4-Unit Quadplex with Private Outdoor
For Sale
$800,000
1546 NE CLEVELAND Ave, Gresham, OR 97030
MULTI_FAMILY - Gresham, OR
Property Size3,840 SF
Lot Size0.33 Acres
Price / SF$208.33
Days on Market104
Property Features for 1546 NE CLEVELAND Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MDR-24
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 2, Bathroom 8, Bedroom 4, Bathroom 3, Bedroom 3, Bathroom 1, Bathroom 5, Bathroom 6, Bedroom 7, Bathroom 4, Bedroom 1, Bedroom 6, Bedroom 5, Bathroom 7, Bedroom 8, Bedroom 2
Elementary school
Highland
Middle school
Clear Creek
High school
Gresham
Directions
For Google Maps directions use address: 1568 NE Cleveland Ave, Gresham, OR 97030
Subdivision
_144
Standard status
Active
APN
R511989
Size
3,840 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
PARTITION PLAT 2001-87, LOT 2
Tax Annual Amount
9612
Legal Description
PARTITION PLAT 2001-87, LOT 2
Amenities
in-unit washer/dryer
private outdoor spaces
Building Details
Year built
2003
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Sally Olsson
(503) 679-7980
Added: Apr 30
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# 336267263
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 fully leased 4-unit quadplex is configured as four 2-bedroom, 1.5-bath homes, each offering 960 square feet of open-concept living. Units include spacious living and dining areas, well-equipped kitchens, and in-unit washer and dryer, with private outdoor space designed for everyday use (decks for the upper units and patios for the lower units). The property totals 3,840 square feet on a 0.33-acre lot and was built in 2003.
The building has a composition roof, with a newer roof noted as approximately 1 year old and a maintained, low-maintenance approach to ownership. The property is located near Historic Downtown Gresham, Gresham Station, parks, and the MAX Blue Line, supported by Walk Score 75, Bike 79, and Transit 56.
Zoning is MDR-24, making this a straightforward option for buyers seeking a stabilized, easy-to-operate multifamily asset with consistent unit features across all four homes.
The building has a composition roof, with a newer roof noted as approximately 1 year old and a maintained, low-maintenance approach to ownership. The property is located near Historic Downtown Gresham, Gresham Station, parks, and the MAX Blue Line, supported by Walk Score 75, Bike 79, and Transit 56.
Zoning is MDR-24, making this a straightforward option for buyers seeking a stabilized, easy-to-operate multifamily asset with consistent unit features across all four homes.
Key Highlights
- Fully leased 4‑unit quadplex with consistent 2‑bedroom, 1.5‑bath layouts across all units
- Each unit includes open‑concept living and dining, well‑equipped kitchens, and in‑unit washer and dryer
- Private outdoor space: decks for upper units and patios for lower units
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
$50,987
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
6.37%
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%
$1,019,740
$1.0M
Cap Rate 7%
$728,386
$728.4K
Cap Rate 9%
$566,522
$566.5K
Market Conditions
NOI Build-Up for 3,840 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
$76.0K $19.80/SF
− Vacancy
−$3.2K −$0.83/SF
EGI
$72.8K $18.97/SF
− OpEx
−$21.9K −$5.69/SF
NOI
$51.0K $13.28/SF
Area
Gresham, OR
Vacancy
4.20%
Lease Rate
$19.80 /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%
$1,019,740
Cap Rate 7%
$728,386
Cap Rate 9%
$566,522
Alternative Uses
Best Use
Multifamily LT 5
$728.4K
$637.3K – $849.8K
NOI $50,987 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$654.8K
$573.0K – $763.9K
NOI $45,836 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$877.5K
$767.8K – $1.02M
NOI $61,425 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,440
Businesses Nearby
Explore this area
Business Placement
Demographics for 97030, OR
39,492
Population
16,500
Households
2.4
Avg Household Size
37
Median Age
21%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
5,266
Density / Sq Mi
$61,793
Median Household Income
$40,352
Median Earnings
$1,604
Median Rent
$418,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased 4-unit quadplex in MDR-24 with private decks and patios, plus in-unit washer and dryer.
Where is this quadplex located?
The property is located at 1546 NE CLEVELAND Ave Gresham, OR.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Fully leased 4‑unit quadplex with consistent 2‑bedroom, 1.5‑bath layouts across all units; Each unit includes open‑concept living and dining, well‑equipped kitchens, and in‑unit washer and dryer; Private outdoor space: decks for upper units and patios for lower units
