Four-Unit Townhouse-Style
New
For Sale
$1,489,900
2092 N Watts St, Portland, OR 97217
MultiFamily, Portland, OR
Property Size4,204 SF
Lot Size0.11 Acres
Price / SF$354.40
Days on Market4
Property Features for 2092 N Watts St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
6
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 9, Bathroom 2, Bathroom 7, Bedroom 3, Bedroom 6, Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 3, Bathroom 4, Bathroom 5, Bathroom 8, Bathroom 6, Bedroom 5, Bedroom 4
Subdivision
KENTON
Elementary school
Peninsula
Middle school
Ockley Green
High school
Jefferson
Directions
N Lombard St, N on N Denver Ave, W on N Watts St to property.
Standard status
Active
APN
New Construction
Size
4,204 SF
Lot size
0.11 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2026
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle
(503) 709-4632
Added: Oct 19
Changed: Oct 22
Last Checked: Oct 22 at 10:06PM
MLS# 599886701
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.
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Investment Insights
Based on property information with market context.
This four-unit residential property is under construction, with 4,204 square feet of building area on a 0.11-acre lot. Each townhouse-style residence places bedrooms and full bathrooms upstairs, with a half bath and open living areas on the main floor. Kitchens include solid-surface counters and stainless steel appliances; mini-split systems provide heating and cooling, and each home has dedicated laundry. Outdoor space includes private decks, with the rear residence also offering a fenced yard. A one-year builder warranty is included.
The property is in Portland’s Kenton neighborhood, near shops and restaurants on N Denver Avenue, Kenton Park, and MAX Yellow Line service. Zoning is R2.5. The stated year built is 2026.
The property is in Portland’s Kenton neighborhood, near shops and restaurants on N Denver Avenue, Kenton Park, and MAX Yellow Line service. Zoning is R2.5. The stated year built is 2026.
Key Highlights
- Four residences totaling 4,204 square feet on 0.11 acres
- Townhouse‑style layouts with bedrooms and full bathrooms upstairs and a main‑level half bath
- Mini‑split heating and cooling, in‑home laundry, and kitchens with stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,585
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,171,700
$1.2M
Cap Rate 7%
$836,929
$836.9K
Cap Rate 9%
$650,944
$650.9K
Market Conditions
NOI Build-Up for 4,204 SF
Gross rent
$88.3K $21.00/SF
− Vacancy
−$4.6K −$1.09/SF
EGI
$83.7K $19.91/SF
− OpEx
−$25.1K −$5.97/SF
NOI
$58.6K $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 Rate 5%
$1,171,700
Cap Rate 7%
$836,929
Cap Rate 9%
$650,944
Alternative Uses
Best Use
Multifamily LT 5
$836.9K
$732.3K – $976.4K
NOI $58,585 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$771.1K
$674.7K – $899.7K
NOI $53,979 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,641 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
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Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residences feature private outdoor areas, in-home laundry, and separate bedroom and living levels.
Where is this quadplex located?
The property is located at 2092 N Watts St Portland, OR.
What is the asking price?
The asking price for this property is $1,489,900.
What are key features of this property?
This property features: Four residences totaling 4,204 square feet on 0.11 acres; Townhouse‑style layouts with bedrooms and full bathrooms upstairs and a main‑level half bath; Mini‑split heating and cooling, in‑home laundry, and kitchens with stainless steel appliances
