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    Portland Fourplex in Montavilla Title is generated by Realmo AI

    606 NE 72ND Ave, Portland, OR 97213

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    Claim this Listing
    For Sale
    $799,500

    MULTI_FAMILY - Portland, OR

    Property size:
    3,014 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $265/SF
    Added:
    Jul 17, 2025
    Days on Market:
    319
    Last Refresh:
    May 31 at 1:06 am

    Property Features for 606 NE 72ND Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R2.5
    Bedrooms
    6
    Bathrooms
    6
    Rooms
    Bathroom 5, Bathroom 3, Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 6, Bathroom 6, Bathroom 4
    Standard status
    Active
    APN
    R119352
    Size
    3,014 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Description
    BRAINARD, BLOCK 2, LOT 12&13, N 1/2 OF LOT 14
    Tax Annual Amount
    7211

    Utilities

    Heating system
    Radiant, Forced Air, Baseboard

    Building Details

    Year built
    1959
    Floors in Building
    2
    Number of units
    4
    Roof type
    Composition

    We can help!

    Listing Contact
    Jeff Stephens

    Listing agent Jeff Stephens License #201237728

    Listing office MORE Realty 9792 SW Nimbus Ave, Tigard, OR

    Listing date Jul 17, 2025

    MLS# 206315961 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

    • Value‑add investment opportunity or owner‑occupied potential in Montavilla.
    • Four‑plex is fully occupied.
    • Large lot with ample off‑street parking.
    • Three units have private basements with bonus room and W/D hookups.
    • Approximately 75% of windows are double‑pane vinyl.
    • Seller to provide credit at closing for roof repair.

    Overview

    This fourplex is located on a large lot in the Montavilla neighborhood. The property is fully occupied with below-market rents, presenting a value-add investment opportunity or an owner-occupied investment. The three main floor units include an interior staircase to their private basement area, which features a bonus room and utility room with washer and dryer hookups. Hardwood floors are located beneath the carpets on the main level. Approximately 75% of the windows have been replaced with double-pane vinyl. The property has ample off-street parking. The lot size is 0.14 acres and the property size is 3014 square feet. The zoning is R2.5.

    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 $63.3k $21.00
    − Vacancy −$3.3k −$1.09
    EGI $60.0k $19.91
    − OpEx −$18.0k −$5.97
    NOI $42.0k $13.94
    3,014 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $600.0K
    $525.0K – $700.0K (±1% cap)
    NOI $42,002 @ 7.0% cap · market cap 5.25%
    Second Best
    Apartment 5plus
    $552.9K
    $483.8K – $645.0K (±1% cap)
    NOI $38,700 @ 7.0% cap · market cap 4.84%
    Theoretical Best
    Office A
    $846.4K
    $740.6K – $987.5K (±1% cap)
    NOI $59,248 @ 7.0% cap · market cap 7.41%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.588451
    Latitude
    45.52732

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    FAQs

    What type of property is this?
    Quadplex - Fourplex in Montavilla neighborhood with value-add potential.
    Where is this quadplex located?
    The property is located at 606 NE 72ND Ave Portland, OR.
    What is the asking price?
    The asking price for this property is $799,500.
    What are key features of this property?
    This property features: Value‑add investment opportunity or owner‑occupied potential in Montavilla.; Four‑plex is fully occupied.; Large lot with ample off‑street parking.
    (503) 869-7303
    We can help!
    Listing Contact
    Jeff Stephens
    Real Estate License ID: 201237728
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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