4-Unit Townhome-Style
For Sale
$1,549,900
3138 NE 72nd Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size3,629 SF
Lot Size0.11 Acres
Price / SF$427.09
Days on Market161
Property Features for 3138 NE 72nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R5
Bedrooms
6
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 6, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 5, Bathroom 7, Bathroom 9, Bathroom 4, Bathroom 8, Bedroom 4
Subdivision
ROSEWAY
Elementary school
Jason Lee
Middle school
Roseway Heights
High school
Leodis McDaniel
Directions
Sandy Blvd to NE 72nd Ave
Standard status
Active
APN
New Construction
Size
3,629 SF
Lot size
0.11 Acres
Utilities
Cooling system
Heat Pump
Amenities
private fenced patio and yard space
mini split heating and cooling
low maintenance landscaping
Building Details
Year built
2026
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Mar 17
Changed: Aug 24
Last Checked: Aug 24 at 2:06PM
MLS# 695188748
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 3,629-square-foot quadplex is under construction and is scheduled for completion in 2026. The attached property contains four townhome-style residences, each with two bedrooms and 2.1 bathrooms. Interior plans include open main-level living areas, high ceilings, peninsula kitchens with solid-surface counters, stainless steel appliances, custom cabinetry, and an upstairs laundry area. Each bedroom has its own ensuite bathroom. Heat-pump systems provide heating and cooling, while private fenced patios and yard areas serve each residence. The rear unit includes a larger yard, and the property also features low-maintenance landscaping.
The 0.11-acre property is located at 3138 NE 72nd Ave in Portland’s Roseway neighborhood. Nearby destinations identified for the area include Roseway and Glenhaven Parks, Rocky Butte Natural Area, Roseway Theater, The People’s Courts, Case Study Coffee, and New Seasons Market. The property is also described as having access to I-84 and public transit, with close-in PDX nearby.
The 0.11-acre property is located at 3138 NE 72nd Ave in Portland’s Roseway neighborhood. Nearby destinations identified for the area include Roseway and Glenhaven Parks, Rocky Butte Natural Area, Roseway Theater, The People’s Courts, Case Study Coffee, and New Seasons Market. The property is also described as having access to I-84 and public transit, with close-in PDX nearby.
Key Highlights
- Four attached townhome‑style units totaling 3,629 square feet
- Each residence includes 2 bedrooms and 2.1 bathrooms
- Unit sizes range from ~880 to 980 sqft
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
$50,572
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
3.26%
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%
$1,011,440
$1.0M
Cap Rate 7%
$722,457
$722.5K
Cap Rate 9%
$561,911
$561.9K
Market Conditions
NOI Build-Up for 3,629 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
$76.2K $21.00/SF
− Vacancy
−$4.0K −$1.09/SF
EGI
$72.2K $19.91/SF
− OpEx
−$21.7K −$5.97/SF
NOI
$50.6K $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%
$1,011,440
Cap Rate 7%
$722,457
Cap Rate 9%
$561,911
Alternative Uses
Best Use
Multifamily LT 5
$722.5K
$632.2K – $842.9K
NOI $50,572 @ 7.0% cap · market cap 3.26%
Second Best
Apartment 5plus
$665.7K
$582.5K – $776.6K
NOI $46,596 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$1.02M
$891.7K – $1.19M
NOI $71,338 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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?
Quadplex - Under-construction R5 property with private outdoor areas, ensuite bedrooms, and efficient heat-pump systems in Portland’s Roseway neighborhood.
Where is this quadplex located?
The property is located at 3138 NE 72nd Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,549,900.
What are key features of this property?
This property features: Four attached townhome‑style units totaling 3,629 square feet; Each residence includes 2 bedrooms and 2.1 bathrooms; Unit sizes range from ~880 to 980 sqft
