Historic Fourplex with Detached
For Sale
$1,474,950
2106 SE MAIN ST, Portland, OR 97214
Four-unit residential property with updated major systems, preserved period features, and flexible unit layouts.
Property Size5,148 SF
Lot Size0.16 Acres
Days on Market10
Property Features for 2106 SE MAIN ST
General Information
Standard status
Active
Size
5,148 SF
Total Parking Spaces
2
Lot size
0.16 Acres
Property subtype
MULTI_FAMILY
Units
Unit Mix
2 x 2BR, 2 x 1BR
Multifamily Units
4
Additional Details
Gross Income
$105,600
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$19,051
Building Details
Building Size
5,148 SF
Year Built
1910
Buildings
1
Listing Agency:
John L. Scott Portland Central
Listed By:
Michael Smira · License #201206047
(503) 935-2560
Source:
Eleeterealestate
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 17 at 12:32AM
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 John L. Scott Portland Central
Investment Insights
Based on property information with market context.
The 1910 Nettie Krouse Fourplex contains two 2-bedroom residences with upper-level bonus space and two 1-bedroom residences. The property is individually listed on the National Register of Historic Places and retains original hardwood floors, historic windows, and period architectural elements. Major improvements include a roof and gutters installed in 2022, copper plumbing, updated electrical service, restored windows, eco-friendly attic insulation, and a restored detached 2-car garage. Basement areas provide additional storage.
The property occupies a landscaped 7,000 SF lot with outdoor spaces on a quiet, tree-lined street in Portland’s Buckman neighborhood, a short distance from Hawthorne. Its combination of four residential units, preserved historic character, updated building systems, and detached garage creates a distinctive multifamily asset.
The property occupies a landscaped 7,000 SF lot with outdoor spaces on a quiet, tree-lined street in Portland’s Buckman neighborhood, a short distance from Hawthorne. Its combination of four residential units, preserved historic character, updated building systems, and detached garage creates a distinctive multifamily asset.
Key Highlights
- Fourplex with two 2‑bedroom residences and two 1‑bedroom residences
- Individually listed on the National Register of Historic Places
- New roof and gutters completed in 2022
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
$71,740
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
4.86%
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%
$1,434,800
$1.4M
Cap Rate 7%
$1,024,857
$1.0M
Cap Rate 9%
$797,111
$797.1K
Market Conditions
NOI Build-Up for 5,148 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
$108.1K $21.00/SF
− Vacancy
−$5.6K −$1.09/SF
EGI
$102.5K $19.91/SF
− OpEx
−$30.7K −$5.97/SF
NOI
$71.7K $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%
$1,434,800
Cap Rate 7%
$1,024,857
Cap Rate 9%
$797,111
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$896.8K – $1.20M
NOI $71,740 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$944.3K
$826.3K – $1.10M
NOI $66,100 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.45M
$1.26M – $1.69M
NOI $101,198 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,985
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Quadplex - Four-unit residential property with updated major systems, preserved period features, and flexible unit layouts.
Where is this quadplex located?
The property is located at 2106 SE MAIN ST Portland, OR.
What is the asking price?
The asking price for this property is $1,474,950.
What are key features of this property?
This property features: Fourplex with two 2‑bedroom residences and two 1‑bedroom residences; Individually listed on the National Register of Historic Places; New roof and gutters completed in 2022
