Four-Home Multifamily Cottage
For Sale
$1,729,900
6439 SE 88th Ave, Portland, OR 97266
MultiFamily, Portland, OR
Property Size5,224 SF
Lot Size0.16 Acres
Price / SF$331.14
Days on Market248
Property Features for 6439 SE 88th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
4
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 6, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 5, Bathroom 4, Bedroom 4
Subdivision
LENTS
Elementary school
Kelly
Middle school
Lane
High school
Franklin
Directions
SE Duke St to SE 88th
Standard status
Active
APN
New Construction
Size
5,224 SF
Lot size
0.16 Acres
Utilities
Cooling system
Heat Pump
Amenities
in-unit laundry
mini-split HVAC
garage
landscaping
Building Details
Year built
2025
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Dec 19, 2025
Changed: Aug 24
Last Checked: Aug 24 at 3:06PM
MLS# 381819522
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 under-construction multifamily property comprises four detached homes within a cottage cluster configuration. The front residences measure approximately 1,423 square feet each and provide one-car garages with driveway parking. The rear homes measure approximately 1,189 square feet each and rely on street parking. Every residence includes three bedrooms, two and one-half bathrooms, dedicated laundry space, and mini-split systems for heating and cooling. Rear residences also feature kitchen islands with eat bars.
The property encompasses 5,224 square feet on 0.16 acres and carries R2.5 zoning. Shared outdoor areas include manicured landscaping, while the detached layout provides separate residential structures within one multifamily offering. The property is located at 6439 SE 88th Ave in Portland, Oregon, near Parklane Park and a range of restaurants and coffee shops, including Broken Rice Restaurant, DOYAJI, Sherpa Kitchen, Refuge Coffee House, and Loro Coffee Montavilla.
The property encompasses 5,224 square feet on 0.16 acres and carries R2.5 zoning. Shared outdoor areas include manicured landscaping, while the detached layout provides separate residential structures within one multifamily offering. The property is located at 6439 SE 88th Ave in Portland, Oregon, near Parklane Park and a range of restaurants and coffee shops, including Broken Rice Restaurant, DOYAJI, Sherpa Kitchen, Refuge Coffee House, and Loro Coffee Montavilla.
Key Highlights
- Four detached multifamily homes in a cottage cluster configuration
- 5,224 square feet on 0.16 acres with R2.5 zoning
- Each residence has 3 bedrooms and 2.5 bathrooms
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
$67,076
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
3.88%
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%
$1,341,520
$1.3M
Cap Rate 7%
$958,229
$958.2K
Cap Rate 9%
$745,289
$745.3K
Market Conditions
NOI Build-Up for 5,224 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
$128.5K $24.60/SF
− Vacancy
−$6.6K −$1.25/SF
EGI
$122.0K $23.35/SF
− OpEx
−$54.9K −$10.51/SF
NOI
$67.1K $12.84/SF
Area
Portland, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,341,520
Cap Rate 7%
$958,229
Cap Rate 9%
$745,289
Alternative Uses
Best Use
Apartment 5plus
$958.2K
$838.5K – $1.12M
NOI $67,076 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,692 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
907
Businesses Nearby
Explore this area
Business Placement
Demographics for 97266, OR
36,095
Population
13,863
Households
2.6
Avg Household Size
37
Median Age
29%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
5,917
Density / Sq Mi
$71,791
Median Household Income
$39,856
Median Earnings
$1,532
Median Rent
$420,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - New construction includes detached residences with consistent three-bedroom layouts and dedicated in-unit laundry.
Where is this multifamily property located?
The property is located at 6439 SE 88th Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,729,900.
What are key features of this property?
This property features: Four detached multifamily homes in a cottage cluster configuration; 5,224 square feet on 0.16 acres with R2.5 zoning; Each residence has 3 bedrooms and 2.5 bathrooms
