Portland Triplex in
For Sale
Contact for pricing
Pending
2735 SE CLINTON ST, Portland, OR 97202
Fully leased triplex in desirable Clinton-Division neighborhood.
Property Size3,207 SF
Lot Size0.11 Acres
Days on Market131
Property Features for 2735 SE CLINTON ST
General Information
Standard status
Pending
Size
3,207 SF
Class
B
Total Parking Spaces
2
Lot size
0.11 Acres
Property subtype
Multifamily
Zoning
R2.5
Occupancy
100%
Investment Type
Institutional
Building Details
Year Built
1914
Buildings
2
Stories
2
Units
3
Tenancy
Single
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
Source:
Crexi
Added: Apr 23
Changed: Aug 14
Last Checked: Aug 30 at 3:12PM
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 Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This fully leased income-producing property is located in Portland’s sought-after Clinton-Division neighborhood. The property features three units: two within a detached house and a third above a detached one-car garage. Situated on a 5,000 sqft lot with a partially fenced yard and mature landscaping, the property benefits from its location near Clinton St, Division, and Hawthorne, providing access to restaurants, cafes, parks, and transit options. Recent updates help reduce near-term capital needs while supporting long-term rent growth potential. This property offers flexible rental configurations and strong tenant appeal, making it an ideal opportunity for investors seeking stable cash flow in a proven rental corridor.
Key Highlights
- Fully leased property providing immediate rental income.
- Located in the highly desirable Clinton‑Division neighborhood.
- Three units offer flexible rental configurations.
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
$46,597
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
5.48%
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%
$931,940
$931.9K
Cap Rate 7%
$665,671
$665.7K
Cap Rate 9%
$517,744
$517.7K
Market Conditions
NOI Build-Up for 3,207 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
$71.2K $22.20/SF
− Vacancy
−$4.6K −$1.44/SF
EGI
$66.6K $20.76/SF
− OpEx
−$20.0K −$6.23/SF
NOI
$46.6K $14.53/SF
Area
ZIP 97202
Vacancy
6.50%
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%
$931,940
Cap Rate 7%
$665,671
Cap Rate 9%
$517,744
Alternative Uses
Best Use
Multifamily LT 5
$665.7K
$582.5K – $776.6K
NOI $46,597 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$618.1K
$540.8K – $721.1K
NOI $43,267 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$765.1K
$669.5K – $892.6K
NOI $53,557 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,473
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
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 - Fully leased triplex in desirable Clinton-Division neighborhood.
Where is this triplex located?
The property is located at 2735 SE CLINTON ST Portland, OR.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Fully leased property providing immediate rental income.; Located in the highly desirable Clinton‑Division neighborhood.; Three units offer flexible rental configurations.
