Historic Quadplex with Detached
New
For Sale
$1,474,950
2106 SE MAIN St, Portland, OR 97214
MultiFamily, Portland, OR
Property Size5,148 SF
Lot Size0.16 Acres
Price / SF$286.51
Days on Market7
Property Features for 2106 SE MAIN St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 6, Bedroom 2
Subdivision
BUCKMAN/HAWTHORNE
Elementary school
Buckman
Middle school
Hosford
High school
Cleveland
Directions
SE 20th Ave - West ( Up ) On Main St - Property on the Right ( North )
Standard status
Active
APN
R264421
Size
5,148 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
SALISBURY HILL, BLOCK 2, LOT 8 EXC E 8', E 28' OF LOT 9
Tax Annual Amount
19052
Legal Description
SALISBURY HILL, BLOCK 2, LOT 8 EXC E 8', E 28' OF LOT 9
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1910
Floors in Building
3
Number of units
4
Roof type
Shingle, Composition
Listing Agency:
John L. Scott Portland Central
(503) 230-8600
Listed By:
Michael Smira · License #201206047
(503) 935-2560
Added: Sep 8
Changed: Sep 13
Last Checked: Sep 14 at 12:06AM
MLS# 190894084
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.
Built in 1910, this Portland quadplex contains two 2-bedroom residences with additional upper-level bonus space and two 1-bedroom residences. The 5,148-square-foot property retains original hardwood floors, historic windows, and period architectural elements. Basement areas provide additional storage, while forced-air heating and window-unit cooling serve the building.
Major improvements include a 2022 roof and gutters, copper plumbing, updated electrical service, attic insulation, and restored original windows. The detached 2-car garage has also been restored. The property is individually listed on the National Register of Historic Places and occupies a landscaped 7,000 SF lot in Buckman, on a quiet tree-lined street near Hawthorne. Zoning is R5.
Major improvements include a 2022 roof and gutters, copper plumbing, updated electrical service, attic insulation, and restored original windows. The detached 2-car garage has also been restored. The property is individually listed on the National Register of Historic Places and occupies a landscaped 7,000 SF lot in Buckman, on a quiet tree-lined street near Hawthorne. Zoning is R5.
Key Highlights
- Fourplex with two 2‑bedroom residences and two 1‑bedroom residences
- 5,148 square feet on a 0.16‑acre lot
- Built in 1910 and individually listed on the National Register of Historic Places
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
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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
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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?
Quadplex - Two larger residences include upper-level bonus space, while basement areas add storage and building systems have been updated.
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; 5,148 square feet on a 0.16‑acre lot; Built in 1910 and individually listed on the National Register of Historic Places
