Dutch Colonial
For Sale
Contact for pricing
3424 SE 10TH AVE, Portland, OR 97202
Four-unit residential property with varied layouts, basement storage, and laundry hookups.
Property Size2,201 SF
Price / SF$317.58
Days on Market132
Property Features for 3424 SE 10TH AVE
General Information
Standard status
Active
Size
2,201 SF
Class
B
Property subtype
Multifamily
Zoning
R2.5
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$39,501
Units
Unit Mix
2 x 2BR/1BA, 2 x studio/1BA
Multifamily Units
4
Amenities
laundry hookups
Building Details
Year Built
1909
Buildings
1
Stories
3
Units
4
Tenancy
Multi
Construction
Dutch Colonial-style
Listing Agency:
LUXE | FORBES GLOBAL PROPERTIES
(971) 275-5657
Listed By:
Steve Odermann · License #201209382
Source:
Crexi
Added: Apr 22
Changed: Aug 31
Last Checked: Aug 31 at 3:48AM
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 LUXE | FORBES GLOBAL PROPERTIES
Investment Insights
Based on property information with market context.
This 1909 Dutch Colonial fourplex contains two two-bedroom, one-bath apartments and two studio apartments with one bath each. Period-inspired architectural details carry through the units, while an unfinished basement provides laundry hookups and additional storage capacity. The property is zoned R2.5.
The building sits in Portland’s Brooklyn neighborhood, one block from Brooklyn Park. Local shops, restaurants, and neighborhood services are nearby, with a Walk Score of 89 and a Bike Score of 93. The property has had long-term ownership and a history of low vacancy rates. Interior access is subject to inspection, and tenants should not be disturbed.
The building sits in Portland’s Brooklyn neighborhood, one block from Brooklyn Park. Local shops, restaurants, and neighborhood services are nearby, with a Walk Score of 89 and a Bike Score of 93. The property has had long-term ownership and a history of low vacancy rates. Interior access is subject to inspection, and tenants should not be disturbed.
Key Highlights
- Fourplex with two 2 bed/1 bath units and two studio + 1 bath units
- 1909 Dutch Colonial‑style building with period‑appropriate details
- Unfinished basement includes laundry hookups and storage potential
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
$31,980
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
4.58%
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%
$639,600
$639.6K
Cap Rate 7%
$456,857
$456.9K
Cap Rate 9%
$355,333
$355.3K
Market Conditions
NOI Build-Up for 2,201 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
$48.9K $22.20/SF
− Vacancy
−$3.2K −$1.44/SF
EGI
$45.7K $20.76/SF
− OpEx
−$13.7K −$6.23/SF
NOI
$32.0K $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%
$639,600
Cap Rate 7%
$456,857
Cap Rate 9%
$355,333
Alternative Uses
Best Use
Multifamily LT 5
$456.9K
$399.8K – $533.0K
NOI $31,980 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$424.2K
$371.2K – $494.9K
NOI $29,694 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$525.1K
$459.5K – $612.6K
NOI $36,757 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,556
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with varied layouts, basement storage, and laundry hookups.
Where is this quadplex located?
The property is located at 3424 SE 10TH AVE Portland, OR.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Fourplex with two 2 bed/1 bath units and two studio + 1 bath units; 1909 Dutch Colonial‑style building with period‑appropriate details; Unfinished basement includes laundry hookups and storage potential
