Irvington Fourplex with
2230 NE 15TH Ave Portland, OR 97212
2230 NE 15TH Ave, Portland, OR, 97212
$975,000
For Sale
$975,000
MULTI_FAMILY - Portland, OR
Property Size3,366 SF
Lot Size0.12 Acres
Price / SF$289.66
Days on Market53
Property Features for 2230 NE 15TH Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R5
- Bedrooms
- 8
- Bathrooms
- 4
- Rooms
- Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 8, Bedroom 5, Bathroom 3, Bedroom 7, Bedroom 3, Bathroom 4, Bedroom 2, Bedroom 4
- 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
Utilities
- Heating system
- Baseboard
Building Details
- Year built
- 1967
- Floors in Building
- 2
- Number of units
- 4
- Roof type
- Flat, Built-Up
Listing Agency
John L. Scott Portland Central
(503) 230-8600
1205 NE MLK Jr Blvd, Portland, OR
Listed by
William Jackson · License #200911072
(971) 219-3344
Added: May 26 Checked: Jul 17 at 9:06 am
MLS# 617173184
Listing URL
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Investment Insights
Based on property information with market context.
This is a retro 1960's fourplex located in the heart of the Historic Irvington neighborhood. The property represents a turnkey investment or owner-occupied opportunity. It offers convenient access to the Trimet bus line #8 and Broadway line #77, with cafes, shops, and eateries within walking distance. The location has a 100 Bike Score and a 90 Walk Score. The property is professionally managed and well-maintained, with a strong rental history. The building has hardwood floors, stainless steel appliances, and Marmolium flooring in the kitchen and bath. Recent upgrades include a new tear-off roof and foundation work. On-site laundry facilities and off-street parking are available. The property size is 3366 square feet and the lot size is 0.12 acres. The zoning is R5.
Key Highlights
- Retro 1960s fourplex in the Historic Irvington neighborhood
- New tear‑off roof and foundation upgrades
- Hardwood floors plus Marmolium flooring in kitchen and baths
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $70.7k | $21.00 |
| − Vacancy | −$3.7k | −$1.09 |
| EGI | $67.0k | $19.91 |
| − OpEx | −$20.1k | −$5.97 |
| NOI | $46.9k | $13.94 |
3,366 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
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FAQs
What type of property is this?
Quadplex - Well-maintained Portland fourplex with strong rental history and modern upgrades.
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: Retro 1960s fourplex in the Historic Irvington neighborhood; New tear‑off roof and foundation upgrades; Hardwood floors plus Marmolium flooring in kitchen and baths
