D Street Salal Apartments 2441 SE 171st Ave 78 Unit Apartment Building $12,410,071 CAD ($159,103 CAD/Unit) 5.35% Cap Rate Portland, OR 97233

» Diversified Unit Mix Across 78 Residential Units
The 78-unit community features a varied mix of micro studios, one-bedroom, and
two-bedroom units, allowing for demand capture across multiple renter profiles and
supporting occupancy stability. An on-site commercial suite leased to New Avenues for
Youth adds a complementary income component.
» Operational Upside Through Lease-Up and Revenue Management
With in-place residential rents of approximately $87,679 per month against a market
rent potential of roughly $111,652, the property presents meaningful operational upside.
Legacy tenants from 2015–2018 are paying significantly below market, and a disciplined
lease renewal and management strategy could close this roughly $24,000 per month
gap over time without requiring capital-intensive renovations.
» Strong Transit Connectivity via TriMet FX2 and MAX Blue Line
D Street Salal sits directly on SE Division Street, served by TriMet’s FX2 Division rapid
bus line a $175 million bus rapid transit investment featuring 60-foot articulated buses
arriving every 12 minutes. The MAX Blue Line’s E 162nd Avenue station is located
nearby, providing light rail access to downtown Portland, the Lloyd District, and
employment centers stretching west to Beaverton and Hillsboro.
» Proximity to Major Portland Metro Employers and Retail Services
Residents benefit from convenient access to the Portland metro’s largest employers,
including Intel, Nike, OHSU, Providence Health, and Legacy Health, as well as Boeing’s
largest machining facility in nearby Gresham. Division Street itself provides walkable
access to neighborhood shopping, dining, and daily services, while Powell Butte Nature
Park offers over 600 acres of trails and open space minutes from the property.
» Modern Interior Finishes and Community Amenities
Units feature contemporary finishes including in unit washer/dryers, granite countertops,
and LVT (in select units) and are complemented by an on-site basketball court and
leasing office. The 2016 construction ensures modern building codes, energy efficiency,
and the type of unit quality that commands premium rents in the East Portland
submarket.
» Non-Profit Low-Income Housing Tax Exemption (NPLTE)
D Street Salal benefits from Portland’s Non-Profit Low-Income Housing Limited Tax
Exemption under ORS 307.540–307.548 and Portland City Code Chapter 3.101,
designated as Exemption Code 44 (“COP Low Income Rental Housing”) on both tax
accounts (APN R337907, R337838). This exemption significantly reduces the property’s
tax burden, enhancing net operating income and providing a meaningful advantage
over comparable market-rate assets in the submarket.