Updated Three-Unit Townhome
121 SE 8th Ave, Hillsboro, OR 97123
For Sale
$1,049,999
Each residence offers two bedrooms, 1.1 baths, and a private fully fenced yard.
Property Size2,652 SF
Price / SF$395.93
Days on Market98
Property Features for 121 SE 8th Ave
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Furnished
Public Transit
Amenities
private fenced yards with Trex decking
Building Details
Year Built
Listing Agency:
Knipe Realty ERA Powered
Listed By:
Renae Thompson · License #200511011
(503) 929-1223
Source:
Christiesrealestateevg
Added: Aug 3
Changed: Oct 25
Last Checked: Oct 19 at 11:20AM
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
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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 / Yr
$39,830
Cap Rate
3.79%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,922
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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
