Updated Quadplex with
For Sale
$1,200,000
3204 SW 10TH Ave, Portland, OR 97239
MultiFamily, Portland, OR
Property Size4,116 SF
Lot Size0.12 Acres
Price / SF$291.55
Days on Market161
Property Features for 3204 SW 10TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CS
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 4, Bathroom 6, Bathroom 3, Bedroom 6, Bathroom 2, Bedroom 4, Bathroom 5, Bedroom 3
Subdivision
HMSTD
View
City
Elementary school
Ainsworth
Middle school
West Sylvan
High school
Lincoln
Directions
SW Gibbs/SW 10th Ave
Standard status
Active
APN
R247306
Size
4,116 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
PORTLAND CITY HMSTD, BLOCK 82, LOT 8
Tax Annual Amount
16881
Legal Description
PORTLAND CITY HMSTD, BLOCK 82, LOT 8
Utilities
Heating system
Baseboard
Building Details
Year built
1953
Floors in Building
3
Number of units
4
Roof type
Membrane
Listing Agency:
Better Homes & Gardens Realty · Better Homes and Gardens Real Estate
(503) 303-4141
Listed By:
Mitchell Peterson
(503) 709-3739
Added: Mar 24
Changed: Aug 26
Last Checked: Aug 31 at 2:06AM
MLS# 433873883
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 4,116-square-foot quadplex, built in 1953, contains four residential units with updated kitchens and baths. Improvements include hardwood floors, quartz countertops, newer cabinetry, stainless steel appliances, dishwashers, stainless exhaust hoods, and high-efficiency washers and dryers. Two units have fireplaces, while newer double-pane windows, a newer hot water heater, and a roof replacement completed approximately two years ago add to the property's updated infrastructure. Cadet electric wall heaters provide unit heating, and the building has a membrane roof.
The property occupies 0.12 acres at 3204 SW 10TH Ave in Portland's 97239 ZIP code, two blocks from OHSU. Each unit has parking for two vehicles, providing eight spaces in total. The layout includes two north-facing units and two with southwest orientation, and the property is zoned CS.
The property occupies 0.12 acres at 3204 SW 10TH Ave in Portland's 97239 ZIP code, two blocks from OHSU. Each unit has parking for two vehicles, providing eight spaces in total. The layout includes two north-facing units and two with southwest orientation, and the property is zoned CS.
Key Highlights
- Four‑unit quadplex with 4,116 square feet, built in 1953
- Two blocks from OHSU at 3204 SW 10TH Ave
- Parking for two vehicles per unit, or eight total spaces
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
$57,359
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
4.78%
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%
$1,147,180
$1.1M
Cap Rate 7%
$819,414
$819.4K
Cap Rate 9%
$637,322
$637.3K
Market Conditions
NOI Build-Up for 4,116 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
$86.4K $21.00/SF
− Vacancy
−$4.5K −$1.09/SF
EGI
$81.9K $19.91/SF
− OpEx
−$24.6K −$5.97/SF
NOI
$57.4K $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%
$1,147,180
Cap Rate 7%
$819,414
Cap Rate 9%
$637,322
Alternative Uses
Best Use
Multifamily LT 5
$819.4K
$717.0K – $956.0K
NOI $57,359 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$755.0K
$660.6K – $880.8K
NOI $52,849 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,911 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,448
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
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?
Quadplex - Four-unit property near OHSU with refreshed interiors, private parking, and efficient electric wall heating.
Where is this quadplex located?
The property is located at 3204 SW 10TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four‑unit quadplex with 4,116 square feet, built in 1953; Two blocks from OHSU at 3204 SW 10TH Ave; Parking for two vehicles per unit, or eight total spaces
