28,149 |
| Annual Per SF | $6.47 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $70,140 |
| Annual Per SF | $16.11 |
Property Facts
| Price | $1,027,500 CAD | Building Class | B |
| Price Per Unit | $342,500 CAD | Lot Size | 0.07 AC |
| Sale Type | Investment | Building Size | 4,353 SF |
| Cap Rate | 6.83% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.45 | No. Stories | 3 |
| No. Units | 3 | Year Built | 2005 |
| Property Type | Multifamily | Parking Ratio | 1.84/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | FV | ||
| Price | $1,027,500 CAD |
| Price Per Unit | $342,500 CAD |
| Sale Type | Investment |
| Cap Rate | 6.83% |
| Gross Rent Multiplier | 10.45 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.07 AC |
| Building Size | 4,353 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2005 |
| Parking Ratio | 1.84/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | FV |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Range
- Carpet
- Dining Room
- Double Pane Windows
- Office
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $2,432 CAD | 837 - 1,248 |
| 3+3 | 1 | $3,555 CAD | 2,268 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,520,252 CAD (2025) | |
| Land Assessment | $0 CAD (2025) | Annual Taxes | $14,352 CAD ($3.30 CAD/SF) |
| Improvements Assessment | $0 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$0 CAD (2025)
Improvements Assessment
$0 CAD (2025)
Total Assessment
$2,520,252 CAD (2025)
Annual Taxes
$14,352 CAD ($3.30 CAD/SF)
Tax Year
2026
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1647 NE Market Dr
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