Four-Unit Property with On-Site
New
For Sale
$975,000
2230 NE 15th Ave, Portland, OR 97212
1967-built four-unit property with roof and foundation work, resident laundry, and off-street parking.
Property Size3,366 SF
Price / SF$289.66
Days on Market7
Property Features for 2230 NE 15th Ave
General Information
Standard status
Active
Size
3,366 SF
Property subtype
Multi-Family
Building Details
Year Built
1967
Listing Agency:
John L. Scott Portland Central
(503) 230-8600
Listed By:
William Jackson · License #200911072
Source:
Evergreenrealestatepartners
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 11:45AM
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.
This 1967-built quadplex contains 3,366 square feet and features hardwood floors, stainless steel appliances, and Marmoleum flooring in the kitchens and baths. Property improvements include a new tear-off roof and foundation upgrades. On-site laundry and off-street parking add practical amenities for residents, while professional management is already in place.
The property is in Portland’s Historic Irvington neighborhood at 2230 NE 15th Ave. Transit access includes TriMet bus line #8 and Broadway line #77, with cafes, shops, and eateries within walking distance. The location records a 90 walk score and 100 bike score.
The property is in Portland’s Historic Irvington neighborhood at 2230 NE 15th Ave. Transit access includes TriMet bus line #8 and Broadway line #77, with cafes, shops, and eateries within walking distance. The location records a 90 walk score and 100 bike score.
Key Highlights
- Four‑unit quadplex with 3,366 square feet, built in 1967
- New tear‑off roof and foundation upgrades
- Hardwood floors, stainless steel appliances, and Marmoleum flooring
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
$46,907
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
4.81%
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%
$938,140
$938.1K
Cap Rate 7%
$670,100
$670.1K
Cap Rate 9%
$521,189
$521.2K
Market Conditions
NOI Build-Up for 3,366 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%
$938,140
Cap Rate 7%
$670,100
Cap Rate 9%
$521,189
Alternative Uses
Best Use
Multifamily LT 5
$670.1K
$586.3K – $781.8K
NOI $46,907 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$617.4K
$540.2K – $720.3K
NOI $43,219 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$945.3K
$827.1K – $1.10M
NOI $66,168 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,778
Businesses Nearby
Explore this area
Business Placement
Demographics for 97212, OR
26,568
Population
12,064
Households
2.2
Avg Household Size
40
Median Age
70%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
9,840
Density / Sq Mi
$128,098
Median Household Income
$65,836
Median Earnings
$1,790
Median Rent
$824,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - 1967-built four-unit property with roof and foundation work, resident laundry, and off-street parking.
Where is this quadplex located?
The property is located at 2230 NE 15th Ave Portland, OR.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,366 square feet, built in 1967; New tear‑off roof and foundation upgrades; Hardwood floors, stainless steel appliances, and Marmoleum flooring
