Triplex With Private
For Sale
$619,900
18220 SE Pine St, Portland, OR 97233
Three-unit multifamily property with refreshed kitchens, individual garages, and a layout suited to long-term occupancy.
Property Size3,100 SF
Price / SF$199.97
Days on Market53
Property Features for 18220 SE Pine St
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
3
Building Details
Year Built
1996
Listing Agency:
Keller Williams PDX Central
(503) 548-4848
Listed By:
Mark Charlesworth · License #200907037
Source:
Evergreenrealestatepartners
Added: Jul 10
Changed: Aug 30
Last Checked: Aug 30 at 3:32AM
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 Keller Williams PDX Central
Investment Insights
Based on property information with market context.
Built in 1996, this triplex contains more than 3,100 square feet across three residential units. Each unit has its own garage, while updated kitchens and spacious interiors provide practical features for residential occupancy.
The property is positioned near public transit, shopping, parks, and major commuter routes. Its configuration combines separate garage access with a straightforward three-unit layout, offering a low-maintenance multifamily format.
The property is positioned near public transit, shopping, parks, and major commuter routes. Its configuration combines separate garage access with a straightforward three-unit layout, offering a low-maintenance multifamily format.
Key Highlights
- Three‑unit multifamily property built in 1996
- More than 3,100 square feet
- Separate garage for each unit
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
$43,200
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
6.97%
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%
$864,000
$864.0K
Cap Rate 7%
$617,143
$617.1K
Cap Rate 9%
$480,000
$480.0K
Market Conditions
NOI Build-Up for 3,100 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
$65.1K $21.00/SF
− Vacancy
−$3.4K −$1.09/SF
EGI
$61.7K $19.91/SF
− OpEx
−$18.5K −$5.97/SF
NOI
$43.2K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /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%
$864,000
Cap Rate 7%
$617,143
Cap Rate 9%
$480,000
Alternative Uses
Best Use
Multifamily LT 5
$617.1K
$540.0K – $720.0K
NOI $43,200 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$568.6K
$497.6K – $663.4K
NOI $39,804 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$870.6K
$761.7K – $1.02M
NOI $60,939 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
753
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
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-unit multifamily property with refreshed kitchens, individual garages, and a layout suited to long-term occupancy.
Where is this triplex located?
The property is located at 18220 SE Pine St Portland, OR.
What is the asking price?
The asking price for this property is $619,900.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1996; More than 3,100 square feet; Separate garage for each unit
