Townhouse-Style Triplex with
For Sale
$530,000
15 NE 127TH AVE, Portland, OR 97230
Three residential units offer fireplaces, laundry hookups, and private outdoor space near transit and shopping.
Property Size2,496 SF
Days on Market493
Property Features for 15 NE 127TH AVE
General Information
Standard status
Active
Size
2,496 SF
Property subtype
MULTI_FAMILY
Additional Details
Cap Rate
5.96%
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,628
Amenities
fireplaces
washer/dryer hookups
private back patios
Building Details
Building Size
2,496 SF
Year Built
1982
Buildings
1
Construction
townhouse-style
Listing Agency:
Kevin Morris Realty
(503) 314-9230
Listed By:
Rachelle Kammann
(503) 314-9230
Source:
Eleeterealestate
Added: Apr 8, 2025
Changed: Aug 11
Last Checked: Aug 12 at 3:04PM
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 Kevin Morris Realty
Investment Insights
Based on property information with market context.
This multifamily property contains three townhouse-style residences identified as units 15, 17, and 19. Constructed in 1982, each unit includes a fireplace, washer and dryer hookups, and a private back patio. The individual layouts provide separate residential spaces within the triplex.
The property is located at 15 NE 127TH AVE in Portland, Oregon, minutes from a MAX station and shopping. Those nearby services add convenience for occupants, while the unit configuration is suited to rental occupancy or an owner-occupant arrangement. The reported cap rate is 5.96%.
The property is located at 15 NE 127TH AVE in Portland, Oregon, minutes from a MAX station and shopping. Those nearby services add convenience for occupants, while the unit configuration is suited to rental occupancy or an owner-occupant arrangement. The reported cap rate is 5.96%.
Key Highlights
- Three‑unit townhouse‑style multifamily property
- Units identified as 15, 17, and 19
- Built in 1982
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
$34,783
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
6.56%
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%
$695,660
$695.7K
Cap Rate 7%
$496,900
$496.9K
Cap Rate 9%
$386,478
$386.5K
Market Conditions
NOI Build-Up for 2,496 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
$52.4K $21.00/SF
− Vacancy
−$2.7K −$1.09/SF
EGI
$49.7K $19.91/SF
− OpEx
−$14.9K −$5.97/SF
NOI
$34.8K $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%
$695,660
Cap Rate 7%
$496,900
Cap Rate 9%
$386,478
Alternative Uses
Best Use
Multifamily LT 5
$496.9K
$434.8K – $579.7K
NOI $34,783 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$457.8K
$400.6K – $534.2K
NOI $32,049 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$700.9K
$613.3K – $817.8K
NOI $49,066 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 97230, OR
41,562
Population
17,190
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
13.9 sq mi
ZIP Area
2,990
Density / Sq Mi
$70,582
Median Household Income
$41,102
Median Earnings
$1,511
Median Rent
$435,800
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 - Three residential units offer fireplaces, laundry hookups, and private outdoor space near transit and shopping.
Where is this triplex located?
The property is located at 15 NE 127TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Three‑unit townhouse‑style multifamily property; Units identified as 15, 17, and 19; Built in 1982
