Renovated 1913 Quadplex with Bonus
For Sale
Contact for pricing
2422 NE Glisan St, Portland, OR 97232
Turnkey renovated 4-plex built in 1913 with multiple remodeled units and an additional bonus studio suite.
Property Size4,100 SF
Price / SF$340.24
Days on Market145
Property Features for 2422 NE Glisan St
General Information
Standard status
Active
Size
4,100 SF
Property subtype
Multifamily
Additional Details
Sprinkler System
Yes
Multifamily Units
4
Building Details
Year Built
1913
Tenancy
Multi
Listing Agency:
Kidder Mathews Portland
(503) 221-9900
Listed By:
Jordan Carter · License #OR 200606025
Source:
Crexi
Added: Mar 12
Changed: Jul 23
Last Checked: Jul 31 at 12:23PM
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 Kidder Mathews Portland
Investment Insights
Based on property information with market context.
The Glisan 4-plex was originally built in 1913 and has been fully renovated, nearly down to the studs. The property features a versatile unit mix that includes a 2-bedroom/2-bath unit on the main level, a studio on the back of the main level, a 3-bedroom/2-bath unit on the second floor, and a 2-bedroom/1-bath unit on the lower level. A fifth “bonus” suite adds an extra studio with a kitchenette and bath, accessible through the main level 2-bedroom unit to create a 3-bedroom/2-bath configuration.
Renovations include upgraded systems, new flooring, remodeled kitchens and bathrooms with modern finishes, and added fire sprinklers throughout. Additional improvements referenced in the project include upgraded electrical, a seismically retrofitted foundation, and installation of a new upsized water meter.
2422 NE Glisan St is positioned at the intersection of Kerns and Laurelhurst, and the address is noted as a Walker’s Paradise and a Biker’s Paradise.
Renovations include upgraded systems, new flooring, remodeled kitchens and bathrooms with modern finishes, and added fire sprinklers throughout. Additional improvements referenced in the project include upgraded electrical, a seismically retrofitted foundation, and installation of a new upsized water meter.
2422 NE Glisan St is positioned at the intersection of Kerns and Laurelhurst, and the address is noted as a Walker’s Paradise and a Biker’s Paradise.
Key Highlights
- 1913‑built Glisan 4‑plex with fully remodeled units and a bonus suite for flexible layout options
- Unit mix includes a main‑level 2 bed/2 bath (~1,100 SF), a back‑of‑main studio (~1,400 SF), and a second‑floor 3 bed/2 bath (~1,087 SF)
- Lower‑level unit is a 2 bed/1 bath (~1,030 SF); bonus suite adds an extra ~1,350 SF studio with kitchenette and bath
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.1k | $21.00 |
| − Vacancy | −$4.5k | −$1.09 |
| EGI | $81.6k | $19.91 |
| − OpEx | −$24.5k | −$5.97 |
| NOI | $57.1k | $13.94 |
4,100 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$816.2K
$714.2K – $952.3K
NOI $57,136 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$752.1K
$658.1K – $877.4K
NOI $52,644 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,597 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
4,026
Businesses Nearby
Explore this area
Business Placement
Demographics for 97232, OR
15,382
Population
9,594
Households
1.6
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
8,096
Density / Sq Mi
$71,278
Median Household Income
$49,794
Median Earnings
$1,584
Median Rent
$801,300
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 - Turnkey renovated 4-plex built in 1913 with multiple remodeled units and an additional bonus studio suite.
Where is this quadplex located?
The property is located at 2422 NE Glisan St Portland, OR.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 1913‑built Glisan 4‑plex with fully remodeled units and a bonus suite for flexible layout options; Unit mix includes a main‑level 2 bed/2 bath (~1,100 SF), a back‑of‑main studio (~1,400 SF), and a second‑floor 3 bed/2 bath (~1,087 SF); Lower‑level unit is a 2 bed/1 bath (~1,030 SF); bonus suite adds an extra ~1,350 SF studio with kitchenette and bath
