Townhome-Style 3-Unit
For Sale
$530,000
15 NE 127TH Ave, Portland, OR 97230
MultiFamily, Portland, OR
Property Size2,496 SF
Lot Size0.20 Acres
Price / SF$212.34
Days on Market529
Property Features for 15 NE 127TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 6, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4
Elementary school
Menlo Park
Middle school
Floyd Light
High school
David Douglas
Directions
Burnside to 127th. N of Burnside. 2nd building
Subdivision
_142
Standard status
Active
APN
R173254
Size
2,496 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
GREENFIR, LOT 3
Tax Annual Amount
6629
Legal Description
GREENFIR, LOT 3
Utilities
Heating system
Baseboard
Amenities
fireplaces
in-unit washer & dryer hookups
private back patios
Building Details
Year built
1982
Floors in Building
2
Number of units
3
Roof type
Composition
Listing Agency:
Kevin Morris Realty
(503) 452-5400
Listed By:
Rachelle Kammann
(503) 314-9230
Added: Apr 8, 2025
Changed: Sep 13
Last Checked: Sep 18 at 6:06AM
MLS# 484809831
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1982 triplex contains three townhouse-style residential units totaling 2,496 square feet on a 0.20-acre lot. Unit numbers 15, 17, and 19 are identified in the property information. Each unit includes a fireplace, in-unit washer and dryer hookups, and a private back patio. The building has baseboard heating and a composition roof, with an R-1 zoning designation.
The property is located at 15 NE 127TH Ave in Portland, Oregon, within ZIP Code 97230. The surrounding context includes access to a MAX station and nearby shopping, supporting convenient everyday connectivity. The recorded room details include six bedrooms and three bathrooms across the property.
The property is located at 15 NE 127TH Ave in Portland, Oregon, within ZIP Code 97230. The surrounding context includes access to a MAX station and nearby shopping, supporting convenient everyday connectivity. The recorded room details include six bedrooms and three bathrooms across the property.
Key Highlights
- Three‑unit triplex totaling 2,496 square feet
- Townhouse‑style layout with units 15, 17, and 19
- 0.20‑acre lot with R‑1 zoning
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
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Open Analytics
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
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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 residential units offer fireplaces, laundry hookups, and private rear patios.
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 triplex totaling 2,496 square feet; Townhouse‑style layout with units 15, 17, and 19; 0.20‑acre lot with R‑1 zoning
