Occupied Four-Unit Apartment
New
For Sale
$910,000
2554 NE HOYT St, Portland, OR 97232
MultiFamily, Portland, OR
Property Size2,900 SF
Lot Size0.12 Acres
Price / SF$313.79
Days on Market5
Property Features for 2554 NE HOYT St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 1
Subdivision
KERNS
Elementary school
Buckman
Middle school
Hosford
High school
Cleveland
Directions
NE Sandy Blvd to 24th to Hoyt
Standard status
Active
APN
R208174
Size
2,900 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
LOGANS ADD, BLOCK 4, LOT 2
Tax Annual Amount
8932
Legal Description
LOGANS ADD, BLOCK 4, LOT 2
Utilities
Heating system
Baseboard
Amenities
laundry room
individual storage units
large additional storage room
Building Details
Year built
1958
Floors in Building
2
Number of units
4
Listing Agency:
Premiere Property Group, LLC
(503) 670-9000
Listed By:
Zak Meaut · License #201234324
(503) 999-0383
Added: Sep 18
Last Checked: Sep 22 at 7:06PM
MLS# 394666582
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 2,900 square feet and six total bedrooms across four rentable residences. Built in 1958, the building is equipped with baseboard heating and includes a dedicated laundry room with coin-operated machines. Individual storage units and a larger additional storage room provide useful space for residents or owner use. The property sits on a 0.12-acre lot and is zoned RM2.
All four units are currently occupied. The property is located in Portland’s Kerns neighborhood, with restaurants, shops, entertainment, and public transit nearby. The address is 2554 NE HOYT St, Portland, OR 97232.
All four units are currently occupied. The property is located in Portland’s Kerns neighborhood, with restaurants, shops, entertainment, and public transit nearby. The address is 2554 NE HOYT St, Portland, OR 97232.
Key Highlights
- Four rentable units with six total bedrooms
- All four units currently occupied
- 2,900 square feet on a 0.12‑acre lot
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
$40,413
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
4.44%
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%
$808,260
$808.3K
Cap Rate 7%
$577,329
$577.3K
Cap Rate 9%
$449,033
$449.0K
Market Conditions
NOI Build-Up for 2,900 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
$60.9K $21.00/SF
− Vacancy
−$3.2K −$1.09/SF
EGI
$57.7K $19.91/SF
− OpEx
−$17.3K −$5.97/SF
NOI
$40.4K $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%
$808,260
Cap Rate 7%
$577,329
Cap Rate 9%
$449,033
Alternative Uses
Best Use
Multifamily LT 5
$577.3K
$505.2K – $673.6K
NOI $40,413 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$531.9K
$465.5K – $620.6K
NOI $37,236 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$814.4K
$712.6K – $950.1K
NOI $57,007 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,623
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four occupied residences with shared laundry and dedicated storage areas in Portland’s Kerns neighborhood.
Where is this quadplex located?
The property is located at 2554 NE HOYT St Portland, OR.
What is the asking price?
The asking price for this property is $910,000.
What are key features of this property?
This property features: Four rentable units with six total bedrooms; All four units currently occupied; 2,900 square feet on a 0.12‑acre lot
