Four-Unit Multifamily
For Sale
$1,399,500
2356 NW WESTOVER Rd, Portland, OR 97210
MultiFamily, Portland, OR
Property Size3,012 SF
Lot Size0.06 Acres
Price / SF$464.64
Days on Market193
Property Features for 2356 NW WESTOVER Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RH
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 4, Bedroom 1, Bathroom 3, Bedroom 4
Subdivision
NOB HILL / WESTERLY
View
City
Elementary school
Chapman
Middle school
West Sylvan
High school
Lincoln
Directions
corner of Everett and Westover
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
Legal Description
MEADS ADD, BLOCK 6, LOT 11 EXC N 48'
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: Sep 18
Last Checked: Sep 18 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 fourplex contains four residential units within a 3,012-square-foot property built in 1898. The building also includes a basement office that generates additional income, while one residential unit continues to operate as a short-term rental. A composition roof serves the structure, and the property is zoned RH.
Located at 2356 NW Westover Rd in Portland’s Nob Hill area, the property is near the NW 23rd District’s shops, restaurants, retail, parks, and transit. Its position within the 97210 postal area places the building in a walkable neighborhood setting with established rental demand described in the property information.
Located at 2356 NW Westover Rd in Portland’s Nob Hill area, the property is near the NW 23rd District’s shops, restaurants, retail, parks, and transit. Its position within the 97210 postal area places the building in a walkable neighborhood setting with established rental demand described in the property information.
Key Highlights
- Four residential units in a 3,012‑square‑foot multifamily property
- Basement office provides an additional income source
- One unit remains in use as a short‑term rental
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
$41,974
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
3.00%
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%
$839,480
$839.5K
Cap Rate 7%
$599,629
$599.6K
Cap Rate 9%
$466,378
$466.4K
Market Conditions
NOI Build-Up for 3,012 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
$63.3K $21.00/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$60.0K $19.91/SF
− OpEx
−$18.0K −$5.97/SF
NOI
$42.0K $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%
$839,480
Cap Rate 7%
$599,629
Cap Rate 9%
$466,378
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
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,343
Businesses Nearby
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units are complemented by a basement office and one short-term rental unit.
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: Four residential units in a 3,012‑square‑foot multifamily property; Basement office provides an additional income source; One unit remains in use as a short‑term rental
