Quadplex with On-Site
For Sale
$975,000
2230 NE 15TH Ave, Portland, OR 97212
MultiFamily, Portland, OR
Property Size3,366 SF
Lot Size0.12 Acres
Price / SF$289.66
Days on Market98
Property Features for 2230 NE 15TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 7, Bathroom 2, Bedroom 2, Bedroom 8
Subdivision
Irvington
Elementary school
Irvington
Middle school
Harriet Tubman
High school
Grant
Directions
NE Broadway, North on 15th
Standard status
Active
APN
R188551
Size
3,366 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
IRVINGTON, BLOCK 63, LOT 18
Tax Annual Amount
12653
Legal Description
IRVINGTON, BLOCK 63, LOT 18
Utilities
Heating system
Baseboard
Amenities
Hardwood floors
Stainless steel appliances
Marmolium flooring
On-site laundry
Off street parking
Building Details
Year built
1967
Floors in Building
2
Number of units
4
Roof type
Built-Up, Flat
Listing Agency:
John L. Scott Portland Central
(503) 230-8600
Listed By:
William Jackson · License #200911072
(971) 219-3344
Added: May 26
Changed: Aug 19
Last Checked: Aug 31 at 4:06PM
MLS# 617173184
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 quadplex at 2230 NE 15TH Ave was built in 1967 and sits on a 0.12-acre lot. The property totals 3,366 SF and includes baseboard heating. Interiors feature hardwood floors and stainless steel appliances, with Marmolium flooring in the kitchen and bath. Recent improvements include a new tear-off roof and foundation upgrades. The building also offers on-site laundry and off-street parking for residents.
The property is positioned in the heart of the Historic Irvington neighborhood with convenient access to the TriMet bus line #8 and the Broadway line #77. Walk and bike scores are listed as 90 and 100, respectively.
The current configuration is described as a retro 1960’s fourplex, supported by professionally managed operations and an established rental history.
The property is positioned in the heart of the Historic Irvington neighborhood with convenient access to the TriMet bus line #8 and the Broadway line #77. Walk and bike scores are listed as 90 and 100, respectively.
The current configuration is described as a retro 1960’s fourplex, supported by professionally managed operations and an established rental history.
Key Highlights
- 0.12‑acre quadplex totaling 3,366 SF
- Built in 1967 with baseboard heating
- New tear‑off roof plus foundation upgrades
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
Lease Details
4
Residential units
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 - R5 zoned quadplex with on-site laundry and off-street parking in Portland’s Irvington area.
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: 0.12‑acre quadplex totaling 3,366 SF; Built in 1967 with baseboard heating; New tear‑off roof plus foundation upgrades
