Six-Unit Mixed-Use
For Sale
$900,000
4350 SE Milwaukie Ave, Portland, OR 97202
Fully occupied apartments are paired with a separately accessed commercial space suitable for reactivation or another service-oriented use.
Property Size3,511 SF
Days on Market156
Property Features for 4350 SE Milwaukie Ave
General Information
Standard status
Active
Size
3,511 SF
Property subtype
Multifamily
Occupancy
95%
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
5 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
6
Additional Details
Cap Rate
5.71%
Amenities
Neighborhood Advantage: Brooklyn Attracts Young Professionals, Supporting Strong, Stable Residential Demand and Rental Growth Potential
Portland Market: Proximity to Downtown And Transit Drives Long-Term Appreciation Across the City
Recent Improvements: Fresh Exterior Paint (2025) for Polished Curb Appeal and Improved Tenant Attraction/Retention
Commercial Potential: Ground-Floor Laundromat with Separate Entrance, Updated Machines, Ready for Reactivation or New Tenant
Income Upside: Market Rents Suggest Approximately 12% Potential Residential Cash-Flow Increase Over Current Income
Building Details
Building Size
3,511 SF
Units
6
Tenancy
Multi
Listing Agency:
Portland Office
(503) 200-2000
Listed By:
Whitney Rhoades · License #OR: 201204200, WA: 25012784
(503) 200-2022
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 8:51AM
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 Portland Office
Investment Insights
Based on property information with market context.
This mixed-use property combines six occupied apartments with a ground-floor commercial area that has its own exterior entry. The residential configuration includes five 1-bedroom/1-bath units and one 2-bedroom/1-bath unit. The commercial space was previously used as a laundromat and includes four newer washers, four newer dryers, two additional washers, and two additional dryers requiring minor repairs.
The separate access point allows the ground-floor area to operate independently from the apartments. The space may support renewed laundromat operations or another retail or service use. A full exterior repaint was completed in October 2025, providing a recent capital improvement to the building.
The separate access point allows the ground-floor area to operate independently from the apartments. The space may support renewed laundromat operations or another retail or service use. A full exterior repaint was completed in October 2025, providing a recent capital improvement to the building.
Key Highlights
- Six occupied residential units: five 1‑bedroom/1‑bath and one 2‑bedroom/1‑bath
- Ground‑floor commercial space with a separate exterior entrance
- Former laundromat area includes four newer washers and four newer dryers
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
$47,368
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
5.26%
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%
$947,360
$947.4K
Cap Rate 7%
$676,686
$676.7K
Cap Rate 9%
$526,311
$526.3K
Market Conditions
NOI Build-Up for 3,511 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
$91.4K $26.04/SF
− Vacancy
−$5.3K −$1.51/SF
EGI
$86.1K $24.53/SF
− OpEx
−$38.8K −$11.04/SF
NOI
$47.4K $13.49/SF
Area
ZIP 97202
Vacancy
5.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
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%
$947,360
Cap Rate 7%
$676,686
Cap Rate 9%
$526,311
Alternative Uses
Best Use
Apartment 5plus
$676.7K
$592.1K – $789.5K
NOI $47,368 @ 7.0% cap · market cap 5.26%
Second Best
Mixed Use
$662.1K
$579.3K – $772.4K
NOI $46,345 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$837.6K
$732.9K – $977.2K
NOI $58,634 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
772
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
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?
Mixed-use property - Fully occupied apartments are paired with a separately accessed commercial space suitable for reactivation or another service-oriented use.
Where is this mixed-use property located?
The property is located at 4350 SE Milwaukie Ave Portland, OR.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Six occupied residential units: five 1‑bedroom/1‑bath and one 2‑bedroom/1‑bath; Ground‑floor commercial space with a separate exterior entrance; Former laundromat area includes four newer washers and four newer dryers
