Townhome-Style Triplex With
New
For Sale
$674,900
201 SE 176TH PL, Portland, OR 97233
Occupied units offer split-level layouts, private decks, individual garages, and additional off-street parking.
Property Size3,381 SF
Days on Market6
Property Features for 201 SE 176TH PL
General Information
Standard status
Active
Size
3,381 SF
Property subtype
MULTI_FAMILY
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,449
Amenities
private deck
garage
off-street parking
grassy backyard
Building Details
Building Size
3,381 SF
Year Built
1977
Buildings
1
Tenancy
Multi
Listing Agency:
MORE Realty
Listed By:
Jeff Stephens · License #201237728
(503) 869-7303
Source:
Eleeterealestate
Added: Sep 17
Changed: Sep 21
Last Checked: Sep 21 at 6:47AM
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 MORE Realty
Investment Insights
Based on property information with market context.
This three-unit residential property, built in 1977, features split-level floor plans with living areas and kitchens above the bedrooms and bathrooms. Each residence includes a private deck, individual garage, and additional off-street parking. A large lot and grassy rear yard provide outdoor space, while bay windows bring natural light into the living areas. The property has received ongoing maintenance, including newer exterior paint and updated flooring and carpet in several areas.
All three units are occupied. Unit 205 includes a mini-split HVAC system with air conditioning, stainless steel appliances, a remodeled bathroom, and upgraded flooring. The property is situated near Burnside Avenue and MAX light rail access, combining transit proximity with a residential setting.
All three units are occupied. Unit 205 includes a mini-split HVAC system with air conditioning, stainless steel appliances, a remodeled bathroom, and upgraded flooring. The property is situated near Burnside Avenue and MAX light rail access, combining transit proximity with a residential setting.
Key Highlights
- Three occupied residential units built in 1977
- Split‑level layouts place living areas and kitchens above bedrooms and bathrooms
- Each unit includes a private deck and individual garage
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
$47,116
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
6.98%
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%
$942,320
$942.3K
Cap Rate 7%
$673,086
$673.1K
Cap Rate 9%
$523,511
$523.5K
Market Conditions
NOI Build-Up for 3,381 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
$71.0K $21.00/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$67.3K $19.91/SF
− OpEx
−$20.2K −$5.97/SF
NOI
$47.1K $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%
$942,320
Cap Rate 7%
$673,086
Cap Rate 9%
$523,511
Alternative Uses
Best Use
Multifamily LT 5
$673.1K
$589.0K – $785.3K
NOI $47,116 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$620.2K
$542.7K – $723.5K
NOI $43,412 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$949.5K
$830.8K – $1.11M
NOI $66,463 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
686
Businesses Nearby
Explore this area
Business Placement
Demographics for 97233, OR
41,625
Population
14,844
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
9,049
Density / Sq Mi
$54,886
Median Household Income
$37,216
Median Earnings
$1,352
Median Rent
$385,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Occupied units offer split-level layouts, private decks, individual garages, and additional off-street parking.
Where is this triplex located?
The property is located at 201 SE 176TH PL Portland, OR.
What is the asking price?
The asking price for this property is $674,900.
What are key features of this property?
This property features: Three occupied residential units built in 1977; Split‑level layouts place living areas and kitchens above bedrooms and bathrooms; Each unit includes a private deck and individual garage
