Triplex with Updated
For Sale
$795,000
3123 SE 31st Ave, Portland, OR 97202
MultiFamily, Portland, OR
Property Size3,046 SF
Lot Size0.09 Acres
Price / SF$260
Days on Market384
Property Features for 3123 SE 31st Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 3, Bedroom 3, Bathroom 4, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 4
Subdivision
Waverleigh/Richmond
View
City
Elementary school
Grout
Middle school
Hosford
High school
Cleveland
Directions
Division to 31st
Standard status
Active
APN
R298853
Size
3,046 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
WAVERLEIGH HTS, BLOCK 19, N 43' OF LOT 10&11
Tax Annual Amount
9257
Legal Description
WAVERLEIGH HTS, BLOCK 19, N 43' OF LOT 10&11
Utilities
Heating system
Forced Air, Zoned
Amenities
shared yard
grand front porch
stately common entrance
Building Details
Year built
1912
Floors in Building
3
Number of units
3
Roof type
Composition
Listing Agency:
KJK Properties PC
(503) 772-8825
Listed By:
Kathryn King · License #971100115
(503) 997-9035
Added: Aug 31, 2025
Changed: Sep 17
Last Checked: Sep 18 at 6:06AM
MLS# 289396741
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 3,046-square-foot triplex was built in 1912 on a 0.09-acre lot in Portland’s Richmond area. The property includes six bedrooms and four bathrooms, with forced-air and zoned heating. A composition roof and separate electrical meters serve the building, while water, sewer, and garbage are shared across the units.
Exterior features include a shared yard, covered front porch, and common entry. The attached garage is currently rented with Unit C. The property is located at 3123 SE 31st Ave in Portland, within ZIP Code 97202, and is zoned R5.
Exterior features include a shared yard, covered front porch, and common entry. The attached garage is currently rented with Unit C. The property is located at 3123 SE 31st Ave in Portland, within ZIP Code 97202, and is zoned R5.
Key Highlights
- 3,046 SF triplex on a 0.09‑acre lot
- Six bedrooms and four bathrooms
- Built in 1912 with a composition roof
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
$44,258
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
5.57%
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%
$885,160
$885.2K
Cap Rate 7%
$632,257
$632.3K
Cap Rate 9%
$491,756
$491.8K
Market Conditions
NOI Build-Up for 3,046 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
$67.6K $22.20/SF
− Vacancy
−$4.4K −$1.44/SF
EGI
$63.2K $20.76/SF
− OpEx
−$19.0K −$6.23/SF
NOI
$44.3K $14.53/SF
Area
ZIP 97202
Vacancy
6.50%
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%
$885,160
Cap Rate 7%
$632,257
Cap Rate 9%
$491,756
Alternative Uses
Best Use
Multifamily LT 5
$632.3K
$553.2K – $737.6K
NOI $44,258 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$587.1K
$513.7K – $684.9K
NOI $41,095 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$726.7K
$635.9K – $847.8K
NOI $50,868 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,544
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
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
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Frequently Asked Questions
What type of property is this?
Triplex - R5-zoned multifamily property with a shared yard, front porch, separate electrical meters, and attached garage.
Where is this triplex located?
The property is located at 3123 SE 31st Ave Portland, OR.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 3,046 SF triplex on a 0.09‑acre lot; Six bedrooms and four bathrooms; Built in 1912 with a composition roof
