Building Details

Building Size 3,366 SF

Year Built 1967

Listing Agency: John L. Scott Portland Central

Listed By: William Jackson · License #200911072 Show Phone

Source: Eleeterealestate

Added: May 26 Changed: Oct 14 Last Checked: Oct 15 at 5:24AM

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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.

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 / Yr

$46,907

Cap Rate

4.81%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$938,140 $938.1K

Cap Rate 7%

$670,100 $670.1K

Cap Rate 9%

$521,189 $521.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,366 SF

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 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 (±1% cap)

NOI $46,907 @ 7.0% cap · market cap 4.81%

Second Best

Apartment 5plus

$617.4K

$540.2K – $720.3K (±1% cap)

NOI $43,219 @ 7.0% cap · market cap 4.43%

Theoretical Best

Office A

$945.3K

$827.1K – $1.10M (±1% cap)

NOI $66,168 @ 7.0% cap · market cap 6.79%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Florist Carpet & Flooring Store Tanning Salon Mobile Phone Store Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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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