For sale

$1,800,000

Est. $11,127/mo —

•

10 ba

•

—

sq ft

8045 N Princeton St, Portland, OR 97203

About this home

Princeton Court is a 10-unit apartment community at 8045 N Princeton St, two blocks off the St. Johns town center. Every unit is the same 810 SF two-bedroom, one-bath floor plan with in-unit laundry and dishwasher, and the property is 100% occupied on a mix of fixed-term and month-to-month leases. Tenants reimburse water, sewer, and trash, and the building carries an unusually low-maintenance shell: a Duro-Last flat roof with lifetime warranty, on-demand gas hot water, solar thermal panels, insulation, and energy-efficient windows.The trailing twelve months produced $133,936 of NOI, a 7.44% cap rate on the asking price with zero vacancy. The upside is already proven in-house: one unit rents at $1,858 while four sit between $1,449 and $1,500, so a buyer reaches the $1,850 market rent, 16.8% above the current average, through ordinary turnover rather than renovation risk. A non-revenue basement studio offers additional future income.

Multi-familyProperty Type

1970Year Built

0.25 acresLot Size

10 spacesParking

Listed by Benjamin Ficker • Rarebird Real Estate

Listing updated: Sep 10, 2026 at 02:51pm

Redfin checked: 2 minutes ago

•Source:RMLS #363113754

Payment calculator

$11,127 per month

Principal and interest$9,702

Property taxes

$1,155

HOA dues

Home insurance

$270

Utilities

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Around this home

Schools

K - 12
Preschool & daycare

James John Elementary School

Public K-5 • Assigned • 0.3mi

5/10

George Middle School

Public 6-8 • Assigned • 0.9mi

5/10

Roosevelt High School

Public 9-12 • Assigned • 0.7mi

2/10

Provided by GreatSchools

About Cathedral

Park

Cathedral Park, located between St. Johns and the Willamette River, is a residential and riverside Portland neighborhood with a landmark bridge and a broad waterfront lawn. The neighborhood’s character concentrates under the Gothic arches of the St. Johns Bridge at Cathedral Park, where picnic blankets, dog walkers, and weekend events share the river breeze. Modest early-20th-century houses and small apartment courts line leafy streets that slope toward the water. The social calendar often points to Cathedral Park Jazz Festival, while nearby pillars like St. Johns Theater & Pub and Slim’s Restaurant & Bar anchor local nights out. A short climb leads to forested trails at Pier Park, adding a quiet, green counterpoint to the riverfront scene.

Provided by Walk Score and Local Logic

Property details

Interior
Exterior
Finance

Interior features
Basement crawl space
Basement storage

Bedrooms
Two-bedroom units (some units)

Bathrooms
One bathroom in unit types

Kitchen
Dishwasher
Range
Refrigerator

Laundry & utility
On-site laundry (community laundry)
Electric hot water

Heating & cooling
Baseboard heating
No central cooling

Sale and tax history for 8045 N Princeton St

Sale History
Tax History

Public record

Public record
Zoning
Permits

Beds

Baths

Stories

Lot width

—

Lot depth

—

Lot size

0.25 Acres

Year renovated

1970

Finished Sq. Ft.

3,240

Unfinished Sq. Ft.

—

Total Sq. Ft.

3,240

Year built

1970

Style

Other

County

Multnomah County

APN

R100570

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Oct 30, 2026.

RM2

Residential Multi-Dwelling 2 zone

The RM2 zone is a medium-scale multi-dwelling zone that is generally applied in and around a variety of centers and corridors that are well-served by transit. Allowed housing is characterized by buildings of up to three or four stories with a higher percentage of building coverage than in the RM1 zone, while still providing opportunities for landscaping and outdoor spaces that integrate with residential neighborhood characteristics. The major types of new housing development will be a diverse range of multi-dwelling structures and other compact housing that contribute to the intended urban scale of centers and corridors, while providing transitions in scale and characteristics to lower-scale residential neighborhoods.

Zone overlays

Design Overlay Zone

Permitted uses

Include but are not limited to:

Housing
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior

Apr 2, 2026 • Final

Plumbing

Replace the main water service line.

Plumbing

Jun 14, 2013 • Final

Electrical

Install electrical components for a solar water heating system.

Electrical

Solar

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, 14 days in 30 years

1/10 Wind Factor

Minimal risk of severe winds over next 30 years

9/10 Air Factor

12 unhealthy days expected this year, 12 days in 30 years

Provided by First Street

Historical weather

Portland, OR • 97203

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 8045 N Princeton St

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