Triplex with Private Outdoor
New
For Sale
$550,000
9004 N Mohawk Ave, Portland, OR 97203
Three separate residences each offer in-unit laundry and a kitchen, with a side yard shared across the property.
Property Size1,800 SF
Price / SF$305.56
Days on Market3
Property Features for 9004 N Mohawk Ave
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
separate outdoor space
large side yard
washer/dryer
vaulted ceilings
Building Details
Year Built
1922
Buildings
1
Listing Agency:
Portland Proper Real Estate
Listed By:
Maureen Swan
(503) 719-5588
Source:
Foxrealestategroups
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 2 at 8:36PM
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 Proper Real Estate
Investment Insights
Based on property information with market context.
This triplex comprises three residences, each with its own outdoor area, kitchen, and washer and dryer. Two units feature vaulted ceilings. Built in 1922, the property also includes a large side yard, providing additional outdoor space alongside the individual unit areas.
The property is in Portland’s St. Johns neighborhood, near downtown St. Johns and a park.
The property is in Portland’s St. Johns neighborhood, near downtown St. Johns and a park.
Key Highlights
- Three units, each with its own outdoor space, kitchen, washer and dryer
- Two units have vaulted ceilings
- Large side yard
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
$25,084
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
4.56%
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%
$501,680
$501.7K
Cap Rate 7%
$358,343
$358.3K
Cap Rate 9%
$278,711
$278.7K
Market Conditions
NOI Build-Up for 1,800 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
$37.8K $21.00/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$35.8K $19.91/SF
− OpEx
−$10.8K −$5.97/SF
NOI
$25.1K $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%
$501,680
Cap Rate 7%
$358,343
Cap Rate 9%
$278,711
Alternative Uses
Best Use
Multifamily LT 5
$358.3K
$313.6K – $418.1K
NOI $25,084 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$330.2K
$288.9K – $385.2K
NOI $23,112 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$505.5K
$442.3K – $589.7K
NOI $35,384 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
956
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences each offer in-unit laundry and a kitchen, with a side yard shared across the property.
Where is this triplex located?
The property is located at 9004 N Mohawk Ave Portland, OR.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three units, each with its own outdoor space, kitchen, washer and dryer; Two units have vaulted ceilings; Large side yard
