Updated Three-Unit Townhome
For Sale
$1,049,999
121 SE 8TH AVE, Hillsboro, OR 97123
Each residence offers two bedrooms, 1.1 baths, and a private fully fenced yard.
Property Size2,652 SF
Days on Market191
Property Features for 121 SE 8TH AVE
General Information
Standard status
Active
Size
2,652 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
3 x 2BR/1.1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,242
Amenities
private fenced yards with Trex decking
Building Details
Building Size
2,652 SF
Year Built
2002
Listing Agency:
Knipe Realty ERA Powered
(503) 929-1223
Listed By:
Renae Thompson · License #200511011
(503) 929-1223
Source:
Eleeterealestate
Added: Jan 30
Changed: Aug 8
Last Checked: Aug 9 at 11:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Knipe Realty ERA Powered
Investment Insights
Based on property information with market context.
This 2002 triplex comprises three townhome-style residences, with each unit positioned on its own tax lot. Every residence includes two bedrooms, 1.1 baths, a private fully fenced yard, and Trex decking installed in 2025. Two units convey with furnishings. Recent improvements include a roof installed in 2024, new washers, dryers, and refrigerators from 2024, fresh interior paint, and wood-laminate flooring on the main level. Gas heating serves the units, and the property has no HOA fees.
Located at 121 SE 8th Ave in Hillsboro, the property is one block from Pacific University and minutes from OHSU/Tuality Hospital, MAX service, bus lines, and downtown Hillsboro. Separate tax identification numbers allow the units to be sold separately. The property is also identified as suitable for short-term rentals in the listing information.
Located at 121 SE 8th Ave in Hillsboro, the property is one block from Pacific University and minutes from OHSU/Tuality Hospital, MAX service, bus lines, and downtown Hillsboro. Separate tax identification numbers allow the units to be sold separately. The property is also identified as suitable for short-term rentals in the listing information.
Key Highlights
- Three townhome units, each on its own tax lot
- Each unit includes 2 bedrooms and 1.1 baths
- New roof installed in 2024
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
$39,830
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
3.79%
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%
$796,600
$796.6K
Cap Rate 7%
$569,000
$569.0K
Cap Rate 9%
$442,556
$442.6K
Market Conditions
NOI Build-Up for 2,652 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
$60.1K $22.68/SF
− Vacancy
−$3.2K −$1.22/SF
EGI
$56.9K $21.46/SF
− OpEx
−$17.1K −$6.44/SF
NOI
$39.8K $15.02/SF
Area
Hillsboro, OR
Vacancy
5.40%
Lease Rate
$22.68 /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%
$796,600
Cap Rate 7%
$569,000
Cap Rate 9%
$442,556
Alternative Uses
Best Use
Multifamily LT 5
$569.0K
$497.9K – $663.8K
NOI $39,830 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$501.4K
$438.7K – $585.0K
NOI $35,097 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$712.2K
$623.1K – $830.9K
NOI $49,851 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,922
Businesses Nearby
Explore this area
Business Placement
Demographics for 97123, OR
48,369
Population
17,685
Households
2.7
Avg Household Size
37
Median Age
36%
College-Educated
87%
High-School Grad
55.7 sq mi
ZIP Area
868
Density / Sq Mi
$105,999
Median Household Income
$50,578
Median Earnings
$1,814
Median Rent
$489,100
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?
Triplex - Each residence offers two bedrooms, 1.1 baths, and a private fully fenced yard.
Where is this triplex located?
The property is located at 121 SE 8TH AVE Hillsboro, OR.
What is the asking price?
The asking price for this property is $1,049,999.
What are key features of this property?
This property features: Three townhome units, each on its own tax lot; Each unit includes 2 bedrooms and 1.1 baths; New roof installed in 2024
