Updated Triplex with Private
For Sale
$749,000
5620 NE Killingsworth St, Portland, OR 97218
Three occupied units provide a ready-to-operate multifamily configuration with shared laundry and substantial outdoor space.
Property Size2,953 SF
Price / SF$253.64
Days on Market50
Property Features for 5620 NE Killingsworth St
General Information
Standard status
Active
Size
2,953 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Zoning
R1
Occupancy
100%
Units
Unit Mix
2 x 3BR, 1 x 2BR
Multifamily Units
3
Additional Details
Gross Income
$65,100
Amenities
private front porch
back patio
fireplace
storage
shared on-site laundry
spacious backyard
Building Details
Year Built
1985
Listing Agency:
Real Broker
(541) 431-6480
Listed By:
Marc Zemp
Source:
Kingdomreal
Added: Jul 12
Changed: Aug 28
Last Checked: Aug 29 at 12:12PM
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 Real Broker
Investment Insights
Based on property information with market context.
This 2,953-square-foot triplex, built in 1985, includes two three-bedroom residences and one two-bedroom residence. Each unit has a private front porch, rear patio, fireplace, and dedicated storage. Interior updates include refinished kitchen cabinets and replaced toilets, while the property also benefits from a newer roof and shared on-site laundry. All three units are currently occupied.
The building is set back from NE Killingsworth Street on an expansive lot with a spacious backyard and nine parking spaces. Located in Portland’s Cully area, the property carries R1 zoning that allows two additional units, subject to buyer due diligence. A development packet is available.
The building is set back from NE Killingsworth Street on an expansive lot with a spacious backyard and nine parking spaces. Located in Portland’s Cully area, the property carries R1 zoning that allows two additional units, subject to buyer due diligence. A development packet is available.
Key Highlights
- 2,953‑square‑foot triplex built in 1985
- Two three‑bedroom units and one two‑bedroom unit
- All units currently occupied
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
$41,152
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
5.49%
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%
$823,040
$823.0K
Cap Rate 7%
$587,886
$587.9K
Cap Rate 9%
$457,244
$457.2K
Market Conditions
NOI Build-Up for 2,953 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
$62.0K $21.00/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$58.8K $19.91/SF
− OpEx
−$17.6K −$5.97/SF
NOI
$41.2K $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%
$823,040
Cap Rate 7%
$587,886
Cap Rate 9%
$457,244
Alternative Uses
Best Use
Multifamily LT 5
$587.9K
$514.4K – $685.9K
NOI $41,152 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$541.7K
$474.0K – $631.9K
NOI $37,916 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$829.3K
$725.6K – $967.5K
NOI $58,049 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Explore this area
Business Placement
Demographics for 97218, OR
14,748
Population
6,440
Households
2.3
Avg Household Size
38
Median Age
51%
College-Educated
91%
High-School Grad
6.7 sq mi
ZIP Area
2,201
Density / Sq Mi
$81,367
Median Household Income
$45,830
Median Earnings
$1,440
Median Rent
$493,300
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 occupied units provide a ready-to-operate multifamily configuration with shared laundry and substantial outdoor space.
Where is this triplex located?
The property is located at 5620 NE Killingsworth St Portland, OR.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 2,953‑square‑foot triplex built in 1985; Two three‑bedroom units and one two‑bedroom unit; All units currently occupied
