Dutch Colonial
For Sale
$669,000
3424 SE 10TH Ave, Portland, OR 97202
MultiFamily, Portland, OR
Property Size2,201 SF
Lot Size0.09 Acres
Price / SF$303.95
Days on Market47
Property Features for 3424 SE 10TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2.5
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 1, Bathroom 3
Subdivision
BROOKLYN
Elementary school
Grout
Middle school
Hosford
High school
Cleveland
Directions
SE Milwaukee To SE Haig To SE 10th
Standard status
Active
APN
R228600
Size
2,201 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
OAK KNOLL ANX ADD, BLOCK 2, LOT 1
Tax Annual Amount
8892
Legal Description
OAK KNOLL ANX ADD, BLOCK 2, LOT 1
Utilities
Heating system
Forced Air
Amenities
laundry hookups
Building Details
Year built
1909
Floors in Building
3
Number of units
4
Roof type
Composition
Listing Agency:
LUXE Forbes Global Properties
(503) 389-2112
Listed By:
Steve Odermann · License #201209382
(971) 275-5657
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 22 at 2:06PM
MLS# 423472845
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.
Well-maintained Dutch Colonial-style fourplex built in 1909 on a 0.09-acre lot, totaling 2,201 SF. The property offers a unit mix of two 2 bed/1 bath apartments and two studio + 1 bath apartments. Heating is forced air, and the roof is composition. An unfinished basement provides laundry hookups and additional storage potential.
Located at 3424 SE 10TH Ave in Portland, OR 97202, the property is described as being in SE Portland’s Brooklyn neighborhood and just one block from Brooklyn Park.
Zoning is R2.5. Buyer to verify all information and conduct their own due diligence. No showings; all offers are subject to interior inspection and tenants are instructed not to be disturbed.
Located at 3424 SE 10TH Ave in Portland, OR 97202, the property is described as being in SE Portland’s Brooklyn neighborhood and just one block from Brooklyn Park.
Zoning is R2.5. Buyer to verify all information and conduct their own due diligence. No showings; all offers are subject to interior inspection and tenants are instructed not to be disturbed.
Key Highlights
- Dutch Colonial‑style fourplex built in 1909
- 0.09‑acre lot and 2,201 SF total building size
- R2.5 zoning
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
4.78%
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 4.78%
Second Best
Apartment 5plus
$424.2K
$371.2K – $494.9K
NOI $29,694 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$525.1K
$459.5K – $612.6K
NOI $36,757 @ 7.0% cap · market cap 5.49%
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 - Fourplex in R2.5 zoning with two 2 bed/1 bath units and two studio/1 bath units plus unfinished basement with 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 $669,000.
What are key features of this property?
This property features: Dutch Colonial‑style fourplex built in 1909; 0.09‑acre lot and 2,201 SF total building size; R2.5 zoning
