Corner-Lot Multi-Family
3602 NE 134TH Ave, Portland, OR 97230
New
MULTI_FAMILY - Portland, OR
Property size:
2,388 SFLot size:
0.26 AcresPrice / SF:
$259/SF- Added:
- Jun 16, 2026
- Days on Market:
- 4
- Last Refresh:
- Jun 19 at 11:06 pm
Property Features for 3602 NE 134TH Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R7
- Bedrooms
- 5
- Bathrooms
- 4
- Rooms
- Bedroom 5, Bathroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 2, Bedroom 4, Bathroom 2
- Standard status
- Active
- APN
- R230155
- Size
- 2,388 SF
- Lot size
- 0.26 Acres
Taxes and HOA fees
- Tax Description
- OLIVANN ADD, BLOCK 2, LOT 4
- Tax Annual Amount
- 6601
Utilities
- Heating system
- Forced Air
- Cooling system
- Wall Unit(s)
Building Details
- Year built
- 1962
- Floors in Building
- 1
- Number of units
- 3
- Roof type
- Composition
Listing agent Darryn Foor (503) 740-6300
Listing office MORE Realty 9792 SW Nimbus Ave, Tigard, OR (503) 353-6673
Listing date Jun 16, 2026
MLS# 359637586
Listing URL
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.
HighLights
- Updated 3‑bedroom, 2‑bath home plus two lower‑level living spaces with private entrances
- Two kitchens and two bathrooms downstairs; can operate independently or be combined into a 2‑bed, 2‑bath unit
- Currently rented as one combined unit for $2,100/month
- New roof and electrical panel plus kitchen & bathroom updates in 2024
- Forced air heating, wall unit(s) cooling; 2 wood‑burning fireplaces
- Corner lot with attached garage, private fenced yard, covered patio, and deck
Overview
This corner-lot multi-family home includes an updated 3-bedroom, 2-bath main level plus two lower-level living spaces, each with a private entrance. The upstairs features hardwood floors, large picture windows, a skylit kitchen with breakfast bar, and a formal dining area. Downstairs, there are two kitchens (one brand new) and two bathrooms (one brand new), which can operate independently or be combined into a 2-bed, 2-bath layout. The property has been improved with a new roof and updated electrical panel, along with updated kitchens and bathrooms (2024). Additional highlights include two wood-burning fireplaces, two washers and two dryers, and an attached garage with extra storage. Outside, there is a private fenced yard with a covered patio and deck that is described as pet-ready.
Located in Portland, Oregon, on a 0.26-acre lot zoned R7, the home is positioned on a corner lot. It is described as minutes from parks, shopping, and major freeways.
The configuration supports a range of living or rental arrangements, including renting the lower spaces together, setting up separate units, or using one as short-term accommodations while keeping another as a longer-term rental. With multiple kitchens, bathrooms, and private entrances, it is designed for households that value flexibility while maintaining distinct living areas.
Located in Portland, Oregon, on a 0.26-acre lot zoned R7, the home is positioned on a corner lot. It is described as minutes from parks, shopping, and major freeways.
The configuration supports a range of living or rental arrangements, including renting the lower spaces together, setting up separate units, or using one as short-term accommodations while keeping another as a longer-term rental. With multiple kitchens, bathrooms, and private entrances, it is designed for households that value flexibility while maintaining distinct living areas.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $50.1k | $21.00 |
| − Vacancy | −$2.6k | −$1.09 |
| EGI | $47.5k | $19.91 |
| − OpEx | −$14.3k | −$5.97 |
| NOI | $33.3k | $13.94 |
2,388 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$475.4K
$416.0K – $554.6K
NOI $33,278 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$438.0K
$383.3K – $511.0K
NOI $30,662 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$670.6K
$586.8K – $782.4K
NOI $46,943 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.52494
- Latitude
- 45.549053
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Updated home offers flexible living with separate lower-level spaces and private entrances on a corner lot.
Where is this triplex located?
The property is located at 3602 NE 134TH Ave Portland, OR.
What is the asking price?
The asking price for this property is $620,000.
What are key features of this property?
This property features: Updated 3‑bedroom, 2‑bath home plus two lower‑level living spaces with private entrances; Two kitchens and two bathrooms downstairs; can operate independently or be combined into a 2‑bed, 2‑bath unit; Currently rented as one combined unit for $2,100/month
