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    1700 NE 231ST Ct Wood Village, OR 97060

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    For Sale
    $849,900

    MULTI_FAMILY - WoodVillage, OR

    Property size:
    2,716 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $312/SF
    Added:
    May 3, 2026
    Days on Market:
    6
    Last Refresh:
    May 8 at 12:06 pm

    Property Features for 1700 NE 231ST Ct

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MR2
    Bedrooms
    7
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 5, Bathroom 3, Bedroom 7, Bedroom 6, Bathroom 4, Bedroom 3
    Standard status
    Active
    APN
    R140013
    Size
    2,716 SF
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Description
    COREANDER, LOT 15
    Tax Annual Amount
    5360

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1980
    Floors in Building
    1
    Number of units
    3
    Roof type
    Composition

    We can help!

    Listing Contact
    Cindy Smith

    Listing agent Cindy Smith License #201225025

    Listing office RE/MAX Equity Group 9200 SE Sunnybrook Blvd 100, Portland, OR

    Listing date May 3, 2026

    MLS# 211596624 Listing URL

    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.

    HighLights

    • Excellent 6.49% cap rate investment property not subject to Portland rental laws
    • Triplex with recent $25K in improvements and low maintenance costs
    • Each unit features washer/dryer hookup, fenced yard, and covered patio
    • Large .25‑acre lot on quiet cul‑de‑sac with convenient access to I‑84, bus lines, parks, shopping, and dining
    • Updated units with vinyl windows, LVP flooring, granite countertops & stainless‑steel appliances (in one unit)
    • Seven off‑street parking spaces and two new storage sheds

    Overview

    Wood Village Triplex Investment Opportunity

    This Wood Village triplex presents an investment opportunity with a cap rate of 6.49. Located on a quiet cul-de-sac, the property offers convenient access to I-84, bus lines, public parks, dining, retail options, and outlet shopping. The property has been under the same ownership for over 40 years and has been exceptionally well cared for. Recent investments of approximately $25,000 have been made to improve the property. Each of the one-level units includes a washer/dryer hookup, a fully fenced yard, and a covered patio. Two units feature new storage sheds for renters. Interior updates include vinyl windows and LVP flooring. One unit also boasts granite countertops and stainless-steel kitchen appliances. Exterior updates include new paint in 2021. The property, situated on a 0.25-acre lot, also provides 7 off-street parking spaces. The property size is 2716 square feet. This triplex is not impacted by City of Portland rental laws.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wood Village
    County
    Multnomah
    State
    Oregon
    Longitude
    -122.425138
    Latitude
    45.535466

    FAQs

    What type of property is this?
    Triplex - Well-maintained Wood Village triplex with strong cash flow.
    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 $849,900.
    What are key features of this property?
    This property features: Excellent 6.49% cap rate investment property not subject to Portland rental laws; Triplex with recent $25K in improvements and low maintenance costs; Each unit features washer/dryer hookup, fenced yard, and covered patio
    (503) 703-2596
    We can help!
    Listing Contact
    Cindy Smith
    Real Estate License ID: 201225025
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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