Three-Unit Multifamily
For Sale
$735,000
3510/3512 SW 10TH Ave, Portland, OR 97239
MultiFamily, Portland, OR
Property Size2,496 SF
Lot Size0.12 Acres
Price / SF$294.47
Days on Market163
Property Features for 3510/3512 SW 10TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1
Subdivision
HOMESTEAD
Elementary school
Ainsworth
Middle school
West Sylvan
High school
Lincoln
Directions
Gibbs or Gaines to SW 11th, East on Curry. Continue right. Property is on the top left.
Standard status
Active
APN
R247192
Size
2,496 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
PORTLAND CITY HMSTD, BLOCK 49, LOT 7
Tax Annual Amount
9844
Legal Description
PORTLAND CITY HMSTD, BLOCK 49, LOT 7
Utilities
Heating system
Forced Air
Amenities
fireplace
basement storage
Building Details
Year built
1952
Floors in Building
2
Number of units
3
Roof type
Flat
Listing Agency:
Opt
(425) 760-5483
Listed By:
Drew Coleman · License #200109070
(503) 908-4908
Added: Apr 9
Changed: Sep 17
Last Checked: Sep 18 at 1:06AM
MLS# 257493054
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.
Located at 3510/3512 SW 10TH Ave in Portland, this 2,496-square-foot multifamily property contains three 1BD/1BA units. Each residence has a full kitchen, living room with a fireplace, parking, and basement storage. The building was constructed in 1952, features forced-air heating and a flat roof, and sits on a 0.12-acre lot.
The property is in SW Portland near OHSU, Doernbecher Children's Hospital, and the VA Medical Center. Marquam Park trails and Council Crest are also identified as nearby neighborhood amenities. R1 zoning applies to the property.
The property is in SW Portland near OHSU, Doernbecher Children's Hospital, and the VA Medical Center. Marquam Park trails and Council Crest are also identified as nearby neighborhood amenities. R1 zoning applies to the property.
Key Highlights
- Three 1BD/1BA units in a 2,496‑square‑foot multifamily property
- Each unit includes a full kitchen, fireplace, parking, and basement storage
- 0.12‑acre lot at 3510/3512 SW 10TH Ave, Portland, OR 97239
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
$34,783
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
4.73%
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%
$695,660
$695.7K
Cap Rate 7%
$496,900
$496.9K
Cap Rate 9%
$386,478
$386.5K
Market Conditions
NOI Build-Up for 2,496 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
$52.4K $21.00/SF
− Vacancy
−$2.7K −$1.09/SF
EGI
$49.7K $19.91/SF
− OpEx
−$14.9K −$5.97/SF
NOI
$34.8K $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%
$695,660
Cap Rate 7%
$496,900
Cap Rate 9%
$386,478
Alternative Uses
Best Use
Multifamily LT 5
$496.9K
$434.8K – $579.7K
NOI $34,783 @ 7.0% cap · market cap 4.73%
Second Best
Apartment 5plus
$457.8K
$400.6K – $534.2K
NOI $32,049 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$700.9K
$613.3K – $817.8K
NOI $49,066 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
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
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?
Triplex - Three one-bedroom units include full kitchens, fireplaces, parking, and basement storage.
Where is this triplex located?
The property is located at 3510/3512 SW 10TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Three 1BD/1BA units in a 2,496‑square‑foot multifamily property; Each unit includes a full kitchen, fireplace, parking, and basement storage; 0.12‑acre lot at 3510/3512 SW 10TH Ave, Portland, OR 97239
