Four-Unit Quadplex Under
For Sale
$1,689,900
7448 SE Tolman St, Portland, OR 97206
MultiFamily, Portland, OR
Property Size4,282 SF
Lot Size0.11 Acres
Price / SF$394.65
Days on Market193
Property Features for 7448 SE Tolman St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
8
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 4, Bathroom 9, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 6, Bedroom 8, Bathroom 8, Bathroom 3, Bedroom 3, Bathroom 7, Bathroom 5, Bathroom 1, Bedroom 7
Subdivision
MT SCOTT - ARLETA
Elementary school
Woodmere
Middle school
Lane
High school
Franklin
Directions
SE Woodstock to SE 74th Ave to SE Tolman St
Standard status
Active
APN
New Construction
Size
4,282 SF
Lot size
0.11 Acres
Utilities
Cooling system
Heat Pump
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: Feb 12
Changed: Aug 22
Last Checked: Aug 24 at 10:06PM
MLS# 511016795
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.
Under construction for 2026, this 4,282-square-foot quadplex contains two three-bedroom residences and two two-bedroom residences. Each unit has 2.5 bathrooms, a two-story layout, an open main-level living area, and a kitchen with solid-surface counters, stainless steel appliances, substantial cabinetry, and island seating. Upper floors include primary suites with ensuite bathrooms, secondary-bedroom hall baths, and laundry between the bedrooms. Ductless heat pumps provide heating and cooling, while composition roofing supports the building improvements.
The 0.11-acre property is zoned R2.5 and includes a private fenced patio for each residence. The rear home has a larger yard area. SE 82nd Avenue is approximately half a mile away for daily conveniences, while Lents Park is approximately 1.1 miles from the property. SE Woodstock Boulevard’s restaurants, cafes, bars, and neighborhood retail are approximately 2.5–3 miles away. Pro forma financials indicate a 5.11% cap rate.
The 0.11-acre property is zoned R2.5 and includes a private fenced patio for each residence. The rear home has a larger yard area. SE 82nd Avenue is approximately half a mile away for daily conveniences, while Lents Park is approximately 1.1 miles from the property. SE Woodstock Boulevard’s restaurants, cafes, bars, and neighborhood retail are approximately 2.5–3 miles away. Pro forma financials indicate a 5.11% cap rate.
Key Highlights
- Four‑unit property with two three‑bedroom and two two‑bedroom residences
- 4,282 square feet on a 0.11‑acre lot; under construction for 2026
- Each residence includes 2.5 bathrooms and a private fenced patio
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
$62,882
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
3.72%
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%
$1,257,640
$1.3M
Cap Rate 7%
$898,314
$898.3K
Cap Rate 9%
$698,689
$698.7K
Market Conditions
NOI Build-Up for 4,282 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
$95.1K $22.20/SF
− Vacancy
−$5.2K −$1.22/SF
EGI
$89.8K $20.98/SF
− OpEx
−$26.9K −$6.29/SF
NOI
$62.9K $14.69/SF
Area
ZIP 97206
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,257,640
Cap Rate 7%
$898,314
Cap Rate 9%
$698,689
Alternative Uses
Best Use
Multifamily LT 5
$898.3K
$786.0K – $1.05M
NOI $62,882 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$805.4K
$704.8K – $939.7K
NOI $56,381 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,174 @ 7.0% cap · market cap 4.98%
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
711
Businesses Nearby
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
Median Home Value
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?
Quadplex - Two-story residences offer varied bedroom layouts, private outdoor areas, and energy-efficient heat pump systems.
Where is this quadplex located?
The property is located at 7448 SE Tolman St Portland, OR.
What is the asking price?
The asking price for this property is $1,689,900.
What are key features of this property?
This property features: Four‑unit property with two three‑bedroom and two two‑bedroom residences; 4,282 square feet on a 0.11‑acre lot; under construction for 2026; Each residence includes 2.5 bathrooms and a private fenced patio
