Single-Level
For Sale
$825,000
3392 SE WAVERLEIGH Blvd, Portland, OR 97202
MultiFamily, Portland, OR
Property Size2,787 SF
Lot Size0.20 Acres
Price / SF$296.02
Days on Market54
Property Features for 3392 SE WAVERLEIGH Blvd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 3
Elementary school
Grout
Middle school
Hosford
High school
Cleveland
Directions
SE Powell Blvd. North on 33rd., East on Waverleigh
Subdivision
_143
Standard status
Active
APN
R298975
Size
2,787 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
WAVERLEIGH HTS, BLOCK 30, LOT 14&15
Tax Annual Amount
12389
Legal Description
WAVERLEIGH HTS, BLOCK 30, LOT 14&15
Utilities
Heating system
Ceiling, Baseboard
Amenities
hardwood floors
individual basements
washer/dryer hookups
mini-split heating and air conditioning system
fireplace
private fenced backyard
attached 2-car garage
Building Details
Year built
1958
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
Realty First
(503) 343-5825
Listed By:
Greg Carnese · License #980300132
(503) 998-4135
Added: Jul 17
Changed: Sep 7
Last Checked: Sep 8 at 1:06AM
MLS# 684280159
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 single-level triplex, constructed in 1958, includes one two-bedroom, two-bath residence and two one-bedroom, one-bath units. The larger unit has mini-split heating and air conditioning, a fireplace, a fenced backyard, and an attached two-car garage. Hardwood flooring extends across all three units, while each residence includes a private basement with washer and dryer hookups.
Set on 0.2 acres in Portland’s Waverleigh Heights neighborhood, the property is near Cleveland High School Field, bus lines, and the shops and services along SE Powell Boulevard. Downtown Portland and surrounding neighborhoods are accessible from the property. The building is zoned RM2 and has a composition roof.
The property reports a 4.5% capitalization rate and includes a mix of unit sizes suited to multifamily ownership. The address is 3392 SE Waverleigh Blvd, Portland, OR 97202.
Set on 0.2 acres in Portland’s Waverleigh Heights neighborhood, the property is near Cleveland High School Field, bus lines, and the shops and services along SE Powell Boulevard. Downtown Portland and surrounding neighborhoods are accessible from the property. The building is zoned RM2 and has a composition roof.
The property reports a 4.5% capitalization rate and includes a mix of unit sizes suited to multifamily ownership. The address is 3392 SE Waverleigh Blvd, Portland, OR 97202.
Key Highlights
- Three‑unit property with one 2‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units
- Built in 1958 on a 0.2‑acre parcel in Portland’s Waverleigh Heights neighborhood
- All units include hardwood floors and full individual basements with washer/dryer hookups
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
$40,495
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
4.91%
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%
$809,900
$809.9K
Cap Rate 7%
$578,500
$578.5K
Cap Rate 9%
$449,944
$449.9K
Market Conditions
NOI Build-Up for 2,787 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
$61.9K $22.20/SF
− Vacancy
−$4.0K −$1.44/SF
EGI
$57.8K $20.76/SF
− OpEx
−$17.4K −$6.23/SF
NOI
$40.5K $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 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%
$809,900
Cap Rate 7%
$578,500
Cap Rate 9%
$449,944
Alternative Uses
Best Use
Multifamily LT 5
$578.5K
$506.2K – $674.9K
NOI $40,495 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$537.1K
$470.0K – $626.7K
NOI $37,600 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$664.9K
$581.8K – $775.7K
NOI $46,543 @ 7.0% cap · market cap 5.64%
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
1,719
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
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-unit multifamily property with varied unit layouts, individual basements, and convenient Southeast Portland access.
Where is this triplex located?
The property is located at 3392 SE WAVERLEIGH Blvd Portland, OR.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Three‑unit property with one 2‑bedroom, 2‑bath unit and two 1‑bedroom, 1‑bath units; Built in 1958 on a 0.2‑acre parcel in Portland’s Waverleigh Heights neighborhood; All units include hardwood floors and full individual basements with washer/dryer hookups
