Three-Unit
For Sale
$625,000
1903 SE 12TH Ave, Portland, OR 97214
MultiFamily, Portland, OR
Property Size2,544 SF
Lot Size0.08 Acres
Price / SF$245.68
Days on Market143
Property Features for 1903 SE 12TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 6, Bathroom 3, Bedroom 2, Bedroom 4
Subdivision
Stephens Add
Elementary school
Abernethy
Middle school
Hosford
High school
Cleveland
Directions
SE Division St to North on SE 12th Ave. Street parking on 12th or Stephens. No Real Estate Sign.
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
Legal Description
STEPHENS ADD, BLOCK 125, E 70' OF LOT 8
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 #981100019
(503) 538-4531
Added: Apr 10
Changed: Aug 25
Last Checked: Aug 30 at 9:06PM
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 2,544-square-foot residential property is configured as three separate units on a 0.08-acre lot. Constructed in 1906, it includes three bathrooms, six bedrooms, forced-air heating, and a shingle and composition roof. RM2 zoning is also in place.
The property is located near Ladd Circle Park and its rose garden squares, with Hawthorne and Division nearby. The surrounding area includes tree-lined streets, craftsman homes, mature trees, coffee shops, bistros, taprooms, and local events.
The property is located near Ladd Circle Park and its rose garden squares, with Hawthorne and Division nearby. The surrounding area includes tree-lined streets, craftsman homes, mature trees, coffee shops, bistros, taprooms, and local events.
Key Highlights
- Three separate residential units
- 2,544 square feet on a 0.08‑acre lot
- Six bedrooms and three bathrooms
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Built in 1906, the property includes three separate units with forced-air heating and 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 residential units; 2,544 square feet on a 0.08‑acre lot; Six bedrooms and three bathrooms
