4-Unit Quadplex with Covered
For Sale
$839,900
2315 N Lombard St, Portland, OR 97217
Four residences offer one- and two-bedroom layouts with private outdoor areas and dedicated off-street parking.
Property Size3,020 SF
Price / SF$278.11
Days on Market49
Property Features for 2315 N Lombard St
General Information
Standard status
Active
Size
3,020 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1996
Buildings
1
Listing Agency:
Opt
Listed By:
Brian Spear, Brian Porter · License #200312221
(503) 515-9374
Source:
Wyndeekono
Added: Aug 28
Changed: Oct 5
Last Checked: Oct 7 at 3:08PM
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 Opt
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Investment Insights
Based on property information with market context.
Built in 1996, this 3,020-square-foot quadplex contains four residential units arranged as two 2-bedroom, 1-bath homes and two 1-bedroom, 1-bath homes. Each residence includes either a covered front porch or deck, providing a defined outdoor area for occupants. The property is currently occupied by long-term tenants, and the building has been maintained in good condition.
A paved, fully fenced parking area at the rear provides dedicated off-street parking for four vehicles. The property is located at 2315 N Lombard St in Portland’s Kenton neighborhood, six blocks from downtown Kenton and near neighborhood restaurants, shops, parks, and everyday amenities.
A paved, fully fenced parking area at the rear provides dedicated off-street parking for four vehicles. The property is located at 2315 N Lombard St in Portland’s Kenton neighborhood, six blocks from downtown Kenton and near neighborhood restaurants, shops, parks, and everyday amenities.
Key Highlights
- 3,020 SF quadplex built in 1996
- Unit mix includes (2) 2‑bedroom, 1‑bath units and (2) 1‑bedroom, 1‑bath units
- Each residence has a covered front porch or deck
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,086
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$841,720
$841.7K
Cap Rate 7%
$601,229
$601.2K
Cap Rate 9%
$467,622
$467.6K
Market Conditions
NOI Build-Up for 3,020 SF
Gross rent
$63.4K $21.00/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$60.1K $19.91/SF
− OpEx
−$18.0K −$5.97/SF
NOI
$42.1K $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%
$841,720
Cap Rate 7%
$601,229
Cap Rate 9%
$467,622
Alternative Uses
Best Use
Multifamily LT 5
$601.2K
$526.1K – $701.4K
NOI $42,086 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$554.0K
$484.7K – $646.3K
NOI $38,777 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$848.1K
$742.1K – $989.4K
NOI $59,366 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
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Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer one- and two-bedroom layouts with private outdoor areas and dedicated off-street parking.
Where is this quadplex located?
The property is located at 2315 N Lombard St Portland, OR.
What is the asking price?
The asking price for this property is $839,900.
What are key features of this property?
This property features: 3,020 SF quadplex built in 1996; Unit mix includes (2) 2‑bedroom, 1‑bath units and (2) 1‑bedroom, 1‑bath units; Each residence has a covered front porch or deck
