Nob Hill Four-Plex with Basement
For Sale
$1,399,500
2356 NW WESTOVER RD, Portland, OR 97210
Four residential units with an additional basement office space, with one unit still used as a short-term rental.
Property Size3,012 SF
Price / SF$464.64
Days on Market167
Property Features for 2356 NW WESTOVER RD
General Information
Standard status
Active
Size
3,012 SF
Property subtype
Multi-Family
Zoning
RH
Net Operating Income
$60,280
Units
Multifamily Units
4
Office Units
1
Taxes and HOA fees
Annual Taxes
$11,723
Amenities
Attic,Basement
FullBasement
Gas
UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4
Electricity
1
AirConditioning,HardwoodFloors,Refrigerator
AirConditioning,Dishwasher,HardwoodFloors,Refrigerator
AirConditioning,Deck,HardwoodFloors,Refrigerator
1400
1500
1550
1650
CornerLot
PublicWater
0.06
OnStreet
Paved
ConcretePerimeter
3012.0
Stucco
Building Details
Building Size
3,012 SF
Year Built
1898
Stories
2
Tenancy
Multi
Listing Agency:
Sonya DeAngelo Real Estate
(503) 267-7535
Listed By:
Kevin Levy
(503) 267-7535
Source:
Premierepropertygroup
Added: Mar 10
Changed: Aug 23
Last Checked: Aug 23 at 2:59AM
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 Sonya DeAngelo Real Estate
Investment Insights
Based on property information with market context.
This four-plex at 2356 NW Westover Rd in Portland includes four residential units plus an additional basement office space. The property previously operated as a short-term rental, and the photos were taken during that operation and may differ slightly from current condition. One unit is still being used as a short-term rental, providing an owner-operator the option to maintain that mix or reconfigure the property based on business goals.
The building is located in Portland’s Nob Hill neighborhood, described as being just steps from the shops, restaurants, and amenities of the NW 23rd District. The surrounding area includes dining and retail and is positioned for convenient access to neighborhood lifestyle needs.
For buyers or operators seeking a small multifamily asset, this setup offers straightforward unit count and an extra office component that can support a variety of uses. With one unit continuing in short-term rental use, the property may appeal to investors comfortable managing mixed tenancy arrangements or looking to bring the remaining units in line with the operational strategy already in place. As presented, the offering provides a well-defined, income-producing property format in a walkable neighborhood setting.
The building is located in Portland’s Nob Hill neighborhood, described as being just steps from the shops, restaurants, and amenities of the NW 23rd District. The surrounding area includes dining and retail and is positioned for convenient access to neighborhood lifestyle needs.
For buyers or operators seeking a small multifamily asset, this setup offers straightforward unit count and an extra office component that can support a variety of uses. With one unit continuing in short-term rental use, the property may appeal to investors comfortable managing mixed tenancy arrangements or looking to bring the remaining units in line with the operational strategy already in place. As presented, the offering provides a well-defined, income-producing property format in a walkable neighborhood setting.
Key Highlights
- Four‑plex with four residential units plus additional income from a basement office space
- Unit rents: $1,400; $1,500; $1,550; $1,650 (one unit still used as a short‑term rental)
- All units include air conditioning and hardwood floors; refrigerators included in each unit
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
$41,974
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
3.00%
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%
$839,480
$839.5K
Cap Rate 7%
$599,629
$599.6K
Cap Rate 9%
$466,378
$466.4K
Market Conditions
NOI Build-Up for 3,012 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
$63.3K $21.00/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$60.0K $19.91/SF
− OpEx
−$18.0K −$5.97/SF
NOI
$42.0K $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%
$839,480
Cap Rate 7%
$599,629
Cap Rate 9%
$466,378
Alternative Uses
Best Use
Multifamily LT 5
$599.6K
$524.7K – $699.6K
NOI $41,974 @ 7.0% cap · market cap 3.00%
Second Best
Apartment 5plus
$552.5K
$483.4K – $644.6K
NOI $38,674 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$845.8K
$740.1K – $986.8K
NOI $59,209 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,343
Businesses Nearby
Explore this area
Business Placement
Demographics for 97210, OR
13,016
Population
7,910
Households
1.6
Avg Household Size
38
Median Age
76%
College-Educated
97%
High-School Grad
8.9 sq mi
ZIP Area
1,462
Density / Sq Mi
$87,942
Median Household Income
$66,429
Median Earnings
$1,577
Median Rent
$991,500
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 residential units with an additional basement office space, with one unit still used as a short-term rental.
Where is this quadplex located?
The property is located at 2356 NW WESTOVER RD Portland, OR.
What is the asking price?
The asking price for this property is $1,399,500.
What are key features of this property?
This property features: Four‑plex with four residential units plus additional income from a basement office space; Unit rents: $1,400; $1,500; $1,550; $1,650 (one unit still used as a short‑term rental); All units include air conditioning and hardwood floors; refrigerators included in each unit
