OWNER CARRIED FINANCING AVAILABLE WITH GREAT TERMS AND ECONOMICS. Prime Investment Opportunity at 16 SW Porter Street will not last long on the market with a $237,317 Net Operating and a 6.78% Capitalization Rate is a Fantastic Property to add to your Portfolio. This 32 Unit Apartment Complex with 31 - studios and 1 - 1bedroom / 1 bathroom is a Solid Investment Opportunity in the Heart of the Caruthers Neighborhood. Attractive Owner Carried Financing with many options. We can provide additional information on the owner carried contract availability. Most of the tenants are under a Year Lease with 6 tenants on a month to month tenancy. NEW MEMBRANE ROOF AS OF AUGUST 21, 2026 AND A NEW ENERGY STAR WATER HEATER SYSTEM INSTALLED AUGUST OF 2026. Solid rental history with many Long term Tenants. All tenants are individually metered. The Apartment Complex does have a Coin Op Washer and Dryer that Brings in an additional $5732 plus a year to add to the investment bottom line. Please feel free to drive by the apartment complex but please do not disturb the tenants. All Purchase Agreements shall be written " Subject To Interior Inspection " . There are No Signs on the property or building.
Lair Hill, located between South Waterfront and the South Park Blocks, is a historic and hillside Portland neighborhood with Victorian-era houses and a pocket of institutional landmarks. The neighborhood’s character concentrates around SW 1st Avenue and SW Hooker Street, where the I-5 edge, rail lines, and older streetscapes meet in a distinctly urban patchwork. The Oregon Museum of Science and Industry (OMSI) anchors the east side with riverfront energy and big-sky views. The Lair Hill Park blocks add a quiet green counterpoint to the surrounding arterials. Architecture shifts from ornate late-1800s homes to midcentury apartments and adaptive-reuse buildings. Streets climb and bend, creating small viewpoints and a tucked-away feel despite the central location.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Basement with storage space
Updated/remodeled condition
City view
Bedrooms
One 1-bedroom unit type available
Bathrooms
One bathroom in each unit type
Kitchen
Range
Refrigerator
Laundry & utility
Washer/dryer hookup (in some units)
Laundry facilities (community)
Heating & cooling
Wall heaters
Electric and gas fuel available
No central heating or cooling listed
Exterior features
Lap, vinyl, and wood siding
Level lot
Commons area
On busline
Public road access
Concrete/paved road surface
Home design
Multi-family property
Not attached
Built in 1913
City view
Parking
No designated parking
Security
Entry security
Fire sprinkler system
Security lights
Sidewalks
Construction
Flat membrane roof
Concrete perimeter foundation
Unreinforced masonry building status unknown
Utilities
Public water
Public sewer
Electricity and gas service
Cable and other internet service
HOA & community
Laundry available in the community
Zoned RM1
Financial info
32 total units
Unit mix: mostly small studio/1-bed units
Actual rents listed: typical unit ~$949, one larger unit ~$1,114
Gross Rent Multiplier 9.46
Cap rate 6.78
Rent includes maintenance of grounds, sewer, trash collection, and water
Electricity and solar
View estimated energy costs and solar savings for this home
The RM1 zone is a low-scale multi-dwelling zone that is generally applied in locations intended to provide a transition in scale to single-dwelling residential areas, such as the edges of mixed-use centers and civic corridors, and along or near neighborhood corridors. Allowed housing is characterized by one to three story buildings that relate to the patterns of residential neighborhoods, but at a somewhat larger scale and building coverage than allowed in the single-dwelling zones. The major types of new development will be duplexes, triplexes, rowhouses, courtyard housing, small apartment buildings, and other relatively small-scale multi-dwelling and small-lot housing types that are compatible with the characteristics of Portland's residential neighborhoods.
Permitted uses
Include but are not limited to:
Housing
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Mar 15, 2021 • Final
Mechanical
Relocate a natural gas meter.
Gas
Mar 23, 2006 • Final
Commercial building
Fire sprinkler
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
3/10 Heat Factor
7 days above 92° expected this year, 15 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
10/10 Air Factor
19 unhealthy days expected this year, 20 days in 30 years
Provided by First Street
Historical weather
Portland, OR • 97201
Average low and high temperatures (°F)
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Sun exposure
Try the sun simulator tool to see how light moves across the property at different times of day and year.
Provided by Shadowmap
Redfin Estimate for 16 SW Porter St SW
There isn’t enough information to generate an accurate estimate at this time. Learn More