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 Market8
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 Home
Zoning
R25
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
Stories
1
Units
6
Construction
garden-style
Listing Agency:
ELEETE Real Estate
(503) 468-4018
Listed By:
Lee Davies · License #851200114
(503) 468-4018
Source:
Allprofessionalsre
Added: Aug 14
Changed: Aug 18
Last Checked: Aug 20 at 1:47PM
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 = 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
$73,958
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
6.43%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
