Townhome-Style Triplex with Private
For Sale
$924,900
4934 NE 32ND Pl, Portland, OR 97211
MultiFamily, Portland, OR
Property Size3,348 SF
Lot Size0.10 Acres
Price / SF$276.25
Days on Market52
Property Features for 4934 NE 32ND Pl
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 4, Bathroom 3, Bedroom 1
Subdivision
CONCORDIA / ALBERTA
Elementary school
Vernon
Middle school
Vernon
High school
Jefferson
Directions
South of NE Alberta
Standard status
Active
APN
R657552
Size
3,348 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
ELBERTA, BLOCK 8, LOT 2
Tax Annual Amount
13065
Legal Description
ELBERTA, BLOCK 8, LOT 2
Amenities
private backyard
in-unit washer/dryer
Building Details
Year built
1994
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 284-7755
Listed By:
Jeff Capen · License #200308199
(503) 888-5191
Added: Aug 6
Changed: Sep 26
Last Checked: Sep 26 at 10:06AM
MLS# 324568237
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 1994 triplex contains 3 townhouse-style residences totaling 3,348 square feet. Each unit offers 2 bedrooms, 1.1 bathrooms, a living room with slider access to a private backyard, and a kitchen equipped with stainless steel appliances, an electric range, dishwasher, and built-in microwave. Bedrooms are located upstairs, with wall-to-wall carpet and a shared full bathroom featuring a tub and shower combination. Stackable washer and dryer units are provided in each residence.
Utilities are separately metered for water/sewer and electricity. Rear parking accommodates 3 cars via the alley. The property includes a new north-side fence and exterior paint, and is located in Portland’s Concordia/Alberta Arts area near coffee shops, cafes, retail, mass transportation, New Seasons, parks, and the Alberta Arts district.
Utilities are separately metered for water/sewer and electricity. Rear parking accommodates 3 cars via the alley. The property includes a new north-side fence and exterior paint, and is located in Portland’s Concordia/Alberta Arts area near coffee shops, cafes, retail, mass transportation, New Seasons, parks, and the Alberta Arts district.
Key Highlights
- 3,348‑square‑foot triplex built in 1994
- Three 2‑bedroom, 1.1‑bathroom townhouse‑style units
- Private backyard access from each living room
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
$46,656
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
5.04%
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%
$933,120
$933.1K
Cap Rate 7%
$666,514
$666.5K
Cap Rate 9%
$518,400
$518.4K
Market Conditions
NOI Build-Up for 3,348 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
$70.3K $21.00/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$66.7K $19.91/SF
− OpEx
−$20.0K −$5.97/SF
NOI
$46.7K $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%
$933,120
Cap Rate 7%
$666,514
Cap Rate 9%
$518,400
Alternative Uses
Best Use
Multifamily LT 5
$666.5K
$583.2K – $777.6K
NOI $46,656 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$614.1K
$537.4K – $716.5K
NOI $42,988 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$940.2K
$822.7K – $1.10M
NOI $65,814 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Triplex - Three separate residences offer townhouse layouts, individual utilities, and rear parking in Portland’s Alberta Arts area.
Where is this triplex located?
The property is located at 4934 NE 32ND Pl Portland, OR.
What is the asking price?
The asking price for this property is $924,900.
What are key features of this property?
This property features: 3,348‑square‑foot triplex built in 1994; Three 2‑bedroom, 1.1‑bathroom townhouse‑style units; Private backyard access from each living room
