Updated Four-Unit Apartment
For Sale
$699,990
1500 Se 162nd Ave, Portland, OR 97233
Four-unit residential income property with flexible layouts, private outdoor areas, and dedicated storage for each residence.
Property Size3,814 SF
Price / SF$183.53
Days on Market14
Property Features for 1500 Se 162nd Ave
General Information
Standard status
Active
Size
3,814 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/1BA, 1 x 3BR/1.5BA
Multifamily Units
4
Amenities
private backyards
deck
dedicated storage area
Building Details
Year Built
1973
Listing Agency:
LizC Real Estate Investments
(503) 314-6498
Listed By:
Elizabeth Carpenter
Source:
Portlandpropertylistings
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 29 at 10:30AM
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 LizC Real Estate Investments
Investment Insights
Based on property information with market context.
This fourplex contains three two-bedroom, one-bath residences and one three-bedroom, one-and-a-half-bath residence within 3,814 square feet. Durable LVP flooring is installed throughout, with additional updates in select units. Lower-level residences include private backyards, while the upper-level residence has a dedicated deck. Each unit includes separate storage, supplemented by additional storage reserved for the owner.
The property at 1500 SE 162nd Ave in Portland was built in 1973. The roof was replaced in 2024, and the front exterior was painted in 2026. A laundry room is also part of the property. Tenant privacy is requested, with interior inspection subject to an accepted offer.
The property at 1500 SE 162nd Ave in Portland was built in 1973. The roof was replaced in 2024, and the front exterior was painted in 2026. A laundry room is also part of the property. Tenant privacy is requested, with interior inspection subject to an accepted offer.
Key Highlights
- Three 2‑bedroom, 1‑bath units plus one 3‑bedroom, 1.5‑bath unit
- 3,814‑square‑foot fourplex built in 1973
- Roof replaced 2024
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
$53,150
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
7.59%
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%
$1,063,000
$1.1M
Cap Rate 7%
$759,286
$759.3K
Cap Rate 9%
$590,556
$590.6K
Market Conditions
NOI Build-Up for 3,814 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
$80.1K $21.00/SF
− Vacancy
−$4.2K −$1.09/SF
EGI
$75.9K $19.91/SF
− OpEx
−$22.8K −$5.97/SF
NOI
$53.2K $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%
$1,063,000
Cap Rate 7%
$759,286
Cap Rate 9%
$590,556
Alternative Uses
Best Use
Multifamily LT 5
$759.3K
$664.4K – $885.8K
NOI $53,150 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$699.6K
$612.2K – $816.2K
NOI $48,972 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$1.07M
$937.2K – $1.25M
NOI $74,975 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
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?
Quadplex - Four-unit residential income property with flexible layouts, private outdoor areas, and dedicated storage for each residence.
Where is this quadplex located?
The property is located at 1500 Se 162nd Ave Portland, OR.
What is the asking price?
The asking price for this property is $699,990.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bath units plus one 3‑bedroom, 1.5‑bath unit; 3,814‑square‑foot fourplex built in 1973; Roof replaced 2024
