Updated Triplex with Detached
New
For Sale
$650,000
3628 SE Wake St, Milwaukie, OR 97222
The studio and one-bedroom apartments are vacant and recently updated.
Property Size3,750 SF
Price / SF$173.33
Days on Market3
Property Features for 3628 SE Wake St
General Information
Standard status
Active
Size
3,750 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/2BA, 1 x studio, 1 x 1BR
Multifamily Units
3
Amenities
Trex deck
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Northwest Realty Source
Listed By:
Troy D Doty P.C. · License #200104205
(503) 997-4169
Source:
Wyndeekono
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 3 at 2:12AM
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 Northwest Realty Source
Investment Insights
Based on property information with market context.
This 3,750-square-foot triplex has three apartments: a main-floor unit with two bedrooms and two bathrooms, an upstairs studio, and a separate upstairs one-bedroom apartment. The main-floor unit also has two finished basement rooms; adding egress windows could allow them to serve as bedrooms. The detached garage is a separate on-site feature.
Updates include Hardie Plank siding, flooring, water heaters, toilets, appliances in all three kitchens, plumbing, light fixtures, and interior and exterior paint. The property also has vinyl windows, a high-efficiency gas furnace installed in 2024, a roof replaced in 2018, and a Trex deck. The address is 3628 SE Wake St in Milwaukie.
Updates include Hardie Plank siding, flooring, water heaters, toilets, appliances in all three kitchens, plumbing, light fixtures, and interior and exterior paint. The property also has vinyl windows, a high-efficiency gas furnace installed in 2024, a roof replaced in 2018, and a Trex deck. The address is 3628 SE Wake St in Milwaukie.
Key Highlights
- Three‑apartment property with a 2‑bedroom, 2‑bath main‑floor unit, an upstairs studio, and an upstairs 1‑bedroom unit
- 3,750 square feet
- Two finished basement rooms; egress windows would be needed for potential bedroom use
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
$48,150
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
7.41%
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%
$963,000
$963.0K
Cap Rate 7%
$687,857
$687.9K
Cap Rate 9%
$535,000
$535.0K
Market Conditions
NOI Build-Up for 3,750 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
$92.3K $24.60/SF
− Vacancy
−$4.7K −$1.25/SF
EGI
$87.5K $23.35/SF
− OpEx
−$39.4K −$10.51/SF
NOI
$48.1K $12.84/SF
Area
Clackamas County, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$963,000
Cap Rate 7%
$687,857
Cap Rate 9%
$535,000
Alternative Uses
Best Use
Apartment 5plus
$687.9K
$601.9K – $802.5K
NOI $48,150 @ 7.0% cap · market cap 7.41%
Second Best
Multifamily LT 5
$672.9K
$588.8K – $785.1K
NOI $47,104 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$1.01M
$885.7K – $1.18M
NOI $70,855 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
Explore this area
Business Placement
Demographics for 97222, OR
36,316
Population
16,910
Households
2.1
Avg Household Size
41
Median Age
38%
College-Educated
95%
High-School Grad
8.6 sq mi
ZIP Area
4,223
Density / Sq Mi
$77,441
Median Household Income
$48,298
Median Earnings
$1,592
Median Rent
$465,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - The studio and one-bedroom apartments are vacant and recently updated.
Where is this triplex located?
The property is located at 3628 SE Wake St Milwaukie, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three‑apartment property with a 2‑bedroom, 2‑bath main‑floor unit, an upstairs studio, and an upstairs 1‑bedroom unit; 3,750 square feet; Two finished basement rooms; egress windows would be needed for potential bedroom use
