Mid-Century Quadplex with
For Sale
$1,125,000
1511 Ne Hancock St, Portland, OR 97212
Four single-level residences feature period details, private basement areas, and attached garage space near the NE Broadway corridor.
Property Size7,822 SF
Price / SF$143.83
Days on Market23
Property Features for 1511 Ne Hancock St
General Information
Standard status
Active
Size
7,822 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR, 1 x 1BR
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1955
Buildings
1
Construction
Mid-Century Ranch
Listing Agency:
Where, Inc
(503) 975-7788
Listed By:
Jeff Weithman
Source:
Theoregonhomefinder
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 28 at 7:59PM
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 Where, Inc
Investment Insights
Based on property information with market context.
Built in 1955, this four-unit mid-century ranch includes three two-bedroom residences and one one-bedroom residence. Each home is arranged on a single level with a private full basement below, offering laundry connections, a utility sink, tall ceilings, and storage. Direct access from each unit’s rear entry provides convenient separation between living areas and basement space. Original hardwood flooring, birch cabinetry, period tile, wood-burning fireplaces, and red brick construction retain the property’s architectural character. An attached three-car garage serves the complex, with dedicated garage space associated with three of the residences.
The property is located two blocks from the NE Broadway corridor and within minutes of downtown Portland, the Moda Center, transit, and established Portland neighborhoods. Its four-unit configuration, basement areas, period finishes, and garage component provide a distinct multifamily asset with substantial existing physical character.
The property is located two blocks from the NE Broadway corridor and within minutes of downtown Portland, the Moda Center, transit, and established Portland neighborhoods. Its four-unit configuration, basement areas, period finishes, and garage component provide a distinct multifamily asset with substantial existing physical character.
Key Highlights
- Four‑unit configuration with three 2‑bedroom residences and one 1‑bedroom residence
- Built in 1955 with mid‑century ranch design and original period finishes
- Each residence includes a private full basement with laundry, utility sink, high ceilings, and storage
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
$100,434
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
8.93%
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%
$2,008,680
$2.0M
Cap Rate 7%
$1,434,771
$1.4M
Cap Rate 9%
$1,115,933
$1.1M
Market Conditions
NOI Build-Up for 7,822 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
$192.4K $24.60/SF
− Vacancy
−$9.8K −$1.25/SF
EGI
$182.6K $23.35/SF
− OpEx
−$82.2K −$10.51/SF
NOI
$100.4K $12.84/SF
Area
Portland, OR
Vacancy
5.10%
Lease Rate
$24.60 /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%
$2,008,680
Cap Rate 7%
$1,434,771
Cap Rate 9%
$1,115,933
Alternative Uses
Best Use
Multifamily LT 5
$1.56M
$1.36M – $1.82M
NOI $109,004 @ 7.0% cap · market cap 9.69%
Second Best
Apartment 5plus
$1.43M
$1.26M – $1.67M
NOI $100,434 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$2.20M
$1.92M – $2.56M
NOI $153,763 @ 7.0% cap · market cap 13.67%
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
3,499
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
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?
Quadplex - Four single-level residences feature period details, private basement areas, and attached garage space near the NE Broadway corridor.
Where is this quadplex located?
The property is located at 1511 Ne Hancock St Portland, OR.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: Four‑unit configuration with three 2‑bedroom residences and one 1‑bedroom residence; Built in 1955 with mid‑century ranch design and original period finishes; Each residence includes a private full basement with laundry, utility sink, high ceilings, and storage
