Updated Triplex with Fenced
For Sale
$819,900
1700 NE 231st Ct, Wood Village, OR 97060
Three single-level units offer private fenced yards, covered patios, laundry hookups, and updated interiors.
Property Size2,716 SF
Lot Size0.25 Acres
Price / SF$301.88
Days on Market32
Property Features for 1700 NE 231st Ct
General Information
Standard status
Active
Size
2,716 SF
Total Parking Spaces
7
Lot size
0.25 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
3
Amenities
washer/dryer hookup
fenced yard
covered patio
storage sheds
Building Details
Year Built
1980
Buildings
1
Listing Agency:
RE/MAX Equity Group
(503) 653-0607
Listed By:
Cindy Smith · License #201225025
Source:
Evokepropertypartners
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 28 at 1:09PM
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 RE/MAX Equity Group
Investment Insights
Based on property information with market context.
This 2,716-square-foot triplex, built in 1980, includes three single-level units, each with a private fenced yard, covered patio, and washer/dryer hookup. Interior improvements include LVP flooring and vinyl windows throughout, while one unit features granite countertops and stainless-steel kitchen appliances. Two units also provide storage sheds for resident use. Exterior paint was completed in 2021, and the property includes 7 off-street parking spaces.
The property occupies a 0.25-acre lot on a cul-de-sac at 1700 NE 231st Ct in Wood Village, Oregon. Its setting provides access to I-84, bus lines, public parks, dining, retail, and outlet shopping. The property has remained under the same ownership for over 40 years, and the 2026 projected cap rate is 6.41.
The property occupies a 0.25-acre lot on a cul-de-sac at 1700 NE 231st Ct in Wood Village, Oregon. Its setting provides access to I-84, bus lines, public parks, dining, retail, and outlet shopping. The property has remained under the same ownership for over 40 years, and the 2026 projected cap rate is 6.41.
Key Highlights
- 2,716‑square‑foot triplex built in 1980
- Three single‑level units with fenced yards, covered patios, and washer/dryer hookups
- 0.25‑acre cul‑de‑sac lot in Wood Village, Oregon
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
$39,885
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
4.86%
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%
$797,700
$797.7K
Cap Rate 7%
$569,786
$569.8K
Cap Rate 9%
$443,167
$443.2K
Market Conditions
NOI Build-Up for 2,716 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
$60.3K $22.20/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$57.0K $20.98/SF
− OpEx
−$17.1K −$6.29/SF
NOI
$39.9K $14.69/SF
Area
Multnomah County, OR
Vacancy
5.50%
Lease Rate
$22.20 /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%
$797,700
Cap Rate 7%
$569,786
Cap Rate 9%
$443,167
Alternative Uses
Best Use
Multifamily LT 5
$569.8K
$498.6K – $664.8K
NOI $39,885 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$498.2K
$435.9K – $581.2K
NOI $34,873 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$733.1K
$641.5K – $855.3K
NOI $51,318 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 97060, OR
21,792
Population
7,823
Households
2.8
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
17.5 sq mi
ZIP Area
1,245
Density / Sq Mi
$84,164
Median Household Income
$42,162
Median Earnings
$1,560
Median Rent
$425,700
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 single-level units offer private fenced yards, covered patios, laundry hookups, and updated interiors.
Where is this triplex located?
The property is located at 1700 NE 231st Ct Wood Village, OR.
What is the asking price?
The asking price for this property is $819,900.
What are key features of this property?
This property features: 2,716‑square‑foot triplex built in 1980; Three single‑level units with fenced yards, covered patios, and washer/dryer hookups; 0.25‑acre cul‑de‑sac lot in Wood Village, Oregon
