Mid-Century Quadplex with
For Sale
$1,125,000
1511 NE Hancock St, Portland, OR 97212
MultiFamily, Portland, OR
Property Size7,822 SF
Lot Size0.16 Acres
Price / SF$143.83
Days on Market8
Property Features for 1511 NE Hancock St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 6, Bathroom 4, Bedroom 2
Subdivision
Irvington
Elementary school
Irvington
Middle school
Harriet Tubman
High school
Jefferson
Directions
NE Broadway to NE 15th. NE 15th North to Complex @ NE Hancock
Standard status
Active
APN
R182601
Size
7,822 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
HOLLADAYS ADD, BLOCK 263, S 20' OF LOT 3, LOT 4
Tax Annual Amount
11396
Legal Description
HOLLADAYS ADD, BLOCK 263, S 20' OF LOT 3, LOT 4
Utilities
Heating system
Forced Air
Building Details
Year built
1955
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Where, Inc
(503) 222-4373
Listed By:
Jeff Weithman
(503) 975-7788
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 21 at 9:06PM
MLS# 601661489
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.
Built in 1955, this four-unit residential income property combines mid-century construction with a practical single-level layout. The unit mix includes three two-bedroom residences and one one-bedroom residence. Each unit connects to a private full basement with laundry, a utility sink, high ceilings, and storage, while direct access from the rear doors allows the lower levels to be secured separately. Original hardwood flooring, birch cabinetry and hardware, period tile, wood-burning fireplaces, and red brick construction retain the building’s architectural character. Forced-air heating and a composition roof are also in place.
The property contains 7,822 square feet on a 0.16-acre parcel and is zoned RM2. Three residences have dedicated garage spaces, and the attached garage provides three additional vehicle bays. Located at 1511 NE Hancock St, the property sits two blocks from the NE Broadway corridor and is minutes from downtown Portland, the Moda Center, transit, and established urban neighborhoods.
The property contains 7,822 square feet on a 0.16-acre parcel and is zoned RM2. Three residences have dedicated garage spaces, and the attached garage provides three additional vehicle bays. Located at 1511 NE Hancock St, the property sits two blocks from the NE Broadway corridor and is minutes from downtown Portland, the Moda Center, transit, and established urban neighborhoods.
Key Highlights
- Four‑unit property with three 2‑bedroom residences and one 1‑bedroom residence
- 7,822 square feet on a 0.16‑acre parcel
- Private full basements provide laundry, utility sinks, 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 with private basement areas, period details, and dedicated garage parking in Portland’s Irvington area.
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 property with three 2‑bedroom residences and one 1‑bedroom residence; 7,822 square feet on a 0.16‑acre parcel; Private full basements provide laundry, utility sinks, high ceilings, and storage
