Quadplex with Covered
For Sale
$1,200,000
12369 SW Walnut St, Portland, OR 97223
Mixed two- and three-bedroom layouts with on-site parking near parks, shopping, and public transportation.
Property Size3,950 SF
Price / SF$303.80
Days on Market37
Property Features for 12369 SW Walnut St
General Information
Standard status
Active
Size
3,950 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1.5BA, 1 x 3BR/2BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1976
Listing Agency:
MORE Realty
(503) 646-3848
Listed By:
Jorge Hasbun
Source:
Wyndeekono
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 30 at 7:50PM
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 MORE Realty
Investment Insights
Based on property information with market context.
This four-unit residential property includes three two-story apartments with two bedrooms and one and one-half baths each, plus a single-level three-bedroom, two-bath unit. The building was constructed in 1976 and features a metal roof and refreshed exterior paint. On-site parking accommodates eight vehicles, including four covered spaces.
The property is located on SW Walnut St in Portland, with parks, shopping, and public transportation nearby. The unit mix combines consistent two-bedroom layouts with a larger three-bedroom floor plan, providing varied residential configurations within one quadplex.
The property is located on SW Walnut St in Portland, with parks, shopping, and public transportation nearby. The unit mix combines consistent two-bedroom layouts with a larger three-bedroom floor plan, providing varied residential configurations within one quadplex.
Key Highlights
- Four‑unit residential property with three two‑story units and one single‑level unit
- Three units offer 2 bedrooms and 1 1/2 baths; the fourth has 3 bedrooms and 2 baths
- 8 parking spaces, including 4 covered
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
$57,596
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
4.80%
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%
$1,151,920
$1.2M
Cap Rate 7%
$822,800
$822.8K
Cap Rate 9%
$639,956
$640.0K
Market Conditions
NOI Build-Up for 3,950 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
$87.7K $22.20/SF
− Vacancy
−$5.4K −$1.37/SF
EGI
$82.3K $20.83/SF
− OpEx
−$24.7K −$6.25/SF
NOI
$57.6K $14.58/SF
Area
ZIP 97223
Vacancy
6.17%
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%
$1,151,920
Cap Rate 7%
$822,800
Cap Rate 9%
$639,956
Alternative Uses
Best Use
Multifamily LT 5
$822.8K
$720.0K – $959.9K
NOI $57,596 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$731.3K
$639.9K – $853.1K
NOI $51,188 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$1.11M
$970.6K – $1.29M
NOI $77,648 @ 7.0% cap · market cap 6.47%
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
177
Businesses Nearby
Explore this area
Business Placement
Demographics for 97223, OR
49,967
Population
21,428
Households
2.3
Avg Household Size
39
Median Age
50%
College-Educated
95%
High-School Grad
11.1 sq mi
ZIP Area
4,502
Density / Sq Mi
$108,040
Median Household Income
$57,411
Median Earnings
$1,726
Median Rent
$577,600
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 - Mixed two- and three-bedroom layouts with on-site parking near parks, shopping, and public transportation.
Where is this quadplex located?
The property is located at 12369 SW Walnut St Portland, OR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four‑unit residential property with three two‑story units and one single‑level unit; Three units offer 2 bedrooms and 1 1/2 baths; the fourth has 3 bedrooms and 2 baths; 8 parking spaces, including 4 covered
