Garden-Style Fourplex with
For Sale
$940,000
2350 SE 42nd ST, Portland, OR 97215
Two side-by-side buildings offer townhome-style layouts with in-unit laundry and full appliance packages.
Property Size4,500 SF
Days on Market9
Property Features for 2350 SE 42nd ST
General Information
Standard status
Active
Size
4,500 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$29,891
Building Details
Building Size
4,500 SF
Year Built
1977
Listing Agency:
ELEETE Real Estate
(503) 468-4018
Listed By:
Lee Davies · License #851200114
(503) 468-4018
Source:
Eleeterealestate
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 11:21AM
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 fourplex consists of two side-by-side garden-style buildings, each configured with two 2-bed/1-bath units. The approximately 1,125-square-foot residences include in-unit laundry, dishwashers, and full appliance packages. The property also provides 6 attached garages and 6 off-street parking spaces on an oversized 0.44-acre site measuring 18,971 square feet.
Built in 1977, the property is fully leased to long-term residents and generates additional income from garage rentals. The asset is located just off Division in Southeast Portland, with Division and Hawthorne shops, Safeway, Eastport Plaza, Providence Portland Medical Center, and TriMet bus service nearby. RM2 zoning and the existing four-unit configuration support continued multifamily use.
Built in 1977, the property is fully leased to long-term residents and generates additional income from garage rentals. The asset is located just off Division in Southeast Portland, with Division and Hawthorne shops, Safeway, Eastport Plaza, Providence Portland Medical Center, and TriMet bus service nearby. RM2 zoning and the existing four-unit configuration support continued multifamily use.
Key Highlights
- Fourplex with two side‑by‑side garden‑style duplex buildings
- Four 2‑bed/1‑bath units, each approximately 1,125 sq. ft.
- 6 attached garages plus 6 off‑street parking spaces
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
$62,710
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
6.67%
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%
$1,254,200
$1.3M
Cap Rate 7%
$895,857
$895.9K
Cap Rate 9%
$696,778
$696.8K
Market Conditions
NOI Build-Up for 4,500 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
$94.5K $21.00/SF
− Vacancy
−$4.9K −$1.09/SF
EGI
$89.6K $19.91/SF
− OpEx
−$26.9K −$5.97/SF
NOI
$62.7K $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%
$1,254,200
Cap Rate 7%
$895,857
Cap Rate 9%
$696,778
Alternative Uses
Best Use
Multifamily LT 5
$895.9K
$783.9K – $1.05M
NOI $62,710 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$825.4K
$722.3K – $963.0K
NOI $57,780 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$1.26M
$1.11M – $1.47M
NOI $88,460 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
684
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?
Quadplex - Two side-by-side buildings offer townhome-style layouts with in-unit laundry and full appliance packages.
Where is this quadplex located?
The property is located at 2350 SE 42nd ST Portland, OR.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: Fourplex with two side‑by‑side garden‑style duplex buildings; Four 2‑bed/1‑bath units, each approximately 1,125 sq. ft.; 6 attached garages plus 6 off‑street parking spaces
