Updated Triplex With Off-Street
For Sale
$1,132,000
3272 Southeast Salmon Street, Portland, OR 97214
Three residential units feature refreshed kitchens, baths, in-unit laundry, and private outdoor areas.
Property Size2,593 SF
Price / SF$436.56
Days on Market186
Property Features for 3272 Southeast Salmon Street
General Information
Standard status
Active
Size
2,593 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
R5
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,989
Amenities
in-unit laundry
exterior space
sun room
1
Crawl Space
Concrete Perimeter
Metal
Aluminum
Building Details
Year Built
1965
Listing Agency:
Think Real Estate
(503) 933-6538
Listed By:
Chandra Noble-Ashford
(503) 933-6538
Source:
Compass
Added: Feb 26
Changed: Aug 30
Last Checked: Aug 30 at 6:01AM
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 Think Real Estate
Investment Insights
Based on property information with market context.
This 2,593-square-foot triplex contains three residential units, each configured with two bedrooms, an updated kitchen, an updated bathroom, and in-unit laundry. The property also provides exterior space and a sunroom, along with off-street parking. Built in 1965, the improvements include a crawl space and concrete perimeter, with metal and aluminum exterior materials.
The property is located at 3272 Southeast Salmon Street in Portland, between Southeast Hawthorne Boulevard and Southeast Belmont Street. R5 zoning supports its residential income-property classification. The three-unit layout and consistent features across the units provide a clearly defined multifamily configuration.
The property is located at 3272 Southeast Salmon Street in Portland, between Southeast Hawthorne Boulevard and Southeast Belmont Street. R5 zoning supports its residential income-property classification. The three-unit layout and consistent features across the units provide a clearly defined multifamily configuration.
Key Highlights
- Three‑unit property with 2,593 SF of building area
- Each unit includes 2 bedrooms, an updated kitchen, and an updated bathroom
- In‑unit laundry provided in every residence
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
$36,135
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
3.19%
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%
$722,700
$722.7K
Cap Rate 7%
$516,214
$516.2K
Cap Rate 9%
$401,500
$401.5K
Market Conditions
NOI Build-Up for 2,593 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
$54.5K $21.00/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$51.6K $19.91/SF
− OpEx
−$15.5K −$5.97/SF
NOI
$36.1K $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%
$722,700
Cap Rate 7%
$516,214
Cap Rate 9%
$401,500
Alternative Uses
Best Use
Multifamily LT 5
$516.2K
$451.7K – $602.3K
NOI $36,135 @ 7.0% cap · market cap 3.19%
Second Best
Apartment 5plus
$475.6K
$416.2K – $554.9K
NOI $33,294 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$728.2K
$637.2K – $849.5K
NOI $50,972 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,069
Businesses Nearby
Explore this area
Business Placement
Demographics for 97214, OR
28,403
Population
15,948
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
98%
High-School Grad
2.9 sq mi
ZIP Area
9,794
Density / Sq Mi
$86,879
Median Household Income
$55,643
Median Earnings
$1,628
Median Rent
$733,200
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?
Triplex - Three residential units feature refreshed kitchens, baths, in-unit laundry, and private outdoor areas.
Where is this triplex located?
The property is located at 3272 Southeast Salmon Street Portland, OR.
What is the asking price?
The asking price for this property is $1,132,000.
What are key features of this property?
This property features: Three‑unit property with 2,593 SF of building area; Each unit includes 2 bedrooms, an updated kitchen, and an updated bathroom; In‑unit laundry provided in every residence
