Nob Hill Four-Unit
2356 NW WESTOVER Rd Portland, OR 97210
For Sale
$1,399,500
MULTI_FAMILY - Portland, OR
Property Size3,012 SF
Lot Size0.06 Acres
Price / SF$464.64
Days on Market143
Property Features for 2356 NW WESTOVER Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RH
Bedrooms
4
Bathrooms
4
Rooms
Bathroom 3, Bathroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 2
Standard status
Active
APN
R216410
Size
3,012 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
MEADS ADD, BLOCK 6, LOT 11 EXC N 48'
Tax Annual Amount
11724
Building Details
Year built
1898
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
MORE Realty
(503) 353-6673
Listed By:
Vladimir Zaharchook
(503) 740-9777
Added: Mar 10
Changed: Jul 30
Last Checked: Jul 30 at 5:06AM
MLS# 138105922
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 four-unit multifamily property includes four residential units and additional income from a basement office space. One unit is currently being used as a short-term rental, and photographs were taken when the property was previously operated as a short-term rental and may differ slightly from current condition.
Located in Portland’s Nob Hill area, the property is described as being just steps from the shops, restaurants, and amenities of the NW 23rd District, and as benefiting from walkability and proximity to dining, retail, parks, and transit.
Zoned RH, the offering consists of a compact site (0.06 acres) with a total property size reported as 3,012 square feet.
Located in Portland’s Nob Hill area, the property is described as being just steps from the shops, restaurants, and amenities of the NW 23rd District, and as benefiting from walkability and proximity to dining, retail, parks, and transit.
Zoned RH, the offering consists of a compact site (0.06 acres) with a total property size reported as 3,012 square feet.
Key Highlights
- 1898‑built Nob Hill four‑plex with composition roof
- 4 residential units plus additional income from a basement office space
- One unit is still being used as a short‑term rental
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 | $63.3k | $21.00 |
| − Vacancy | −$3.3k | −$1.09 |
| EGI | $60.0k | $19.91 |
| − OpEx | −$18.0k | −$5.97 |
| NOI | $42.0k | $13.94 |
3,012 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$599.6K
$524.7K – $699.6K
NOI $41,974 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$552.5K
$483.4K – $644.6K
NOI $38,674 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$845.8K
$740.1K – $986.8K
NOI $59,209 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units plus a basement office space make up this Portland quadplex.
Where is this quadplex located?
The property is located at 2356 NW WESTOVER Rd Portland, OR.
What is the asking price?
The asking price for this property is $1,399,500.
What are key features of this property?
This property features: 1898‑built Nob Hill four‑plex with composition roof; 4 residential units plus additional income from a basement office space; One unit is still being used as a short‑term rental
