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    Three-Unit Triplex with Off-Street Parking Title is generated by Realmo AI

    1700 Northeast 231st Court, Wood Village, OR 97060

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    For Sale
    $839,900

    Well-kept one-level triplex units feature fenced yards, covered patios, and washer/dryer hookups with 7 off-street spaces.

    Type:Multi Family
    Property size:
    2,716 SF
    Lot size:
    0.25 Acres
    Price / SF:
    $309/SF
    Added:
    May 3, 2026
    Days on Market:
    37
    Last Refresh:
    Jun 6 at 2:56 am

    Property Features for 1700 Northeast 231st Court

    General Information

    Standard status
    Active
    Size
    2,716 SF
    Lot size
    0.25 Acres
    Property subtype
    Multi Family

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Cindy Smith

    Listing agent Cindy Smith License #201225025

    Listing office RE/MAX Equity Group

    Listing date May 3, 2026

    Source Compass

    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

    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
    • Kitchen updates include granite countertops and stainless‑steel kitchen appliances in one unit; LVP flooring and interior upgrades in all units
    • Two units have new storage sheds for renters’ use
    • Seven off‑street parking spaces and a large 0.25‑acre lot on a quiet cul‑de‑sac with quick access to I‑84

    Overview

    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.
    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
    -122.4251382
    Latitude
    45.5354666

    FAQs

    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 $839,900.
    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
    (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.

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