Listed by Northmarq
Unpriced
Cassi and Lyra Apartments
Details
APN R294882, R294867
Property Type Multifamily
Sub Type Apartment Building
Square Footage 45,335
Units 73
NOI $790,795
Occupancy 94.52%
Tenancy Multi
Pro-Forma Cap Rate 6.00%
Pro-Forma NOI $850,294
Class B
Year Built 2016
Buildings 2
Stories 4
Acreage 0.460
Parking Spaces 19 spaces
Parking Per SqFt 0.42
Investment Type Stabilized
Boutique Mixed-Use Infill within a Walkable Killingsworth/Alberta Corridor
Marketing description
The Cassi & Lyra Apartments portfolio represents a rare opportunity to acquire two boutique, design-forward multifamily assets in the heart of Northeast Portland's most vibrant and supply-constrained neighborhoods. With modern construction, strong in-place rents, and embedded retail activation, the portfolio offers immediate cash flow with upside through operational efficiencies and rent growth. This is a scalable urban infill investment positioned to benefit from Portland's enduring demand for walkable, lifestyle-oriented housing.
Investment highlights
- Acquire a paired portfolio of boutique, walkable, urban multifamily assets in one of Northeast Portland's strongest, amenity rich rental submarkets
- Scale through aggregation (small assets combined into efficient operating footprint)
- Strong in-place rents with upside
- High-demand, walkable urban locations
- Modern construction (low capex relative to vintage assets)
- Walkable access to Killingsworth & Alberta retail corridors
- Proximity to major employers and the Central Eastside
- Surrounded by top local dining destinations
- Strong bike/transit connectivity
- Dense concentration of restaurants, nightlife, and boutique retail
- Located between UofO Portland and PCC Cascade campuses
- Boutique (small-unit count, curated feel)
- Efficient floor plans (studios / 1BR)
- Design-forward interiors (modern finishes, natural light, tall ceilings)
- Attainable price point (not luxury high-rise, not workforce housing)
- Broad renter pool strong occupancy resilience
- High rent per SF due to efficient layouts
- Mark-to-market on turnover
- Project based dynamic pricing implementation
- Lease trade-out optimization
- Minor unit upgrades and refresh opportunity to common areas and select units
- Parking monetization - Parking rent below market
- Pet rent (already implemented but can be optimized)
- RUBS income growth
- Centralized leasing strategy
- Expense ratio compression
- Utility bill-back / RUBS (if not fully realized)
- Limited supply of small, design-forward assets
- Higher tenant retention and pricing power vs commodity apartments
- Ground-floor retail creates built-in foot traffic, enhanced tenant experience, and additional income stream diversity
- Lyra (2020 vintage) and Cassi (2016 vintage) result in lower near-term capital expenditure vs older Portland housing stock
- Zoning + neighborhood opposition limit large-scale development
- Boutique infill like this is difficult to replicate at current construction costs
- Portland's current pipeline has no significant new units under application
Listing Contacts
Listed by Northmarq
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$790,795.00
$65,899.58/mo
Valuation Metrics
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Cap Rate
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ROI
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Zoning
CM2 MixedMixed UseCommercial Mixed Use 2
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View all 31 uses
View all 31 uses Last updated May 8, 2026 For deeper zoning details, reports are available at Zoneomics
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