Historic Three-Unit
For Sale
$625,000
1903 SE 12th Ave, Portland, OR 97214
Three separate units provide a flexible residential configuration in Southeast Portland’s established urban setting.
Property Size2,544 SF
Price / SF$245.68
Days on Market11
Property Features for 1903 SE 12th Ave
General Information
Standard status
Active
Size
2,544 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1906
Listing Agency:
The Kelly Group Real Estate
(503) 730-9999
Listed By:
Kelly Hagglund · License #201219819
Source:
Rosecityrealtygroup
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 12:28PM
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 The Kelly Group Real Estate
Investment Insights
Based on property information with market context.
Built in 1906, this 2,544-square-foot triplex contains three separate units and retains historic character. The property offers a configuration suited to multigenerational living or residential income use, with restoration-oriented improvements left to the next owner.
The property is located near Ladd Circle Park and its rose garden squares, with Hawthorne and Division just blocks away. The surrounding setting includes tree-lined streets, mature trees, craftsman homes, coffee shops, bistros, taprooms, and local events within the broader neighborhood context.
The property is located near Ladd Circle Park and its rose garden squares, with Hawthorne and Division just blocks away. The surrounding setting includes tree-lined streets, mature trees, craftsman homes, coffee shops, bistros, taprooms, and local events within the broader neighborhood context.
Key Highlights
- Three separate residential units
- 2,544 square feet of property size
- Built in 1906
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
$35,452
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
5.67%
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%
$709,040
$709.0K
Cap Rate 7%
$506,457
$506.5K
Cap Rate 9%
$393,911
$393.9K
Market Conditions
NOI Build-Up for 2,544 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
$53.4K $21.00/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$50.6K $19.91/SF
− OpEx
−$15.2K −$5.97/SF
NOI
$35.5K $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%
$709,040
Cap Rate 7%
$506,457
Cap Rate 9%
$393,911
Alternative Uses
Best Use
Multifamily LT 5
$506.5K
$443.2K – $590.9K
NOI $35,452 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$466.6K
$408.3K – $544.4K
NOI $32,665 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$714.4K
$625.1K – $833.5K
NOI $50,009 @ 7.0% cap · market cap 8.00%
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
3,594
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?
Triplex - Three separate units provide a flexible residential configuration in Southeast Portland’s established urban setting.
Where is this triplex located?
The property is located at 1903 SE 12th Ave Portland, OR.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Three separate residential units; 2,544 square feet of property size; Built in 1906
