Triplex with Off-Street
For Sale
$650,000
2712 SE LAKEWOOD DR, Milwaukie, OR 97222
1995 multifamily property with three units, recent water heater replacements, and a newer roof.
Property Size2,740 SF
Days on Market19
Property Features for 2712 SE LAKEWOOD DR
General Information
Standard status
Active
Size
2,740 SF
Property subtype
MULTI_FAMILY
Additional Details
Cap Rate
6.57%
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,264
Building Details
Building Size
2,740 SF
Year Built
1995
Buildings
1
Listing Agency:
Cascade Hasson Sotheby's International Realty
(503) 936-8160
Listed By:
Daniel Bruno
(503) 936-8160
Source:
Eleeterealestate
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 11 at 12:16PM
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 Cascade Hasson Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1995, this three-unit multifamily property offers a triplex configuration with off-street parking for residents. The layout supports leasing all units or occupying one while renting the remaining two, providing flexibility for different ownership approaches. Recent property updates include two new water heaters and a newer roof.
The property is located in Milwaukie, minutes from downtown and the waterfront. Nearby amenities named in the property information include pFriem Brewing, the Milwaukie Farmers Market, Fred Meyer, New Seasons Market, and local shops and restaurants. The property carries a 6.57% CAP rate and has a stated rental history.
The property is located in Milwaukie, minutes from downtown and the waterfront. Nearby amenities named in the property information include pFriem Brewing, the Milwaukie Farmers Market, Fred Meyer, New Seasons Market, and local shops and restaurants. The property carries a 6.57% CAP rate and has a stated rental history.
Key Highlights
- Three‑unit triplex built in 1995
- 6.57% CAP rate
- Two new water heaters
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
$35,182
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
5.41%
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%
$703,640
$703.6K
Cap Rate 7%
$502,600
$502.6K
Cap Rate 9%
$390,911
$390.9K
Market Conditions
NOI Build-Up for 2,740 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
$67.4K $24.60/SF
− Vacancy
−$3.4K −$1.25/SF
EGI
$64.0K $23.35/SF
− OpEx
−$28.8K −$10.51/SF
NOI
$35.2K $12.84/SF
Area
Clackamas County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$703,640
Cap Rate 7%
$502,600
Cap Rate 9%
$390,911
Alternative Uses
Best Use
Apartment 5plus
$502.6K
$439.8K – $586.4K
NOI $35,182 @ 7.0% cap · market cap 5.41%
Second Best
Multifamily LT 5
$491.7K
$430.2K – $573.6K
NOI $34,417 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$739.6K
$647.2K – $862.9K
NOI $51,772 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
Explore this area
Business Placement
Demographics for 97222, OR
36,316
Population
16,910
Households
2.1
Avg Household Size
41
Median Age
38%
College-Educated
95%
High-School Grad
8.6 sq mi
ZIP Area
4,223
Density / Sq Mi
$77,441
Median Household Income
$48,298
Median Earnings
$1,592
Median Rent
$465,100
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?
Triplex - 1995 multifamily property with three units, recent water heater replacements, and a newer roof.
Where is this triplex located?
The property is located at 2712 SE LAKEWOOD DR Milwaukie, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1995; 6.57% CAP rate; Two new water heaters
