Townhouse-Style Triplex with Private
For Sale
$530,000
15 NE 127TH Ave, Portland, OR 97230
MULTI_FAMILY - Portland, OR
Property Size2,496 SF
Lot Size0.20 Acres
Price / SF$212.34
Days on Market493
Property Features for 15 NE 127TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 5, Bathroom 2, Bathroom 3, Bedroom 1
Elementary school
Menlo Park
Middle school
Floyd Light
High school
David Douglas
Directions
Burnside to 127th. N of Burnside. 2nd building
Subdivision
_142
Standard status
Active
APN
R173254
Size
2,496 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
GREENFIR, LOT 3
Tax Annual Amount
6629
Legal Description
GREENFIR, LOT 3
Utilities
Heating system
Baseboard
Amenities
fireplaces
in-unit washer & dryer hookups
private back patios
Building Details
Year built
1982
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Kevin Morris Realty
(503) 452-5400
Listed By:
Rachelle Kammann
(503) 314-9230
Added: Apr 8, 2025
Changed: Aug 13
Last Checked: Aug 13 at 4:06AM
MLS# 484809831
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 townhouse-style triplex offers three unit addresses: 15, 17, and 19. Each spacious unit includes cozy fireplaces, in-unit washer and dryer hookups, and private back patios for relaxing or entertaining. The property was built in 1982 and features baseboard heating and a composition roof.
Set on a 0.2-acre lot, the property totals 2,496 square feet. Zoning is R-1. The location is described as minutes from the MAX station and shopping, supporting convenient access for residents.
A 5.96 cap rate is referenced in the remarks. The listing also notes that tenants are in place, so do not disturb.
Set on a 0.2-acre lot, the property totals 2,496 square feet. Zoning is R-1. The location is described as minutes from the MAX station and shopping, supporting convenient access for residents.
A 5.96 cap rate is referenced in the remarks. The listing also notes that tenants are in place, so do not disturb.
Key Highlights
- Townhouse‑style triplex with unit addresses 15, 17, 19
- Private back patios in each unit
- Fireplaces plus in‑unit washer and dryer hookups
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
$34,783
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
6.56%
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%
$695,660
$695.7K
Cap Rate 7%
$496,900
$496.9K
Cap Rate 9%
$386,478
$386.5K
Market Conditions
NOI Build-Up for 2,496 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
$52.4K $21.00/SF
− Vacancy
−$2.7K −$1.09/SF
EGI
$49.7K $19.91/SF
− OpEx
−$14.9K −$5.97/SF
NOI
$34.8K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /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%
$695,660
Cap Rate 7%
$496,900
Cap Rate 9%
$386,478
Alternative Uses
Best Use
Multifamily LT 5
$496.9K
$434.8K – $579.7K
NOI $34,783 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$457.8K
$400.6K – $534.2K
NOI $32,049 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$700.9K
$613.3K – $817.8K
NOI $49,066 @ 7.0% cap · market cap 9.26%
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
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 97230, OR
41,562
Population
17,190
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
13.9 sq mi
ZIP Area
2,990
Density / Sq Mi
$70,582
Median Household Income
$41,102
Median Earnings
$1,511
Median Rent
$435,800
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 - Townhouse-style triplex with fireplaces, in-unit washer and dryer hookups, and private back patios on a R-1 lot.
Where is this triplex located?
The property is located at 15 NE 127TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Townhouse‑style triplex with unit addresses 15, 17, 19; Private back patios in each unit; Fireplaces plus in‑unit washer and dryer hookups
