Four-Unit Quadplex with Shared
New
For Sale
$850,000
2910 SE Gladstone St, Portland, OR 97202
MultiFamily, Portland, OR
Property Size3,306 SF
Lot Size0.12 Acres
Price / SF$257.11
Days on Market2
Property Features for 2910 SE Gladstone St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CN1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 2
Subdivision
KENILWORTH
Elementary school
Grout
Middle school
Hosford
High school
Cleveland
Directions
South on 26th Avenue, then East on Gladstone to SE 29th Avenue
Standard status
Active
APN
R195783
Size
3,306 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
KENILWORTH, BLOCK 18, LOT 1, N 3' OF LOT 2
Tax Annual Amount
10298
Legal Description
KENILWORTH, BLOCK 18, LOT 1, N 3' OF LOT 2
Utilities
Heating system
Baseboard
Amenities
shared laundry
storage
Building Details
Year built
1967
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Rarebird Real Estate
(503) 451-0545
Listed By:
Benjamin Ficker · License #200412166,OR
(971) 273-5547
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 7:06AM
MLS# 551945503
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 3,306-square-foot quadplex contains four residences: three 2BD/1BA units and one 1BD/1BA unit. Each residence is individually metered, while shared laundry and dedicated storage for every unit support straightforward property operations. The building was constructed in 1967 and includes baseboard heating, a composition roof, and 200-amp electrical service.
Set on a 0.12-acre corner lot in Portland, the property is near Kenilworth Park, the Gladstone corridor, Reed College, Eastmoreland Golf Course, and the Woodstock and Division/Clinton districts. Powell and Holgate provide nearby transit access. CN1 zoning applies to the property.
Set on a 0.12-acre corner lot in Portland, the property is near Kenilworth Park, the Gladstone corridor, Reed College, Eastmoreland Golf Course, and the Woodstock and Division/Clinton districts. Powell and Holgate provide nearby transit access. CN1 zoning applies to the property.
Key Highlights
- Four‑unit configuration with three 2BD/1BA residences and one 1BD/1BA residence
- 3,306 square feet on a 0.12‑acre corner lot
- Individually metered units with shared laundry
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
$48,036
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
5.65%
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%
$960,720
$960.7K
Cap Rate 7%
$686,229
$686.2K
Cap Rate 9%
$533,733
$533.7K
Market Conditions
NOI Build-Up for 3,306 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
$73.4K $22.20/SF
− Vacancy
−$4.8K −$1.44/SF
EGI
$68.6K $20.76/SF
− OpEx
−$20.6K −$6.23/SF
NOI
$48.0K $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%
$960,720
Cap Rate 7%
$686,229
Cap Rate 9%
$533,733
Alternative Uses
Best Use
Multifamily LT 5
$686.2K
$600.5K – $800.6K
NOI $48,036 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$637.2K
$557.5K – $743.4K
NOI $44,602 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$788.7K
$690.1K – $920.2K
NOI $55,210 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,044
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?
Quadplex - Three two-bedroom residences and one one-bedroom residence provide a defined unit mix.
Where is this quadplex located?
The property is located at 2910 SE Gladstone St Portland, OR.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four‑unit configuration with three 2BD/1BA residences and one 1BD/1BA residence; 3,306 square feet on a 0.12‑acre corner lot; Individually metered units with shared laundry
