Building Details

Year Built 1919

Buildings 3

Listing Agency: RE/MAX Equity Group

Listed By: The Reger Group · License #2013009293 Show Phone

Source: Searchpnwhouses

Added: Aug 8 Changed: Sep 26 Last Checked: Sep 26 at 7:24AM

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Investment Insights

Based on property information with market context.

This 1.30-acre property contains three legal residences in a triplex configuration. Built in 1919, the main home provides 3 bedrooms, 1 bath, and approximately 1,484 sq ft including an unfinished basement. Two additional dwellings each offer 2 bedrooms and 1 bath. The residences are currently operating as rentals, and all three require repairs and updates. The sale is AS-IS with no repairs by the seller.

Located in Corbett, the property offers access to I-84, Portland, and PDX. The Columbia River Gorge National Scenic Area is nearby, and the property is within the Corbett School District. SRC zoning is identified as supporting multiple uses, with buyers responsible for verifying permitted uses and requirements with Multnomah County.

Key Highlights

• Three legal residences on one 1.30‑acre lot
• Main home includes 3 bedrooms, 1 bath, and approximately 1,484 sq ft with unfinished basement
• Two additional dwellings, each with 2 bedrooms and 1 bath

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

$21,793

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

2.91%

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%

$435,860 $435.9K

Cap Rate 7%

$311,329 $311.3K

Cap Rate 9%

$242,144 $242.1K

Market Conditions

NOI Build-Up for 1,484 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

$32.9K $22.20/SF

− Vacancy

−$1.8K −$1.22/SF

EGI

$31.1K $20.98/SF

− OpEx

−$9.3K −$6.29/SF

NOI

$21.8K $14.69/SF

Area

Multnomah County, OR

Vacancy

5.50%

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%

$435,860

Cap Rate 7%

$311,329

Cap Rate 9%

$242,144

Alternative Uses

Best Use

Multifamily LT 5

$311.3K

$272.4K – $363.2K (±1% cap)

NOI $21,793 @ 7.0% cap · market cap 2.91%

Second Best

Apartment 5plus

$272.2K

$238.2K – $317.6K (±1% cap)

NOI $19,055 @ 7.0% cap · market cap 2.54%

Theoretical Best

Office A

$400.6K

$350.5K – $467.3K (±1% cap)

NOI $28,040 @ 7.0% cap · market cap 3.74%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store HVAC Service Cafe & Coffee Shop Grocery & Convenience Store Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

41

Businesses Nearby

Explore this area Business Placement

Demographics for 97019, OR

3,221

Population

1,207

Households

2.7

Avg Household Size

45

Median Age

43%

College-Educated

94%

High-School Grad

78.8 sq mi

ZIP Area

41

Density / Sq Mi

$107,604

Median Household Income

$42,453

Median Earnings

$1,809

Median Rent

$665,600

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Triplex - Three residences are currently operated as rentals; all homes require repairs and updates.

Where is this triplex located?

The property is located at 32510 E Bell RD Corbett, OR.

What is the asking price?

The asking price for this property is $749,000.

What are key features of this property?

This property features: Three legal residences on one 1.30‑acre lot; Main home includes 3 bedrooms, 1 bath, and approximately 1,484 sq ft with unfinished basement; Two additional dwellings, each with 2 bedrooms and 1 bath