Four-Unit Quadplex with Private
For Sale
$1,609,900
2938 NE 62nd Ave, Portland, OR 97213
MultiFamily, Portland, OR
Property Size4,178 SF
Lot Size0.11 Acres
Price / SF$385.33
Days on Market203
Property Features for 2938 NE 62nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R2.5
Bedrooms
5
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bathroom 4, Bathroom 6, Bedroom 5, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 5, Bathroom 1, Bedroom 1
Subdivision
ROSE CITY PARK
Elementary school
Rose City Park
Middle school
Roseway Heights
High school
Leodis McDaniel
Directions
NE Stanton To NE Sandy
Standard status
Active
APN
New Construction
Size
4,178 SF
Lot size
0.11 Acres
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2026
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Feb 26
Changed: Sep 17
Last Checked: Sep 17 at 11:06AM
MLS# 204317021
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 4,178-square-foot quadplex contains four residences with a combined total of 10 bedrooms, 8 full bathrooms, and 4 half bathrooms. The unit mix includes two 3-bedroom, 2.1-bathroom end units measuring 1,177 square feet each, plus two 2-bedroom, 2.1-bathroom interior units measuring 912 square feet each. Interior features include open great-room layouts, high ceilings, kitchen islands with eat bars, upstairs laundry, built-in detailing, accent walls, and mini-split heat pumps providing heating and cooling. Each residence has private outdoor space, while the two end units include larger fenced yards.
The property occupies 0.11 acres in Portland’s Rose City Park neighborhood, with access to Rose City Golf Course, the Hollywood District, NE Sandy Blvd, nearby cafes, restaurants, grocery options, parks, bike routes, and transit. The property is zoned R2.5 and has a 2026 year built date.
The property occupies 0.11 acres in Portland’s Rose City Park neighborhood, with access to Rose City Golf Course, the Hollywood District, NE Sandy Blvd, nearby cafes, restaurants, grocery options, parks, bike routes, and transit. The property is zoned R2.5 and has a 2026 year built date.
Key Highlights
- Four residences totaling 4,178 square feet
- Unit mix includes two 3‑bedroom and two 2‑bedroom residences
- Combined layout provides 10 bedrooms, 8 full bathrooms, and 4 half bathrooms
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
3.62%
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 3.62%
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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - R2.5-zoned multifamily property with varied floor plans, private outdoor areas, and energy-efficient heat pump systems.
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 totaling 4,178 square feet; Unit mix includes two 3‑bedroom and two 2‑bedroom residences; Combined layout provides 10 bedrooms, 8 full bathrooms, and 4 half bathrooms
