Queen Anne Victorian
For Sale
$900,000
1842 1848 SE ANKENY St, Portland, OR 97214
MULTI_FAMILY - Portland, OR
Property Size4,063 SF
Lot Size0.09 Acres
Price / SF$221.51
Days on Market116
Property Features for 1842 1848 SE ANKENY St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5
Bedrooms
2
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bathroom 4
Elementary school
Buckman
Middle school
Hosford
High school
Cleveland
Directions
SE 20th Ave to Ankeny
Subdivision
_143
Standard status
Active
APN
R123158
Size
4,063 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
BUCKMANS ADD, BLOCK 4, LOT 1 TL 3700
Tax Annual Amount
8062
Legal Description
BUCKMANS ADD, BLOCK 4, LOT 1 TL 3700
Utilities
Heating system
Forced Air
Amenities
hardwood floors
built-ins
modern quartz counters in 2 units
gas ranges
zen-like garden
coin-op laundry
storage
Building Details
Year built
1884
Floors in Building
3
Number of units
4
Roof type
Composition
Listing Agency:
Rarebird Real Estate
(503) 451-0545
Listed By:
Benjamin Ficker · License #200412166,OR
(971) 273-5547
Added: Apr 29
Changed: Aug 13
Last Checked: Aug 22 at 11:06AM
MLS# 669124116
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Rare Queen Anne Victorian quadplex offering four residential units in a close-in SE Portland setting. The property sits on a 0.09-acre lot and totals 4,063 SF, built in 1884 with composition roofing and forced-air heating. Recent structural upgrades and a newer roof are included, along with architectural details such as hardwood floors and built-ins. In two units, modern quartz counters and gas ranges are featured.
The quadplex is located on the Ankeny greenway bike path. On-site amenities include coin-op laundry and storage, supporting everyday resident needs.
Tenants are in place, so discretion is required and showings are subject to an interior inspection.
The quadplex is located on the Ankeny greenway bike path. On-site amenities include coin-op laundry and storage, supporting everyday resident needs.
Tenants are in place, so discretion is required and showings are subject to an interior inspection.
Key Highlights
- Queen Anne Victorian quadplex with four residential units
- 0.09‑acre lot and 4,063 SF total building area
- Built in 1884 with composition roof and forced‑air heating
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
Property Profile
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 - Queen Anne Victorian 4-plex with coin-op laundry, forced-air heat, and hardwood floors on a SE bike path corridor.
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: Queen Anne Victorian quadplex with four residential units; 0.09‑acre lot and 4,063 SF total building area; Built in 1884 with composition roof and forced‑air heating
