Triplex with Basement
New
For Sale
$795,000
2421 SE 52nd AVE, Portland, OR 97206
Updated apartments offer hardwood floors, private outdoor areas, and additional basement storage.
Property Size4,854 SF
Price / SF$163.78
Days on Market1
Property Features for 2421 SE 52nd AVE
General Information
Standard status
Active
Size
4,854 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
hardwood floors
coved ceilings
vintage trim
private patios
fenced yard
shared laundry
basement storage
mature landscaping
Building Details
Year Built
1957
Buildings
1
Listing Agency:
Icon Real Estate Group
Listed By:
Linnea Kittrell
(541) 556-5292
Source:
Oregonrealestateadvisors
Added: Oct 4
Last Checked: Oct 4 at 2:02PM
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 Icon Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1957, this 4,854-square-foot triplex contains three apartments with one-, two-, and three-bedroom layouts. Interior details include hardwood flooring, coved ceilings, and vintage trim. The basement is used for owner storage and also provides locked storage areas and shared laundry for units 2523 and 2525.
The one-bedroom apartment has a fenced private yard; the other units have private patios. Mature landscaping surrounds the building at 2421 SE 52nd Avenue in Portland, with Mount Tabor and Division Street identified nearby.
The one-bedroom apartment has a fenced private yard; the other units have private patios. Mature landscaping surrounds the building at 2421 SE 52nd Avenue in Portland, with Mount Tabor and Division Street identified nearby.
Key Highlights
- 4,854‑square‑foot triplex built in 1957
- Three updated apartments with one-, two-, and three‑bedroom layouts
- Hardwood floors, coved ceilings, and vintage trim
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
$71,282
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
8.97%
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%
$1,425,640
$1.4M
Cap Rate 7%
$1,018,314
$1.0M
Cap Rate 9%
$792,022
$792.0K
Market Conditions
NOI Build-Up for 4,854 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
$107.8K $22.20/SF
− Vacancy
−$5.9K −$1.22/SF
EGI
$101.8K $20.98/SF
− OpEx
−$30.5K −$6.29/SF
NOI
$71.3K $14.69/SF
Area
ZIP 97206
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,425,640
Cap Rate 7%
$1,018,314
Cap Rate 9%
$792,022
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$891.0K – $1.19M
NOI $71,282 @ 7.0% cap · market cap 8.97%
Second Best
Apartment 5plus
$913.0K
$798.9K – $1.07M
NOI $63,913 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,419 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,283
Businesses Nearby
Explore this area
Business Placement
Demographics for 97206, OR
51,072
Population
22,348
Households
2.3
Avg Household Size
38
Median Age
49%
College-Educated
94%
High-School Grad
6.5 sq mi
ZIP Area
7,857
Density / Sq Mi
$94,233
Median Household Income
$54,254
Median Earnings
$1,693
Median Rent
$480,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Updated apartments offer hardwood floors, private outdoor areas, and additional basement storage.
Where is this triplex located?
The property is located at 2421 SE 52nd AVE Portland, OR.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 4,854‑square‑foot triplex built in 1957; Three updated apartments with one-, two-, and three‑bedroom layouts; Hardwood floors, coved ceilings, and vintage trim
