Side-by-Side
For Sale
$639,000
16656 SE MOON Ave, Milwaukie, OR 97267
MULTI_FAMILY - Milwaukie, OR
Property Size2,700 SF
Price / SF$236.67
Days on Market45
Property Features for 16656 SE MOON Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MR1
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 6, Bedroom 5, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 1
Subdivision
Oak Grove
Elementary school
Riverside
Middle school
Alder Creek
High school
Putnam
Directions
Off of SE McLoughlin Blvd and SE Naef Road
Standard status
Active
APN
00454378
Size
2,700 SF
Taxes and HOA fees
Tax Description
1024 ROLEHEIGHTS LT 6 BLK 3
Tax Annual Amount
4723
Legal Description
1024 ROLEHEIGHTS LT 6 BLK 3
Utilities
Heating system
Zoned
Amenities
shared on-site laundry
Building Details
Year built
1963
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
The Alpine Group, Inc.
(503) 641-4620
Listed By:
Seann Bates
(503) 475-3017
Added: Jun 26
Changed: Aug 3
Last Checked: Aug 9 at 11:06AM
MLS# 765763162
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 2,700-square-foot triplex, built in 1963, comprises three side-by-side apartments with matching two-bedroom, one-bath layouts. Each residence combines living, dining, and kitchen areas in an open arrangement, with a sliding door leading to a private fenced patio. Bedrooms include carpeting and closets, while the property provides off-street parking and shared laundry facilities. Zoned MR1, the building has zoned heating and a composition roof.
The property is located at 16656 SE MOON Ave in Milwaukie’s Oak Grove area, near shopping, services, local amenities, and major transportation routes. All three units are reported as fully occupied, with each offering the same two-bedroom, one-bath configuration and private outdoor space.
The property is located at 16656 SE MOON Ave in Milwaukie’s Oak Grove area, near shopping, services, local amenities, and major transportation routes. All three units are reported as fully occupied, with each offering the same two-bedroom, one-bath configuration and private outdoor space.
Key Highlights
- Three‑unit property with three 2‑bedroom/1‑bath apartments
- 2,700 square feet on a 1963‑built property
- Private fenced patio provided for each apartment
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
$34,668
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
5.43%
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%
$693,360
$693.4K
Cap Rate 7%
$495,257
$495.3K
Cap Rate 9%
$385,200
$385.2K
Market Conditions
NOI Build-Up for 2,700 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
$66.4K $24.60/SF
− Vacancy
−$3.4K −$1.25/SF
EGI
$63.0K $23.35/SF
− OpEx
−$28.4K −$10.51/SF
NOI
$34.7K $12.84/SF
Area
Clackamas County, 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%
$693,360
Cap Rate 7%
$495,257
Cap Rate 9%
$385,200
Alternative Uses
Best Use
Apartment 5plus
$495.3K
$433.4K – $577.8K
NOI $34,668 @ 7.0% cap · market cap 5.43%
Second Best
Multifamily LT 5
$484.5K
$423.9K – $565.3K
NOI $33,915 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$728.8K
$637.7K – $850.3K
NOI $51,016 @ 7.0% cap · market cap 7.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Explore this area
Business Placement
Demographics for 97267, OR
31,851
Population
12,983
Households
2.5
Avg Household Size
45
Median Age
35%
College-Educated
93%
High-School Grad
7.2 sq mi
ZIP Area
4,424
Density / Sq Mi
$85,178
Median Household Income
$47,236
Median Earnings
$1,607
Median Rent
$489,100
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?
Triplex - Three consistent apartments offer private patios, off-street parking, and shared laundry in Oak Grove.
Where is this triplex located?
The property is located at 16656 SE MOON Ave Milwaukie, OR.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Three‑unit property with three 2‑bedroom/1‑bath apartments; 2,700 square feet on a 1963‑built property; Private fenced patio provided for each apartment
