Updated Quadplex with Shared
For Sale
$849,900
2229 HAWTHORNE St, Forest Grove, OR 97116
MultiFamily, ForestGrove, OR
Property Size3,456 SF
Lot Size0.21 Acres
Price / SF$245.92
Days on Market52
Property Features for 2229 HAWTHORNE St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RHM
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 10, Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 8, Bedroom 7, Bedroom 9, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
Subdivision
FOREST GROVE
Elementary school
Joseph Gale
Middle school
Neil Armstrong
High school
Forest Grove
Directions
Pacific Ave
Standard status
Active
APN
R747918
Size
3,456 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
ACRES 0.21
Tax Annual Amount
5572
Legal Description
ACRES 0.21
Utilities
Heating system
Zoned
Amenities
shared backyard
private storage units
Building Details
Year built
1974
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
RE/MAX Equity Group · RE/MAX International
(503) 626-4600
Listed By:
Kyung Kim · License #960100188
(503) 544-5606
Added: Jun 30
Changed: Aug 19
Last Checked: Aug 20 at 4:06AM
MLS# 252603420
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.
This updated quadplex at 2229 Hawthorne St offers four total units on a 0.21-acre lot and 3,456 square feet of building area. The property was built in 1974 and features a composition roof and zoned heating. Three of the four units have been updated with bright interiors, quartz countertops, refreshed kitchens, updated bathrooms, and new flooring. The remaining unit provides room for future improvements or customization.
Residents can enjoy a shared backyard for relaxing or gardening, plus private storage units for bikes, tools, and seasonal items. The property sits on a quiet street near Pacific University and close to local cafes, parks, and shopping.
Zoning is RHM, providing a residential framework for ongoing occupancy.
Residents can enjoy a shared backyard for relaxing or gardening, plus private storage units for bikes, tools, and seasonal items. The property sits on a quiet street near Pacific University and close to local cafes, parks, and shopping.
Zoning is RHM, providing a residential framework for ongoing occupancy.
Key Highlights
- Three of four units updated with quartz countertops, refreshed kitchens, updated bathrooms, and new flooring
- 0.21‑acre quadplex with 3,456 square feet total building area
- Shared backyard plus private storage units for bikes, tools, and seasonal items
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
$44,375
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
5.22%
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%
$887,500
$887.5K
Cap Rate 7%
$633,929
$633.9K
Cap Rate 9%
$493,056
$493.1K
Market Conditions
NOI Build-Up for 3,456 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
$85.0K $24.60/SF
− Vacancy
−$4.3K −$1.25/SF
EGI
$80.7K $23.35/SF
− OpEx
−$36.3K −$10.51/SF
NOI
$44.4K $12.84/SF
Area
Washington County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$887,500
Cap Rate 7%
$633,929
Cap Rate 9%
$493,056
Alternative Uses
Best Use
Apartment 5plus
$633.9K
$554.7K – $739.6K
NOI $44,375 @ 7.0% cap · market cap 5.22%
Second Best
Multifamily LT 5
$606.2K
$530.4K – $707.2K
NOI $42,434 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$932.9K
$816.3K – $1.09M
NOI $65,300 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
Explore this area
Business Placement
Demographics for 97116, OR
29,351
Population
10,229
Households
2.9
Avg Household Size
36
Median Age
33%
College-Educated
90%
High-School Grad
82.1 sq mi
ZIP Area
358
Density / Sq Mi
$87,308
Median Household Income
$42,330
Median Earnings
$1,397
Median Rent
$479,800
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?
Quadplex - RHM-zoned quadplex built in 1974 near Pacific University, with three updated units, a shared backyard, and private storage.
Where is this quadplex located?
The property is located at 2229 HAWTHORNE St Forest Grove, OR.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Three of four units updated with quartz countertops, refreshed kitchens, updated bathrooms, and new flooring; 0.21‑acre quadplex with 3,456 square feet total building area; Shared backyard plus private storage units for bikes, tools, and seasonal items
