Four-Unit Quadplex with
For Sale
$629,990
Pending
18321 Northeast Wasco Street, Portland, OR 97230
Single-level multifamily property with private fenced yards, detached garages, and month-to-month occupancy.
Property Size3,120 SF
Days on Market88
Property Features for 18321 Northeast Wasco Street
General Information
Standard status
Pending
Size
3,120 SF
Total Parking Spaces
6
Property subtype
Multi Family
Zoning
MDR-12
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,116
Amenities
fenced backyard
washer/dryer hookups
1
Concrete Perimeter
Composition
Brick, Wood Siding
Building Details
Year Built
1978
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
KJK Properties PC
(503) 516-2886
Listed By:
Allison Grice · License #200801056
(503) 516-2886
Source:
Compass
Added: Jun 5
Changed: Aug 30
Last Checked: Aug 31 at 1:15AM
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 KJK Properties PC
Investment Insights
Based on property information with market context.
This single-level quadplex contains four two-bedroom, one-bathroom apartments, each measuring 780 square feet. The property totals 3,120 square feet and includes a detached garage, fenced backyard, and washer/dryer hookups for every unit. A newer roof and concrete perimeter foundation are also in place, with brick and wood siding on the exterior.
The property carries MDR-12 zoning and is located within Gresham city limits while using a Portland address at 18321 Northeast Wasco Street, Portland, OR 97230. Additional parking is available. All four tenants are on month-to-month arrangements, and rent increases were completed in 2026, providing an existing residential income configuration with lease flexibility.
The property carries MDR-12 zoning and is located within Gresham city limits while using a Portland address at 18321 Northeast Wasco Street, Portland, OR 97230. Additional parking is available. All four tenants are on month-to-month arrangements, and rent increases were completed in 2026, providing an existing residential income configuration with lease flexibility.
Key Highlights
- Four 780‑square‑foot units, each with 2 bedrooms and 1 bathroom
- 3,120‑square‑foot single‑level quadplex built in 1978
- Each apartment includes a fenced backyard and detached garage
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
$43,479
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
6.90%
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%
$869,580
$869.6K
Cap Rate 7%
$621,129
$621.1K
Cap Rate 9%
$483,100
$483.1K
Market Conditions
NOI Build-Up for 3,120 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
$65.5K $21.00/SF
− Vacancy
−$3.4K −$1.09/SF
EGI
$62.1K $19.91/SF
− OpEx
−$18.6K −$5.97/SF
NOI
$43.5K $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%
$869,580
Cap Rate 7%
$621,129
Cap Rate 9%
$483,100
Alternative Uses
Best Use
Multifamily LT 5
$621.1K
$543.5K – $724.7K
NOI $43,479 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$572.3K
$500.8K – $667.7K
NOI $40,061 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$876.2K
$766.7K – $1.02M
NOI $61,332 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 97230, OR
41,562
Population
17,190
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
13.9 sq mi
ZIP Area
2,990
Density / Sq Mi
$70,582
Median Household Income
$41,102
Median Earnings
$1,511
Median Rent
$435,800
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?
Quadplex - Single-level multifamily property with private fenced yards, detached garages, and month-to-month occupancy.
Where is this quadplex located?
The property is located at 18321 Northeast Wasco Street Portland, OR.
What is the asking price?
The asking price for this property is $629,990.
What are key features of this property?
This property features: Four 780‑square‑foot units, each with 2 bedrooms and 1 bathroom; 3,120‑square‑foot single‑level quadplex built in 1978; Each apartment includes a fenced backyard and detached garage
