Triplex Near Medical
For Sale
$799,900
3321 SW US VETERANS HOSPITAL Rd, Portland, OR 97239
MultiFamily, Portland, OR
Property Size2,980 SF
Lot Size0.09 Acres
Price / SF$268.42
Days on Market73
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 1, Bathroom 2, 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
Amenities
exterior-entry storage room
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) 660-4889
Added: Jul 17
Changed: Sep 25
Last Checked: Sep 27 at 12:06PM
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 1959-built triplex contains 2,980 square feet and is currently vacant. The property is zoned RM3 and has baseboard heating and a membrane roof. Electric service is separately metered, while water, sewer, and trash costs are billed back to tenants.
The property sits across from Oregon Health & Science University and the VA Medical Center. The 0.09-acre site includes an exterior-access storage room that could be evaluated for conversion to another unit.
The property sits across from Oregon Health & Science University and the VA Medical Center. The 0.09-acre site includes an exterior-access storage room that could be evaluated for conversion to another unit.
Key Highlights
- Three‑unit residential property with 2,980 square feet
- RM3 zoning on a 0.09‑acre lot
- Vacant at present
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 property offers a vacant three-unit configuration near major healthcare facilities.
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: Three‑unit residential property with 2,980 square feet; RM3 zoning on a 0.09‑acre lot; Vacant at present
