Six-Unit Apartment
For Sale
$1,150,000
2337 SE 48TH AVE, Portland, OR 97215
Three duplex structures provide six occupied two-bedroom flats with in-unit laundry, appliances, and off-street parking.
Property Size5,760 SF
Lot Size0.34 Acres
Days on Market54
Property Features for 2337 SE 48TH AVE
General Information
Standard status
Active
Size
5,760 SF
Total Parking Spaces
6
Lot size
0.34 Acres
Property subtype
MULTI_FAMILY
Zoning
R2.5
Occupancy
100%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$16,017
Amenities
in-unit washer/dryer
dishwasher
full appliance package
Building Details
Building Size
5,760 SF
Year Built
1972
Buildings
3
Construction
garden-style
Listing Agency:
ELEETE Real Estate
Listed By:
Lee Davies · License #851200114
(503) 468-4018
Source:
Eleeterealestate
Added: Aug 14
Changed: Sep 29
Last Checked: Oct 5 at 10:33PM
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 ELEETE Real Estate
Investment Insights
Based on property information with market context.
This apartment property includes three adjacent duplex buildings on a 15,000 SF lot, with six garden-style flats totaling approximately 960 SF each. Every unit offers two bedrooms, one bathroom, an in-unit washer and dryer, a dishwasher, and a full appliance package. Parking includes three attached garage spaces and three paved driveway spaces. Built in 1972, the property is 100% occupied and supported by a long-standing tenant base and professional management.
The property is located at 2337 SE 48th Ave in Portland’s inner Southeast area, near SE Division, SE 50th, and SE Hawthorne. Nearby amenities and services include TriMet, neighborhood cafes, Safeway, Eastport Plaza, and Providence Portland Medical Center. The address also provides access to a walkable, tree-lined residential setting close to established eastside commercial and community services.
The property is located at 2337 SE 48th Ave in Portland’s inner Southeast area, near SE Division, SE 50th, and SE Hawthorne. Nearby amenities and services include TriMet, neighborhood cafes, Safeway, Eastport Plaza, and Providence Portland Medical Center. The address also provides access to a walkable, tree-lined residential setting close to established eastside commercial and community services.
Key Highlights
- Six units across three side‑by‑side duplex buildings
- 15,000 SF lot with approximately 960 SF per unit
- Each unit has 2 bedrooms, 1 bathroom, in‑unit laundry, dishwasher, and full appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,958
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,479,160
$1.5M
Cap Rate 7%
$1,056,543
$1.1M
Cap Rate 9%
$821,756
$821.8K
Market Conditions
NOI Build-Up for 5,760 SF
Gross rent
$141.7K $24.60/SF
− Vacancy
−$7.2K −$1.25/SF
EGI
$134.5K $23.35/SF
− OpEx
−$60.5K −$10.51/SF
NOI
$74.0K $12.84/SF
Area
Portland, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,479,160
Cap Rate 7%
$1,056,543
Cap Rate 9%
$821,756
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$924.5K – $1.23M
NOI $73,958 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,229 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,588
Businesses Nearby
Explore this area
Business Placement
Demographics for 97215, OR
18,221
Population
7,855
Households
2.3
Avg Household Size
40
Median Age
64%
College-Educated
97%
High-School Grad
2.3 sq mi
ZIP Area
7,922
Density / Sq Mi
$114,361
Median Household Income
$62,704
Median Earnings
$1,587
Median Rent
$658,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three duplex structures provide six occupied two-bedroom flats with in-unit laundry, appliances, and off-street parking.
Where is this apartment building located?
The property is located at 2337 SE 48TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Six units across three side‑by‑side duplex buildings; 15,000 SF lot with approximately 960 SF per unit; Each unit has 2 bedrooms, 1 bathroom, in‑unit laundry, dishwasher, and full appliances
