NE Portland 5-Plex
2634 Northeast Broadway Portland, OR 97232
2634 Northeast Broadway, Portland, OR, 97232
$1,099,000
For Sale
$1,099,000
Versatile 5-plex in NE Portland with significant upside potential.
Property Size5,420 SF
Price / SF$202.77
Days on Market175
Property Features for 2634 Northeast Broadway
General Information
- Standard status
- Active
- Size
- 5,420 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1925
Listing Agency
Crestview Realty, LLC
(503) 729-8208
Listed by
Wenyan Zhu · License #201211353
(503) 729-8208
Source
Compass
Added: Jan 24 Checked: Jul 17 at 5:13 am
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 Crestview Realty, LLC
Investment Insights
Based on property information with market context.
Located in the heart of NE Portland, this 5-plex investment opportunity sits on a prominent corner lot at the intersection of Sullivan’s Gulch and Grant Park. The property, totaling 5420 square feet, offers versatility for investors and owner-occupants. It features five units, each with large bedrooms, generous living areas, and in-unit washer and dryer. Four units are currently rented below market value, presenting significant upside potential. A detached 3-bay garage provides potential for development or additional income opportunities. A brand-new roof offers long-term value.
Key Highlights
- Significant upside potential due to below‑market rents on four units.
- Prime corner lot location in the heart of NE Portland, at the intersection of Sullivan’s Gulch and Grant Park.
- Versatile property suitable for both investors and owner‑occupants.
Local Financial Insights For Apartment 5plus
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 | $133.3k | $24.60 |
| − Vacancy | −$6.8k | −$1.25 |
| EGI | $126.5k | $23.35 |
| − OpEx | −$56.9k | −$10.51 |
| NOI | $69.6k | $12.84 |
5,420 SF · lease $24.60/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$994.2K
$869.9K – $1.16M
NOI $69,593 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,545 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Versatile 5-plex in NE Portland with significant upside potential.
Where is this apartment building located?
The property is located at 2634 Northeast Broadway Portland, OR.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Significant upside potential due to below‑market rents on four units.; Prime corner lot location in the heart of NE Portland, at the intersection of Sullivan’s Gulch and Grant Park.; Versatile property suitable for both investors and owner‑occupants.
