4-Unit Multifamily
For Sale
$1,609,900
2938 NE 62nd AVE, Portland, OR 97213
Each residence has private outdoor space, with larger fenced yards serving the two end units.
Property Size4,178 SF
Price / SF$385.33
Days on Market248
Property Features for 2938 NE 62nd AVE
General Information
Standard status
Active
Size
4,178 SF
Property subtype
MULTI_FAMILY
Site & Location
Neighborhood
South Tabor
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2.1BA - 1,177 SF, 2 x 2BR/2.1BA - 912 SF
Multifamily Units
4
Amenities
private outdoor space
upstairs laundry
Building Details
Building Size
4,178 SF
Year Built
2026
Listing Agency:
Keller Williams Realty Portland Premiere
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Source:
Hustlehearthomes
Added: Feb 26
Changed: Nov 1
Last Checked: Oct 31 at 9:58PM
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
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Investment Insights
Based on property information with market context.
Completed in 2026, this four-unit multifamily property contains 4,178 square feet across two end residences and two interior residences. The end units each offer 3 bedrooms, 2.1 bathrooms, and 1,177 square feet; the interior units each have 2 bedrooms, 2.1 bathrooms, and 912 square feet. Altogether, the building has 10 bedrooms, 8 full bathrooms, and 4 half bathrooms. Interior features include open great-room main levels, kitchen islands with eat bars, built-ins, accent walls, illuminated crown molding, and upstairs laundry. Mini-split systems provide heating and cooling. Each residence has private outdoor space, and the end units include larger fenced yards.
In Portland’s Rose City Park neighborhood, the property is near Rose City Golf Course, the Hollywood District, NE Sandy Boulevard, cafes, restaurants, grocery options, parks, bike routes, and transit.
In Portland’s Rose City Park neighborhood, the property is near Rose City Golf Course, the Hollywood District, NE Sandy Boulevard, cafes, restaurants, grocery options, parks, bike routes, and transit.
Key Highlights
- Four residences total 4,178 square feet
- Two 3‑bedroom, 2.1‑bathroom end units, each 1,177 square feet
- Two 2‑bedroom, 2.1‑bathroom interior units, each 912 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,223
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
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
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 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 3.62%
Second Best
Apartment 5plus
$766.4K
$670.6K – $894.1K
NOI $53,645 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,130 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has private outdoor space, with larger fenced yards serving the two end units.
Where is this quadplex located?
The property is located at 2938 NE 62nd AVE Portland, OR.
What is the asking price?
The asking price for this property is $1,609,900.
What are key features of this property?
This property features: Four residences total 4,178 square feet; Two 3‑bedroom, 2.1‑bathroom end units, each 1,177 square feet; Two 2‑bedroom, 2.1‑bathroom interior units, each 912 square feet
