4-Unit Quadplex with Covered
New
For Sale
$865,000
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$286.42
Days on Market6
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
(503) 515-9374
Listed By:
Brian Spear · License #200312221
Source:
Theoregonhomefinder
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 9:40PM
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
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 = 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
$42,086
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
4.87%
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%
$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
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
$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 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%
$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 4.87%
Second Best
Apartment 5plus
$554.0K
$484.7K – $646.3K
NOI $38,777 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$848.1K
$742.1K – $989.4K
NOI $59,366 @ 7.0% cap · market cap 6.86%
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
981
Businesses Nearby
Explore this area
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
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 - 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 $865,000.
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
