Hillsboro Triplex: Investment
121 SE 8TH Ave Hillsboro, OR 97123
121 SE 8TH Ave, Hillsboro, OR, 97123
$1,049,999
For Sale
$1,049,999
MULTI_FAMILY - Hillsboro, OR
Property Size2,652 SF
Lot Size0.02 Acres
Price / SF$395.93
Days on Market173
Property Features for 121 SE 8TH Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- SCR-DNC
- Bedrooms
- 6
- Bathrooms
- 6
- Rooms
- Bedroom 2, Bathroom 3, Bedroom 3, Bedroom 6, Bathroom 5, Bathroom 1, Bedroom 1, Bathroom 6, Bedroom 4, Bedroom 5, Bathroom 2, Bathroom 4
- 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
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 #119166
(503) 929-1223
Added: Jan 30 Updated: Jul 22 at 5:03AM Checked: Jul 22 at 6:06PM
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 presents an investment opportunity in Hillsboro, situated one block from Pacific University and minutes from OHSU/Tuality Hospital, MAX, bus lines, and downtown Hillsboro. The property features three townhomes, each on its own tax lot, with each unit offering 2 bedrooms and 1.1 baths. Two units include new furnishings that come with the property. The property has been extensively updated, including a new roof in 2024, new washers, dryers, and refrigerators in 2024, and private, fully fenced yards with new Trex decking planned for 2025. Additional features include gas heating, wood-laminate flooring on the main level, and fresh interior paint throughout. There are no HOA fees. The property is suitable for investors seeking returns or owner-occupants looking to live in one unit while generating rental income from the others. It is also suitable for short term rentals. The units have separate tax ID numbers and can be sold separately. The property size is 2,652 square feet and the lot size is 0.02 acres.
Key Highlights
- Tri‑plex with 3 townhomes, each on its own tax lot (separate tax ID numbers).
- Each unit offers 2 bedrooms and 1.1 baths.
- Updated with a new roof (2024) plus new washers, dryers, and refrigerators (2024).
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.1k | $22.68 |
| − Vacancy | −$3.2k | −$1.22 |
| EGI | $56.9k | $21.46 |
| − OpEx | −$17.1k | −$6.44 |
| NOI | $39.8k | $15.02 |
2,652 SF · lease $22.68/SF/yr · vacancy 5.40% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
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FAQs
What type of property is this?
Triplex - Updated triplex in Hillsboro near Pacific University and downtown.
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: Tri‑plex with 3 townhomes, each on its own tax lot (separate tax ID numbers).; Each unit offers 2 bedrooms and 1.1 baths.; Updated with a new roof (2024) plus new washers, dryers, and refrigerators (2024).
