Updated Triplex with Fenced
For Sale
$1,049,999
121 SE 8TH Ave, Hillsboro, OR 97123
MultiFamily, Hillsboro, OR
Property Size2,652 SF
Lot Size0.02 Acres
Price / SF$395.93
Days on Market221
Property Features for 121 SE 8TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SCR-DNC
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 4, Bathroom 3, Bathroom 1, Bathroom 4, Bathroom 6, Bedroom 6, Bedroom 2, Bathroom 5, Bedroom 5
Subdivision
CPO 9 HILLSBORO/ORENCO
View
City, Territorial
Elementary school
Lincoln
Middle school
Evergreen
High school
Glencoe
Directions
E Main St (L) on SE 8th Ave ( Property On Right)
Standard status
Active
APN
R2117509
Size
2,652 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Description
THOMAS PLACE, LOT 2, ACRES 0.02-THOMAS PLACE, LOT 3, ACRES 0.02, THOMAS PLACE LOT 1, ACRES 0.02
Tax Annual Amount
2243
Legal Description
THOMAS PLACE, LOT 2, ACRES 0.02-THOMAS PLACE, LOT 3, ACRES 0.02, THOMAS PLACE LOT 1, ACRES 0.02
Utilities
Heating system
Forced Air
Building Details
Year built
2002
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Knipe Realty ERA Powered
(503) 445-7660
Listed By:
Renae Thompson · License #200511011
(503) 929-1223
Added: Jan 30
Changed: Sep 7
Last Checked: Sep 8 at 3:06AM
MLS# 108703487
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex contains three townhome-style residences totaling 2,652 square feet, with each unit configured as two bedrooms and 1.1 baths. The property was built in 2002 and has received extensive updates, including a composition roof installed in 2024, new washers, dryers, and refrigerators from 2024, fresh interior paint, and wood-laminate flooring on the main levels. Each residence has a private, fully fenced yard with Trex decking added in 2025. Gas heating and separate tax lots add practical operating flexibility, while two units include furnishings that convey with the property.
The property is located at 121 SE 8th Ave in Hillsboro, one block from Pacific University and near OHSU/Tuality Hospital, MAX and bus service, and downtown Hillsboro. The three units may be sold separately, and the layout supports rental, short-term rental, or owner-occupant arrangements. The property carries SCR-DNC zoning and has a Home Energy Score of 9.
The property is located at 121 SE 8th Ave in Hillsboro, one block from Pacific University and near OHSU/Tuality Hospital, MAX and bus service, and downtown Hillsboro. The three units may be sold separately, and the layout supports rental, short-term rental, or owner-occupant arrangements. The property carries SCR-DNC zoning and has a Home Energy Score of 9.
Key Highlights
- Three townhome‑style units, each with 2 bedrooms and 1.1 baths
- 2,652 square feet across the triplex
- Each unit occupies its own tax lot and may be sold separately
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$39,830
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$796,600
$796.6K
Cap Rate 7%
$569,000
$569.0K
Cap Rate 9%
$442,556
$442.6K
Market Conditions
NOI Build-Up for 2,652 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.1K $22.68/SF
− Vacancy
−$3.2K −$1.22/SF
EGI
$56.9K $21.46/SF
− OpEx
−$17.1K −$6.44/SF
NOI
$39.8K $15.02/SF
Area
Hillsboro, OR
Vacancy
5.40%
Lease Rate
$22.68 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$796,600
Cap Rate 7%
$569,000
Cap Rate 9%
$442,556
Alternative Uses
Best Use
Multifamily LT 5
$569.0K
$497.9K – $663.8K
NOI $39,830 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$501.4K
$438.7K – $585.0K
NOI $35,097 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$712.2K
$623.1K – $830.9K
NOI $49,851 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,922
Businesses Nearby
Explore this area
Business Placement
Demographics for 97123, OR
48,369
Population
17,685
Households
2.7
Avg Household Size
37
Median Age
36%
College-Educated
87%
High-School Grad
55.7 sq mi
ZIP Area
868
Density / Sq Mi
$105,999
Median Household Income
$50,578
Median Earnings
$1,814
Median Rent
$489,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three townhome-style residences offer separate tax lots, private outdoor areas, and flexible rental or owner-occupant use.
Where is this triplex located?
The property is located at 121 SE 8TH Ave Hillsboro, OR.
What is the asking price?
The asking price for this property is $1,049,999.
What are key features of this property?
This property features: Three townhome‑style units, each with 2 bedrooms and 1.1 baths; 2,652 square feet across the triplex; Each unit occupies its own tax lot and may be sold separately
