Three-Unit Triplex with Off-Street
For Sale
$819,900
1700 Northeast 231st Court, Wood Village, OR 97060
Well-kept one-level triplex units feature fenced yards, covered patios, and washer/dryer hookups with 7 off-street spaces.
Property Size2,716 SF
Lot Size0.25 Acres
Price / SF$301.88
Days on Market98
Property Features for 1700 Northeast 231st Court
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
Fenced Yard
Yes
Additional Details
Cap Rate
6.49%
Multifamily Units
3
Building Details
Year Built
1980
Tenancy
Multi
Listing Agency:
RE/MAX Equity Group
(503) 703-2596
Listed By:
Cindy Smith · License #201225025
(503) 703-2596
Source:
Compass
Added: Apr 27
Changed: Jul 10
Last Checked: Aug 2 at 12:42PM
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 triplex offers three one-level units in a property that has been exceptionally well cared for. Each unit includes a washer/dryer hookup, a fully fenced yard, and a covered patio, designed to keep day-to-day maintenance manageable. Two of the units also include new storage sheds for renter use. Recent updates include new exterior paint in 2021, vinyl windows, and LVP flooring. One unit additionally features granite countertops and stainless-steel kitchen appliances. The seller also notes approximately $25,000 in recent investment in improvements, along with 7 off-street parking spaces.
Located in Wood Village, the property sits on a large 0.25-acre lot on a quiet cul-de-sac. Access is described as quick to I-84, with nearby bus lines and public parks, plus dining, retail, and outlet shopping in the surrounding area.
For investors seeking a residential income property with documented interior and exterior updates, this three-unit configuration may fit portfolios that value consistency and practical unit amenities. The seller states the offering pencils out to a 6.49 cap rate, with the reminder that offers should be subject to full inspection. Current ownership is reported to be over 40 years, and the seller requests that potential buyers do not walk the property or disturb renters.
Located in Wood Village, the property sits on a large 0.25-acre lot on a quiet cul-de-sac. Access is described as quick to I-84, with nearby bus lines and public parks, plus dining, retail, and outlet shopping in the surrounding area.
For investors seeking a residential income property with documented interior and exterior updates, this three-unit configuration may fit portfolios that value consistency and practical unit amenities. The seller states the offering pencils out to a 6.49 cap rate, with the reminder that offers should be subject to full inspection. Current ownership is reported to be over 40 years, and the seller requests that potential buyers do not walk the property or disturb renters.
Key Highlights
- Wood Village triplex built in 1980 with one‑level units and concrete perimeter foundation
- Approximately $25K in recent improvements; updates include exterior paint (2021) and vinyl windows
- Each unit includes washer/dryer hookups, a fully fenced yard, and a covered patio
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.3k | $22.20 |
| − Vacancy | −$3.3k | −$1.22 |
| EGI | $57.0k | $20.98 |
| − OpEx | −$17.1k | −$6.29 |
| NOI | $39.9k | $14.69 |
2,716 SF · lease $22.20/SF/yr · vacancy 5.50% · expense 30.00%
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
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway 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
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Frequently Asked Questions
What type of property is this?
Triplex - Well-kept one-level triplex units feature fenced yards, covered patios, and washer/dryer hookups with 7 off-street spaces.
Where is this triplex located?
The property is located at 1700 Northeast 231st Court 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: Wood Village triplex built in 1980 with one‑level units and concrete perimeter foundation; Approximately $25K in recent improvements; updates include exterior paint (2021) and vinyl windows; Each unit includes washer/dryer hookups, a fully fenced yard, and a covered patio
