Modern Townhouse-Style
For Sale
$1,599,900
2892 NE 61st AVE, Portland, OR 97213
Newly constructed fourplex with differentiated layouts, private outdoor areas, and energy-efficient mini-split heating and cooling.
Property Size4,178 SF
Price / SF$382.93
Days on Market215
Property Features for 2892 NE 61st AVE
General Information
Standard status
Active
Size
4,178 SF
Property subtype
Multi-Family
Zoning
R2.5
Net Operating Income
$94,177
Units
Unit Mix
2 x 3BR/2.5BA, 2 x 2BR/2.5BA
Multifamily Units
4
Amenities
private outdoor space
private yards
energy-efficient mini-split systems
high ceilings
open great room layouts
upstairs laundry
vaulted ceilings
CrawlSpace
Electricity,Tank
UnitTypeType1,UnitTypeType2
Electricity
3
2
AirConditioning,Dishwasher,Range,WasherDryerHookup
2950
2350
CornerLot,Level
PublicWater
50x100
0.11
OnStreet
Paved
ConcretePerimeter
4178.0
BoardBattenSiding,CementSiding,LapSiding
Building Details
Building Size
4,178 SF
Year Built
2026
Buildings
1
Stories
2
Construction
townhouse-style
Listing Agency:
Congress Realty
(480) 299-0229
Listed By:
Brandy Ingebretson Alexander Altomare · License #199910100
(480) 299-0229
Source:
Premierepropertygroup
Added: Jan 28
Changed: Aug 29
Last Checked: Aug 30 at 1:12PM
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 Congress Realty
Investment Insights
Based on property information with market context.
Completed in 2026, this R2.5-zoned quadplex at 2892 Northeast 61st Avenue includes approximately 4,178 square feet across four townhouse-style residences. The unit mix includes two end homes with 3 bedrooms and 2.5 bathrooms at approximately 1,177 square feet each, plus two interior homes with 2 bedrooms and 2.5 bathrooms at approximately 912 square feet each. Private outdoor areas, larger yards for the end homes, high main-level ceilings, open great-room plans, vaulted bedroom ceilings, and laundry positioned between the upstairs bedrooms are incorporated throughout. Energy-efficient mini-split systems provide heating and cooling.
The property is in Portland’s Rose City Park neighborhood, near the shops, restaurants, cafés, and everyday services along NE Sandy Blvd. The source information also identifies the area as walkable and bike-accessible. Construction details include extensive built-ins, accent walls, and a combination of board-and-batten, cement, and lap siding. Interior features include a crawl space and concrete perimeter.
The property is in Portland’s Rose City Park neighborhood, near the shops, restaurants, cafés, and everyday services along NE Sandy Blvd. The source information also identifies the area as walkable and bike-accessible. Construction details include extensive built-ins, accent walls, and a combination of board-and-batten, cement, and lap siding. Interior features include a crawl space and concrete perimeter.
Key Highlights
- 2026 construction with approximately 4,178 square feet
- Four townhouse‑style units with private outdoor space
- Unit mix: two 3‑bedroom, 2.5‑bath units and two 2‑bedroom, 2.5‑bath units
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
$58,223
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
3.64%
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%
$1,164,460
$1.2M
Cap Rate 7%
$831,757
$831.8K
Cap Rate 9%
$646,922
$646.9K
Market Conditions
NOI Build-Up for 4,178 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
$87.7K $21.00/SF
− Vacancy
−$4.6K −$1.09/SF
EGI
$83.2K $19.91/SF
− OpEx
−$25.0K −$5.97/SF
NOI
$58.2K $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%
$1,164,460
Cap Rate 7%
$831,757
Cap Rate 9%
$646,922
Alternative Uses
Best Use
Multifamily LT 5
$831.8K
$727.8K – $970.4K
NOI $58,223 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$766.4K
$670.6K – $894.1K
NOI $53,645 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,130 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 97213, OR
31,260
Population
14,971
Households
2.1
Avg Household Size
40
Median Age
61%
College-Educated
95%
High-School Grad
4.0 sq mi
ZIP Area
7,815
Density / Sq Mi
$95,801
Median Household Income
$56,941
Median Earnings
$1,490
Median Rent
$609,100
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?
Quadplex - Newly constructed fourplex with differentiated layouts, private outdoor areas, and energy-efficient mini-split heating and cooling.
Where is this quadplex located?
The property is located at 2892 NE 61st AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,599,900.
What are key features of this property?
This property features: 2026 construction with approximately 4,178 square feet; Four townhouse‑style units with private outdoor space; Unit mix: two 3‑bedroom, 2.5‑bath units and two 2‑bedroom, 2.5‑bath units
