Queen Anne Victorian
For Sale
$900,000
1842 1848 Se Ankeny St, Portland, OR 97214
Historic multifamily property with structural improvements, shared laundry, storage, and landscaped outdoor space.
Property Size4,063 SF
Price / SF$221.51
Days on Market40
Property Features for 1842 1848 Se Ankeny St
General Information
Standard status
Active
Size
4,063 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Amenities
hardwood floors
built-ins
modern quartz counters
gas ranges
zen-like garden
coin-op laundry
storage
Building Details
Year Built
1884
Buildings
1
Construction
Queen Anne Victorian
Listing Agency:
Rarebird Real Estate
(503) 270-5700
Listed By:
Benjamin Ficker · License #200412166,OR
Source:
Rosecityrealtygroup
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 12:43PM
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 Rarebird Real Estate
Investment Insights
Based on property information with market context.
Built in 1884, this four-unit Queen Anne Victorian property offers 4,063 square feet with period character and practical updates. Architectural features include hardwood floors and built-in cabinetry, while two units feature quartz countertops and gas ranges. Recent structural work and a newer roof add to the documented improvements. Shared amenities include coin-operated laundry, storage, and a landscaped garden.
Located at 1842–1848 SE Ankeny St in Portland, the property fronts the Ankeny greenway bike path and sits in the close-in Southeast area. The four-unit configuration, historic detailing, and combination of updated interior finishes with shared utility spaces define the asset’s physical profile.
Located at 1842–1848 SE Ankeny St in Portland, the property fronts the Ankeny greenway bike path and sits in the close-in Southeast area. The four-unit configuration, historic detailing, and combination of updated interior finishes with shared utility spaces define the asset’s physical profile.
Key Highlights
- Four‑unit property with 4,063 SF
- Queen Anne Victorian architecture dating to 1884
- Recent structural upgrades and newer roof
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
$56,620
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
6.29%
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%
$1,132,400
$1.1M
Cap Rate 7%
$808,857
$808.9K
Cap Rate 9%
$629,111
$629.1K
Market Conditions
NOI Build-Up for 4,063 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
$85.3K $21.00/SF
− Vacancy
−$4.4K −$1.09/SF
EGI
$80.9K $19.91/SF
− OpEx
−$24.3K −$5.97/SF
NOI
$56.6K $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%
$1,132,400
Cap Rate 7%
$808,857
Cap Rate 9%
$629,111
Alternative Uses
Best Use
Multifamily LT 5
$808.9K
$707.8K – $943.7K
NOI $56,620 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$745.3K
$652.1K – $869.5K
NOI $52,169 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.14M
$998.4K – $1.33M
NOI $79,869 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,757
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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 - Historic multifamily property with structural improvements, shared laundry, storage, and landscaped outdoor space.
Where is this quadplex located?
The property is located at 1842 1848 Se Ankeny St Portland, OR.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Four‑unit property with 4,063 SF; Queen Anne Victorian architecture dating to 1884; Recent structural upgrades and newer roof
