Triplex with Covered
For Sale
$819,900
1700 NE 231ST Ct, Wood Village, OR 97060
MULTI_FAMILY - WoodVillage, OR
Property Size2,716 SF
Lot Size0.25 Acres
Price / SF$301.88
Days on Market102
Property Features for 1700 NE 231ST Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MR2
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 2, Bathroom 4, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 6, Bedroom 7, Bedroom 5, Bathroom 3, Bedroom 2
Elementary school
Salish Ponds
Middle school
Reynolds
High school
Reynolds
Directions
I-84 to Wood Village Exit 16, South on NE 238th Drive, Right on Arata Rd, Right on 231st Ct.
Subdivision
_144
Standard status
Active
APN
R140013
Size
2,716 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
COREANDER, LOT 15
Tax Annual Amount
5360
Legal Description
COREANDER, LOT 15
Utilities
Heating system
Forced Air
Amenities
washer/dryer hookup
fully fenced yard
covered patio
storage sheds
Building Details
Year built
1980
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
RE/MAX Equity Group · RE/MAX International
(503) 653-0607
Listed By:
Cindy Smith · License #201225025
(503) 703-2596
Added: May 3
Changed: Aug 1
Last Checked: Aug 12 at 1:06AM
MLS# 211596624
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.
1700 NE 231ST Ct, WoodVillage, OR 97060. This 1980 triplex sits on a 0.25-acre lot in a quiet cul-de-sac setting. The property includes 2,716 square feet and features forced air heating and a composition roof. Each one-level unit offers a washer/dryer hookup, a fully fenced yard, and a covered patio; two units also include new storage sheds for renter use. The exterior and interiors have seen notable updates, including new exterior paint in 2021, vinyl windows, and LVP flooring. One unit also features granite countertops and stainless-steel kitchen appliances.
With 7 off-street parking spaces on site, the property supports everyday tenant needs. The location provides quick access to I-84, with bus lines, public parks, and nearby dining, retail, and outlet shopping.
For investors, the seller cites a projected 2026 cap rate of 6.41. Offer terms are subject to interior inspection, and the property is occupied.
With 7 off-street parking spaces on site, the property supports everyday tenant needs. The location provides quick access to I-84, with bus lines, public parks, and nearby dining, retail, and outlet shopping.
For investors, the seller cites a projected 2026 cap rate of 6.41. Offer terms are subject to interior inspection, and the property is occupied.
Key Highlights
- MR2 zoning for this WoodVillage triplex
- 0.25‑acre lot on a quiet cul‑de‑sac
- Each one‑level unit includes a washer/dryer hookup, fully fenced yard, and covered patio
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
$39,885
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
4.86%
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%
$797,700
$797.7K
Cap Rate 7%
$569,786
$569.8K
Cap Rate 9%
$443,167
$443.2K
Market Conditions
NOI Build-Up for 2,716 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
$60.3K $22.20/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$57.0K $20.98/SF
− OpEx
−$17.1K −$6.29/SF
NOI
$39.9K $14.69/SF
Area
Multnomah County, OR
Vacancy
5.50%
Lease Rate
$22.20 /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%
$797,700
Cap Rate 7%
$569,786
Cap Rate 9%
$443,167
Alternative Uses
Best Use
Multifamily LT 5
$569.8K
$498.6K – $664.8K
NOI $39,885 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$498.2K
$435.9K – $581.2K
NOI $34,873 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$733.1K
$641.5K – $855.3K
NOI $51,318 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 97060, OR
21,792
Population
7,823
Households
2.8
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
17.5 sq mi
ZIP Area
1,245
Density / Sq Mi
$84,164
Median Household Income
$42,162
Median Earnings
$1,560
Median Rent
$425,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - MR2-zoned triplex on a quiet cul-de-sac with washer/dryer hookups, fenced yards, and covered patios.
Where is this triplex located?
The property is located at 1700 NE 231ST Ct Wood Village, OR.
What is the asking price?
The asking price for this property is $819,900.
What are key features of this property?
This property features: MR2 zoning for this WoodVillage triplex; 0.25‑acre lot on a quiet cul‑de‑sac; Each one‑level unit includes a washer/dryer hookup, fully fenced yard, and covered patio
