Vacant
For Sale
$799,900
3321 SW US VETERANS HOSPITAL Rd, Portland, OR 97239
MULTI_FAMILY - Portland, OR
Property Size2,980 SF
Lot Size0.09 Acres
Price / SF$268.42
Days on Market28
Property Features for 3321 SW US VETERANS HOSPITAL Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM3
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2
Subdivision
HOMESTEAD/MARQUAM HILL
Elementary school
Ainsworth
Middle school
West Sylvan
High school
Lincoln
Directions
SW Gibbs St
Standard status
Active
APN
R247265
Size
2,980 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
PORTLAND CITY HMSTD, BLOCK 71, LOT 2 EXC PT IN ST
Tax Annual Amount
9335
Legal Description
PORTLAND CITY HMSTD, BLOCK 71, LOT 2 EXC PT IN ST
Utilities
Heating system
Baseboard
Building Details
Year built
1959
Floors in Building
2
Number of units
3
Roof type
Membrane
Listing Agency:
RealtyNET, LLC
(503) 300-6330
Listed By:
Greg Messick · License #200202047
(503) 300-6330
Added: Jul 17
Changed: Aug 13
Last Checked: Aug 13 at 4:06AM
MLS# 233166758
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 fully vacant triplex contains 2,980 square feet on a 0.09-acre lot in Portland, Oregon. The property was built in 1959 and includes baseboard heating and a membrane roof. An exterior-access storage room provides additional on-site utility and is identified as having potential for conversion into a fourth unit.
The property is located across from Oregon Health & Science University and the VA Medical Center on SW US Veterans Hospital Rd. The surrounding institutional setting is specifically positioned for furnished mid-term rental demand from traveling nurses, medical residents, and hospital staff. The building is zoned RM3, with electric service separately metered and water, sewer, and trash billed back to tenants according to the property information.
The property is located across from Oregon Health & Science University and the VA Medical Center on SW US Veterans Hospital Rd. The surrounding institutional setting is specifically positioned for furnished mid-term rental demand from traveling nurses, medical residents, and hospital staff. The building is zoned RM3, with electric service separately metered and water, sewer, and trash billed back to tenants according to the property information.
Key Highlights
- 2,980‑square‑foot triplex on a 0.09‑acre lot
- RM3 zoning supports the multifamily classification
- Across from Oregon Health & Science University and the VA Medical Center
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
$41,528
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
5.19%
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%
$830,560
$830.6K
Cap Rate 7%
$593,257
$593.3K
Cap Rate 9%
$461,422
$461.4K
Market Conditions
NOI Build-Up for 2,980 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
$62.6K $21.00/SF
− Vacancy
−$3.3K −$1.09/SF
EGI
$59.3K $19.91/SF
− OpEx
−$17.8K −$5.97/SF
NOI
$41.5K $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%
$830,560
Cap Rate 7%
$593,257
Cap Rate 9%
$461,422
Alternative Uses
Best Use
Multifamily LT 5
$593.3K
$519.1K – $692.1K
NOI $41,528 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$546.6K
$478.3K – $637.7K
NOI $38,263 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$836.9K
$732.3K – $976.3K
NOI $58,580 @ 7.0% cap · market cap 7.32%
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
4,448
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
Median Home Value
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?
Triplex - RM3-zoned multifamily property positioned opposite OHSU and the VA Medical Center.
Where is this triplex located?
The property is located at 3321 SW US VETERANS HOSPITAL Rd Portland, OR.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 2,980‑square‑foot triplex on a 0.09‑acre lot; RM3 zoning supports the multifamily classification; Across from Oregon Health & Science University and the VA Medical Center
