Updated 4-Plex
For Sale
$950,000
302 South 19th Avenue, Cornelius, OR 97113
Newly updated four-plex offering three fully renovated units, new roof, and long-term tenants.
Property Size3,072 SF
Price / SF$309.24
Days on Market336
Property Features for 302 South 19th Avenue
General Information
Standard status
Active
Size
3,072 SF
Total Parking Spaces
8
Property subtype
Multi Family
Zoning
R7
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,242
Amenities
1
Crawl Space
Concrete Perimeter
Composition
Brick, T111Siding
Building Details
Year Built
1936
Listing Agency:
CORE, Realtors
Listed By:
Conor Finlay · License #201217057
(503) 545-7935
Source:
Compass
Added: Oct 5, 2025
Changed: Aug 8
Last Checked: Jul 22 at 7:22AM
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 CORE, Realtors
Investment Insights
Based on property information with market context.
This newly updated four-plex includes three fully renovated units with new flooring, appliances, plumbing, and finishes. The property also features a new roof installed in 2023. The rental history is described as strong, with long-term tenants in place.
The property is offered for sale and is noted as having a hard-to-find, developable lot. Please do not disturb tenants or walk on the property.
Total size is listed at 3,072 square feet, with the address at 302 South 19th Avenue, Cornelius, OR 97113.
The property is offered for sale and is noted as having a hard-to-find, developable lot. Please do not disturb tenants or walk on the property.
Total size is listed at 3,072 square feet, with the address at 302 South 19th Avenue, Cornelius, OR 97113.
Key Highlights
- Newly updated 4‑plex with 3 fully renovated units
- Renovations include new flooring, appliances, plumbing, and finishes in the renovated units
- New roof installed in 2023
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
$39,444
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
4.15%
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%
$788,880
$788.9K
Cap Rate 7%
$563,486
$563.5K
Cap Rate 9%
$438,267
$438.3K
Market Conditions
NOI Build-Up for 3,072 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
$75.6K $24.60/SF
− Vacancy
−$3.9K −$1.25/SF
EGI
$71.7K $23.35/SF
− OpEx
−$32.3K −$10.51/SF
NOI
$39.4K $12.84/SF
Area
Washington County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$788,880
Cap Rate 7%
$563,486
Cap Rate 9%
$438,267
Alternative Uses
Best Use
Apartment 5plus
$563.5K
$493.1K – $657.4K
NOI $39,444 @ 7.0% cap · market cap 4.15%
Second Best
Multifamily LT 5
$538.8K
$471.5K – $628.7K
NOI $37,719 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$829.2K
$725.6K – $967.4K
NOI $58,045 @ 7.0% cap · market cap 6.11%
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
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 97113, OR
15,075
Population
5,500
Households
2.7
Avg Household Size
35
Median Age
18%
College-Educated
80%
High-School Grad
34.9 sq mi
ZIP Area
432
Density / Sq Mi
$93,131
Median Household Income
$41,247
Median Earnings
$1,457
Median Rent
$434,100
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 updated four-plex offering three fully renovated units, new roof, and long-term tenants.
Where is this quadplex located?
The property is located at 302 South 19th Avenue Cornelius, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Newly updated 4‑plex with 3 fully renovated units; Renovations include new flooring, appliances, plumbing, and finishes in the renovated units; New roof installed in 2023
