Quadplex with Four Detached
For Sale
$1,739,900
6603 N Seneca St, Portland, OR 97203
MULTI_FAMILY - Portland, OR
Property Size4,868 SF
Lot Size0.13 Acres
Price / SF$357.42
Days on Market79
Property Features for 6603 N Seneca St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
9
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 1, Bedroom 6, Bathroom 5, Bathroom 8, Bathroom 1, Bedroom 2, Bedroom 9, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 9, Bathroom 2, Bathroom 4, Bedroom 5, Bathroom 6, Bedroom 8, Bedroom 7, Bathroom 7
Subdivision
ST. JOHNS
Elementary school
James John
Middle school
George
High school
Roosevelt
Directions
At the corner of NE Seneca and Macrum in trendy St Johns
Standard status
Active
APN
New Construction
Size
4,868 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
SENECA ST COTTAGES, LOT 1, LOT 2, LOT 3, LOT 4
Legal Description
SENECA ST COTTAGES, LOT 1, LOT 2, LOT 3, LOT 4
Utilities
Heating system
Forced Air
Cooling system
Heat Pump
Amenities
individual outdoor areas
Building Details
Year built
2026
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: May 26
Changed: Aug 12
Last Checked: Aug 12 at 1:06PM
MLS# 207223178
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 quadplex offering consists of four newly constructed detached rental homes at separate addresses: 6605 N Seneca St, 9411 N Macrum Ave, 9415 N Macrum Ave, and 9421 N Macrum Ave. The portfolio totals 4,868 square feet and is laid out with 12 bedrooms, 8 full bathrooms, and 4 half bathrooms across the four homes. Each residence provides three bedrooms and 2.1 bathrooms, with living, dining, kitchen, and a half bath on the main level, plus bedrooms, two full bathrooms, and laundry upstairs. Two larger homes are each 1,253 square feet, and the two interior homes are each 1,181 square feet.
The property sits on a 0.13-acre lot and is zoned R2.5. The homes are under construction with a 2026 year built and composition roofing. HVAC is provided by ducted heat pump systems, with whole-house ventilation.
Additional construction details include one year builder warranties associated with the new build package.
The property sits on a 0.13-acre lot and is zoned R2.5. The homes are under construction with a 2026 year built and composition roofing. HVAC is provided by ducted heat pump systems, with whole-house ventilation.
Additional construction details include one year builder warranties associated with the new build package.
Key Highlights
- Four separate‑address detached homes in one quadplex portfolio
- Total 4,868 square feet with 12 bedrooms, 8 full baths, and 4 half baths
- 0.13‑acre lot zoned R2.5
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
$67,839
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
3.90%
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%
$1,356,780
$1.4M
Cap Rate 7%
$969,129
$969.1K
Cap Rate 9%
$753,767
$753.8K
Market Conditions
NOI Build-Up for 4,868 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
$102.2K $21.00/SF
− Vacancy
−$5.3K −$1.09/SF
EGI
$96.9K $19.91/SF
− OpEx
−$29.1K −$5.97/SF
NOI
$67.8K $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%
$1,356,780
Cap Rate 7%
$969,129
Cap Rate 9%
$753,767
Alternative Uses
Best Use
Multifamily LT 5
$969.1K
$848.0K – $1.13M
NOI $67,839 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$892.9K
$781.3K – $1.04M
NOI $62,505 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$1.37M
$1.20M – $1.59M
NOI $95,694 @ 7.0% cap · market cap 5.50%
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
459
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
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?
Quadplex - Four newly constructed detached homes on R2.5 zoned land with heat pump forced-air HVAC and composition roofing.
Where is this quadplex located?
The property is located at 6603 N Seneca St Portland, OR.
What is the asking price?
The asking price for this property is $1,739,900.
What are key features of this property?
This property features: Four separate‑address detached homes in one quadplex portfolio; Total 4,868 square feet with 12 bedrooms, 8 full baths, and 4 half baths; 0.13‑acre lot zoned R2.5
