Three-Unit Residential
1903 SE 12TH Ave Portland, OR 97214
For Sale
$625,000
MULTI_FAMILY - Portland, OR
Property Size2,544 SF
Lot Size0.08 Acres
Price / SF$245.68
Days on Market112
Property Features for 1903 SE 12TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
6
Bathrooms
3
Rooms
Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 5, Bathroom 1
Standard status
Active
APN
R276147
Size
2,544 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
STEPHENS ADD, BLOCK 125, E 70' OF LOT 8
Tax Annual Amount
7485
Utilities
Heating system
Forced Air
Building Details
Year built
1906
Floors in Building
3
Number of units
3
Roof type
Shingle, Composition
Listing Agency:
The Kelly Group Real Estate
(503) 538-4531
Listed By:
Kelly Hagglund · License #201219819
(503) 538-4531
Added: Apr 10
Changed: Jul 28
Last Checked: Jul 30 at 12:06AM
MLS# 369314415
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.
This three-unit residential property is arranged as a triplex with three separate units. The home offers historic character and “solid bones,” and it’s presented as ready for an owner to restore and refresh the property. The lot size is listed at 0.08 acres, with total property size of 2,544 square feet.
Located at 1903 SE 12TH Ave in Portland, the property is described as just moments from Ladd Circle Park and its rose garden squares. Public remarks also place it within blocks of the energy of Hawthorne and Division, with locally oriented dining and events nearby.
For buyers seeking a multi-unit setup, the three separate units provide flexibility for rental income or multigenerational use. With RM2 zoning noted for the site, prospective owners and operators can evaluate the fit for their intended residential strategy while considering the opportunity to bring the historic character back to full functionality.
Located at 1903 SE 12TH Ave in Portland, the property is described as just moments from Ladd Circle Park and its rose garden squares. Public remarks also place it within blocks of the energy of Hawthorne and Division, with locally oriented dining and events nearby.
For buyers seeking a multi-unit setup, the three separate units provide flexibility for rental income or multigenerational use. With RM2 zoning noted for the site, prospective owners and operators can evaluate the fit for their intended residential strategy while considering the opportunity to bring the historic character back to full functionality.
Key Highlights
- Three separate units—suited for multigenerational living, rental income, or a creative investment project
- Built in 1906 with historic character
- Forced air heating
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.4k | $21.00 |
| − Vacancy | −$2.8k | −$1.09 |
| EGI | $50.6k | $19.91 |
| − OpEx | −$15.2k | −$5.97 |
| NOI | $35.5k | $13.94 |
2,544 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Three separate units in a historic-style triplex configuration, suited for rental or multigenerational living under RM2 zoning.
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 units—suited for multigenerational living, rental income, or a creative investment project; Built in 1906 with historic character; Forced air heating
