Three-Unit Residential
For Sale
$795,000
3123 SE 31st Ave, Portland, OR 97202
MultiFamily, Portland, OR
Property Size3,046 SF
Lot Size0.09 Acres
Price / SF$260
Days on Market429
Property Features for 3123 SE 31st Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 1, Bathroom 4, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 3, Bedroom 5, Bedroom 3
Subdivision
Waverleigh/Richmond
View
City
Elementary school
Grout
Middle school
Hosford
High school
Cleveland
Directions
Division to 31st
Standard status
Active
APN
R298853
Size
3,046 SF
Lot size
0.09 Acres
Additional Details
Individually Metered Utilities
electricity
Taxes and HOA fees
Tax Description
WAVERLEIGH HTS, BLOCK 19, N 43' OF LOT 10&11
Tax Annual Amount
9257
Legal Description
WAVERLEIGH HTS, BLOCK 19, N 43' OF LOT 10&11
Utilities
Heating system
Forced Air, Zoned
Amenities
shared yard
front porch
common entrance
attached garage
Building Details
Year built
1912
Floors in Building
3
Number of units
3
Roof type
Composition
Listing Agency:
KJK Properties PC
(503) 772-8825
Listed By:
Kathryn King · License #971100115
(503) 997-9035
Added: Aug 31, 2025
Changed: Nov 2
Last Checked: Nov 2 at 3:06PM
MLS# 289396741
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.
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Investment Insights
Based on property information with market context.
This R5-zoned triplex contains 3,046 square feet across three units on a 0.09-acre lot. The building dates to 1912 and has forced-air, zoned heating. A composition roof, attached garage, shared yard, front porch, and common entrance are among its features. Separate electrical meters serve the units; water, sewer, and garbage are shared. Unit C has recently turned over and is ready for occupancy.
The property is at 3123 SE 31st Ave in Portland, Oregon. Its configuration includes six bedrooms and four bathrooms, with one bathroom serving each unit.
The property is at 3123 SE 31st Ave in Portland, Oregon. Its configuration includes six bedrooms and four bathrooms, with one bathroom serving each unit.
Key Highlights
- Three units in a 3,046‑square‑foot building
- 0.09‑acre lot zoned R5
- Six bedrooms and four bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,258
Cap Rate
5.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$885,160
$885.2K
Cap Rate 7%
$632,257
$632.3K
Cap Rate 9%
$491,756
$491.8K
Market Conditions
NOI Build-Up for 3,046 SF
Gross rent
$67.6K $22.20/SF
− Vacancy
−$4.4K −$1.44/SF
EGI
$63.2K $20.76/SF
− OpEx
−$19.0K −$6.23/SF
NOI
$44.3K $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 Rate 5%
$885,160
Cap Rate 7%
$632,257
Cap Rate 9%
$491,756
Alternative Uses
Best Use
Multifamily LT 5
$632.3K
$553.2K – $737.6K
NOI $44,258 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$587.1K
$513.7K – $684.9K
NOI $41,095 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$726.7K
$635.9K – $847.8K
NOI $50,868 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,544
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
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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?
Triplex - Three separate electrical meters serve a shared-yard property with an attached garage and a covered front porch.
Where is this triplex located?
The property is located at 3123 SE 31st Ave Portland, OR.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Three units in a 3,046‑square‑foot building; 0.09‑acre lot zoned R5; Six bedrooms and four bathrooms
