Renovated Three-Unit
For Sale
Contact for pricing
Pending
215-217 NE 30th Ave, Portland, OR 97232
A 1908 property combines three distinct floor plans with updated mechanical systems and modern kitchens and baths.
Property Size3,367 SF
Days on Market173
Property Features for 215-217 NE 30th Ave
General Information
Standard status
Pending
Size
3,367 SF
Class
A
Property subtype
Multifamily
Building Details
Year Built
1908
Units
3
Listing Agency:
Kidder Mathews Portland
(503) 221-9900
Listed By:
Jordan Carter · License #OR 200606025
Source:
Crexi
Added: Mar 12
Changed: Aug 29
Last Checked: Aug 29 at 9:06PM
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 Kidder Mathews Portland
Investment Insights
Based on property information with market context.
Built in 1908 and renovated within the last five years, this 3,367-square-foot triplex pairs period architecture with comprehensive modern upgrades. The main level contains a 2-bedroom, 2-bath unit measuring 1,260 SF; the upper level offers 3 bedrooms and 2 baths across 1,087 SF; and the lower level includes 2 bedrooms and 1 bath within 1,020 SF. Improvements include new mechanical systems, contemporary flooring, custom cabinetry, quartz countertops, stainless steel appliances, and tiled showers.
The property is located at 215-217 NE 30th Ave in Portland, near Laurelhurst and Kerns. Laurelhurst Park is 32 acres, and the surrounding area includes restaurants along 28th Avenue. Walk Score and Bike Score are 96 and 97, respectively. Access to I-84, Sandy Boulevard, and East Burnside connects the property with Downtown Portland, the Central Eastside Industrial District, and the wider metro area. TriMet bus service and MAX Light Rail are also nearby.
The property is located at 215-217 NE 30th Ave in Portland, near Laurelhurst and Kerns. Laurelhurst Park is 32 acres, and the surrounding area includes restaurants along 28th Avenue. Walk Score and Bike Score are 96 and 97, respectively. Access to I-84, Sandy Boulevard, and East Burnside connects the property with Downtown Portland, the Central Eastside Industrial District, and the wider metro area. TriMet bus service and MAX Light Rail are also nearby.
Key Highlights
- 3,367 SF triplex built in 1908
- Renovated within the last five years with new mechanical systems
- 2‑bed/2‑bath main‑level unit: 1,260 SF
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
$46,921
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
3.62%
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%
$938,420
$938.4K
Cap Rate 7%
$670,300
$670.3K
Cap Rate 9%
$521,344
$521.3K
Market Conditions
NOI Build-Up for 3,367 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
$70.7K $21.00/SF
− Vacancy
−$3.7K −$1.09/SF
EGI
$67.0K $19.91/SF
− OpEx
−$20.1K −$5.97/SF
NOI
$46.9K $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%
$938,420
Cap Rate 7%
$670,300
Cap Rate 9%
$521,344
Alternative Uses
Best Use
Multifamily LT 5
$670.3K
$586.5K – $782.0K
NOI $46,921 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$617.6K
$540.4K – $720.5K
NOI $43,232 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$945.5K
$827.4K – $1.10M
NOI $66,188 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,639
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
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 - A 1908 property combines three distinct floor plans with updated mechanical systems and modern kitchens and baths.
Where is this triplex located?
The property is located at 215-217 NE 30th Ave Portland, OR.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 3,367 SF triplex built in 1908; Renovated within the last five years with new mechanical systems; 2‑bed/2‑bath main‑level unit: 1,260 SF
